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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of April 17, 2015 No. 224

About approval of the minimum requirements to listing of securities in the Kyrgyz Republic

(as amended on 28-01-2019)

According to article 50 of the Law of the Kyrgyz Republic "About the security market" the Government of the Kyrgyz Republic decides:

1. Approve the minimum requirements to listing of securities in the Kyrgyz Republic according to appendix.

2. This resolution becomes effective after fifteen days from the date of official publication.

Prime Minister

J. Otorbayev

Appendix

to the Order of the Government of the Kyrgyz Republic of April 17, 2015 No. 224

The minimum requirements to listing of securities in the Kyrgyz Republic

1. General requirements

1. Listing represents the procedure of inclusion of securities in the special list of stock exchange which consists at least of two categories: the first (highest) category and the second (following the highest) category.

The stock exchange has the right to establish in addition requirements to the securities and their issuers included on the highest and following for the highest to categories of listing according to regulatory legal acts of the Kyrgyz Republic. Requirements to the securities and their issuers included in others, than in the first (highest) and the second (following the highest) categories of listing, are established by internal documents of stock exchange.

The debt securities issued by local government bodies join in listing of securities of stock exchange in the second (following the highest) category with observance of the requirements specified in Chapter 3 of these minimum requirements.

2. Requirements imposed to the issuer and his securities in case of their listing do not extend:

- on the securities issued by the Government of the Kyrgyz Republic;

- on the securities issued by National Bank of the Kyrgyz Republic.

3. The basic used concepts:

- listing requirements of stock exchange - set of criteria and regulations to which there shall correspond issuer who submitted the application for listing passing or the issuer who underwent such procedure whose securities are included in the special list of stock exchange;

- the special list of stock exchange - the document of the exchange in which the securities which underwent the procedure of listing are referred to the corresponding categories of listing;

- delisting - the procedure of exception of securities of the special list of stock exchange.

Rules of delisting are established by stock exchange.

4. For stay in listing of securities of stock exchange in the first (highest) category and the second (following the highest) categories (including included) the issuer shall be the legal entity of the Kyrgyz Republic performing the activities in form of business of joint-stock company or society with limited activities or if, the issuer is registered as the legal entity outside the Kyrgyz Republic, has according to the legislation of the country where it is registered, the legal position equivalent to open joint stock company according to the legislation of the Kyrgyz Republic.

For stay in listing of securities of stock exchange of municipal securities in the second (following the highest) categories issuer is the local government body.

The managing company of mutual investment fund can perform activities in other form of business, than joint-stock company.

5. In case of the issuer's compliance to requirements of listing of higher category of listing of securities of stock exchange its securities can be transferred to higher category of listing.

If the issuer ceases to meet the requirements of listing of that category of listing of securities of stock exchange which includes its securities, such securities shall be transferred to lower category of listing, or are subjected to the procedure of delisting.

2. Requirements to the shares and their issuers included and included in listing of securities of stock exchange

6. For finding of shares of the issuer in the first (highest) category of listing of stock exchange these securities and their issuer shall conform to the following requirements:

a) state registration of the issuer is performed at least in three years prior to filing of application about inclusion of its securities in listing of securities of stock exchange;

b) the issuer shall function in the form of joint-stock company and conform to requirements of the legislation of the Kyrgyz Republic for the public companies;

c) the equity of the issuer shall be at least 300 million som;

d) the issuer shall be profitable for the last accounting year or on the amount of three last years;

e) the issuer shall constitute the financial reporting according to International accounting standards. The financial reporting shall be confirmed by the conclusion of independent auditing organization (company).

7. For finding of shares of the issuer in the second (following the highest) categories of listing of stock exchange these securities and their issuers shall conform to the following requirements:

a) state registration of the issuer is performed at least in one year prior to filing of application about inclusion of its securities in listing of securities of stock exchange. If the issuer was created as a result of reorganization, in time its existence term is set off from the moment of creation of the legal entity (persons) as a result of which reorganization (which) the issuer was created;

b) the issuer shall function in the form of joint-stock company and conform to requirements of the legislation of the Kyrgyz Republic for the public companies;

c) the equity of the issuer shall be at least 50 million som;

d) the issuer shall be profitable for the last accounting year or on the amount of two last years;

e) the issuer shall constitute the financial reporting according to International accounting standards. The financial reporting shall be confirmed by the conclusion of independent auditing organization (company).

3. Requirements to the debt securities and their issuers included and included in listing of securities of stock exchange

8. For finding of debt securities of the issuer in the first (highest) category of listing of stock exchange debt securities and their issuer shall conform to the following requirements:

a) state registration of the issuer is performed at least in three years prior to filing of application about inclusion of its securities in listing of securities of stock exchange;

b) the issuer shall function in the form of joint-stock company or limited liability company and to conform to requirements of the legislation of the Kyrgyz Republic for the public companies;

c) the equity of the issuer shall be at least 300 million som;

d) the issuer shall be profitable for the last accounting year or on the amount of three last years;

e) the issuer shall constitute the financial reporting according to International accounting standards. The financial reporting shall be confirmed by the conclusion of independent auditing organization (company).

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