THE RESOLUTION OF PUBLIC SERVICE OF REGULATION AND SUPERVISION OF THE FINANCIAL MARKET UNDER THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of February 12, 2015 No. 4

About approval of Regulations of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic

The executive council of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic decides:

1. Approve Regulations of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic.

2. To department of organizational work and economic analysis to inform the staff of the Gosfinnadzor of the approved Regulations of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic.

3. To impose control of execution of this resolution on the secretary of state Shamshiyev A. A.

4. Declare invalid the resolution of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic of April 10, 2013 No. 7.

Approved by the Resolution of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic of February 12, 2015, No. 4

Regulations of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic

I. General provisions

1. These Regulations No. 341 "About approval of Regulations of the Government of the Kyrgyz Republic", the Standard instruction on clerical work in the Kyrgyz Republic approved by the order of the Government of the Kyrgyz Republic of July 23, 2012 No. 517, the Law of the Kyrgyz Republic "About procedure for consideration of addresses of citizens" of May 4, 2007 is developed according to the order of the Government of the Kyrgyz Republic of June 10, 2013.

2. These Regulations establish rules of the organization of activities of Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic (further - the Gosfinnadzor) on realization of its powers provided by the Constitution of the Kyrgyz Republic, the Law of the Kyrgyz Republic "About authorized state body in the sphere of supervision and regulation of the financial market" and also provide the main requirements to document creation and determine operating procedure with documents in Gosfinnadzor.

3. State financial supervision is the authorized state body of the Kyrgyz Republic pursuing single state policy on development of the non-bank financial market, audit, system of financial accounting, the financial reporting and exercising regulation and supervision of activities of regulated subjects.

4. The main activities of the Gosfinnadzor are determined by the chairman of the Gosfinnadzor according to the Law of the Kyrgyz Republic "About authorized state body in the sphere of supervision and regulation of the financial market".

5. The chairman of the Gosfinnadzor will organize Gosfinnadzor work, conducts meetings of Executive council of the Gosfinnadzor, gives instructions to the secretary of state, the vice-chairman, members of Executive council, heads of structural divisions of the Gosfinnadzor.

6. State financial supervision issues acts in the form of resolutions and orders. Resolutions of the Gosfinnadzor are accepted at meetings of Executive council jointly. On single questions which discussion at meetings of Executive council is not caused by the necessity the Gosfinnadzor can make decisions without holding meeting, routinely.

7. Acts of the Gosfinnadzor are signed by the chairman of the Gosfinnadzor, and during its absence - the secretary of state or the vice-chairman of the Gosfinnadzor.

II. Planning and organization of work of the Gosfinnadzor

8. State financial supervision develops the concept, strategy, the development program of the non-bank financial market and action plans on their realization, and also plans the rule-making activities.

9. The chairman of the Gosfinnadzor plans the activities taking into account need of participation in the events held by the President of the Kyrgyz Republic, meetings of the Government of the Kyrgyz Republic, Jogorku Kenesh of the Kyrgyz Republic and also for others planned actions, obligatory for the chairman of the Gosfinnadzor.

10. Abroad travels of the chairman of the Gosfinnadzor are performed with the permission of the Prime Minister of the Kyrgyz Republic, in coordination with the supervising vice-Prime Minister.

Leave of the chairman of the Gosfinnadzor is approved with the Prime Minister of the Kyrgyz Republic in writing not later than 10 days prior to leave, and also with the supervising vice-Prime Minister.

Abroad travels of the secretary of state, vice-chairman and members of Executive council of the Gosfinnadzor are performed in coordination with the Chief of staff of the Government of the Kyrgyz Republic or his deputies.

Information on results of foreign trips of the chairman, the secretary of state, the vice-chairman and members of Executive council of the Gosfinnadzor is submitted in the Government within 10 working days from the date of their return.

11. The organizational structure of the Gosfinnadzor consists:

from Executive council;

from central office of the Gosfinnadzor;

from territorial subdivisions of the Gosfinnadzor.

The executive council of the Gosfinnadzor consists of seven members, including:

the chairman of the Gosfinnadzor - the chairman of Executive council;

the vice-chairman of the Gosfinnadzor - the vice-chairman of Executive council;

five members of Executive council, including two members of Executive council who do not have executive powers.

12. Meetings of Executive council are held as required, but at least once a month, for the purpose of ensuring realization of functions and powers of the Gosfinnadzor. Meetings of Executive council are conducted by the chairman of Executive council, and in case of its absence these functions are performed by his deputy.

The executive council has the right to make decisions with quorum. The quorum of meeting of Executive council consists of five members, one of whom shall be chairman of Executive council or its deputy.

13. Projects of materials at meeting of Executive council are submitted for review in department of organizational work and the economic analysis not later than 3 days before date of meeting.

On single, being urgent questions meetings of Executive council are held without observance of the provisions specified in part one of this Item.

Persons directly related to cases in point are invited to meeting of Executive council.

Also the employees of the Gosfinnadzor who are directly performing preparation of materials on cases in point are invited to meeting of Executive council.

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