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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of August 19, 2015 No. 590

About approval of the regulatory legal acts regulating process of investment of means of pension accruals in the Kyrgyz Republic

(as amended on 10-02-2023)

For the purpose of creation of conditions for investment of means of pension accruals, according to the laws of the Kyrgyz Republic "About investment of means for financing of investment part of the state pension on the national social insurance in the Kyrgyz Republic" and "About the accumulation pension funds in the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve:

- Regulations on requirements to activities of the depositary rendering services to the accumulation pension funds according to appendix 1;

- Regulations on procedure for the organization and carrying out tender on the conclusion of the service provision agreement of depositary according to appendix 2;

- Regulations on procedure for carrying out tender on selection of managing companies for the conclusion of the trust management agreement of means of pension accruals according to appendix 3;

- Rules of investment of means of pension accruals according to appendix 4;

- Procedure of payments of the current market value of assets and net assets value in which means of pension accruals, according to appendix 5 are invested;

- The standard agreement of trust management of means of pension accruals according to appendix 6;

- The standard agreement about rendering services of depositary according to appendix 7.

2. Declare invalid the order of the Government of the Kyrgyz Republic "About implementation of the Law of the Kyrgyz Republic "About investment of means for financing of investment part of the state pension on the national social insurance in the Kyrgyz Republic" of August 23, 2011 No. 490.

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

Prime Minister

T. Sariyev

Appendix 1

Approved by the Order of the Government of the Kyrgyz Republic of August 19, 2015 No. 590

Regulations on requirements to activities of the depositary rendering services to the accumulation pension funds

1. General provisions

1. Only the legal entity having the license for implementation of depository professional activity on securities according to the legislation of the Kyrgyz Republic can be depositary.

2. The depositary cannot use securities of the accumulation pension funds (further - NPF) for other purposes, including credit and currency transactions, and also for payment of the debts and other obligations.

4. The depositary is not affiliate of any of the managing companies exercising trust management of means of pension accruals, or affiliates of the specified managing companies.

5. The depositary shall observe other requirements provided by the regulatory legal acts of the Kyrgyz Republic corresponding to them agreements with NPF and managing companies.

2. Functional obligations

6. The depositary performs the functions according to the legislation of the Kyrgyz Republic in the field of the security market.

3. Accounting of the rights to securities

7. Accounting of the rights to securities and accounting of transition of the rights to securities in which means of pension accruals are invested according to each trust management agreement are performed on the separate custody account opened by depositary addressed to the relevant managing company. On the specified custody accounts accounting of the rights to the securities acquired at the expense of the property which is at managing company on other bases is not performed.

4. Document storage and document flow

8. The depositary stores:

a) copies of the trust management agreements of means of pension accruals signed by NPF with managing companies, copies of the changes made to the specified agreements, and also copies of the documents confirming the termination of the specified agreements;

b) copies of agreements based on which investment of funds of pension accruals, the changes made to the specified agreements, and also copies of the documents confirming the termination of the specified agreements is performed;

c) copies of the documents confirming prior consent of depositary to the order with means of pension accruals.

9. The depositary performs accounting of the rights to securities and storage of certificates of documentary securities in which means of pension accruals, separately from securities of other clients (depositors), including other investment portfolio of the managing companies which signed trust management agreements of means of pension accruals with NPF are invested.

10. The depositary records documents (their copies) received and transferred to them when implementing the activities with indication of date of their obtaining.

11. Document storage (copies of documents), stipulated in Item 8, is performed within 5 years after the expiration of their action.

5. Internal regulations

12. Internal regulations of depositary shall describe in an exhaustive way the procedure of implementation of functions of depositary and contain:

a) procedures of implementation of depository activity;

b) forms of the documents of primary accounting and reports applied by depositary before clients;

c) the description of order of interaction of structural divisions in the course of implementation of depository activity, and also implementation of control functions;

d) the description of the organization of internal control behind observance of requirements imposed to depository activity;

e) forms of agreements with clients;

e) the description of the internal procedures preventing possibility of conflict of interest.

13. The description of the organization of internal control behind observance of requirements imposed to depository activity shall contain:

a) description of the procedure of implementation of internal control;

b) internal control system and procedure for test of the data entered into accounting system of depositary;

c) methods of preserving electronic data;

d) methods of recovery of data in case of their loss;

e) methods of continuation of activities for accounting of property and to implementation of control functions in case of refusal computer equipment and (or) software.

6. Requirements to activities of depositary

14. Notify authorized state body in the field of regulation and supervision for activities of the accumulation pension funds (further - authorized state body) the relevant managing company on the fundamental breaches revealed during control, no later than one working day following behind day of their identification.

15. Represent to subjects of the relations the reporting on accomplishment of transactions, types and cost of the securities considered according to agreements under forms and to the terms established by the Government of the Kyrgyz Republic.

16. According to the procedure and the terms established by the service provision agreement of depositary to inform authorized state body on response or on suspension of permission to implementation of depository activity and activities of the depositary of investment funds, mutual investment funds and accumulation pension funds issued according to the legislation of the Kyrgyz Republic and other changes in constituent documents.

17. According to the procedure and the terms established by the service provision agreement of depositary to provide to authorized state body information on the transactions made with means of the pension accruals, and also information on net assets value which are in management according to trust management agreements of means of pension accruals.

18. Provide according to the procedure, established by the Government of the Kyrgyz Republic and being integral part of the service provision agreement of depositary, process of transfer of assets from managing company in NPF in case of the termination (termination) of the trust management agreement of means of pension accruals.

19. Insure according to the procedure and on conditions, stipulated by the legislation the Kyrgyz Republic, risk of the responsibility which can come owing to agreement breach about rendering services of depositary.

Appendix 2

Approved by the Order of the Government of the Kyrgyz Republic of August 19, 2015 No. 590

Regulations on procedure for the organization and carrying out tender on the conclusion of the service provision agreement of depositary

1. General provisions

1. This Provision determines procedure for the organization and carrying out tender by selection of depositary for the conclusion it service provision agreements of depositary with Social fund of the Kyrgyz Republic (further - Sotsfond) or the accumulation pension fund (further - NPF).

2. The organizer of tender on selection of depositary is Sotsfond or NPF (further - the organizer of tender).

3. Competition on selection of depositary for the conclusion of the service provision agreement of depositary is held openly with any number of participants according to the legislation of the Kyrgyz Republic and this Provision.

4. By results of tender the depositary conforming to the requirements established in Item 10 of this provision with which Sotsfond or NPF sign the service provision agreement of depositary is determined.

2. Preparation and carrying out tender for selection of depositary

5. Preparation and carrying out tender is performed by tender committee which structure affirms the organizer of tender in number of at least 5 and no more than 15 people (the number of members of the commission shall make odd number).

Representatives of the interested ministries, the state committees, administrative departments and other state bodies of the Kyrgyz Republic enter into structure of the tender committee created by Sotsfond.

NPFs independently determine structure of tender committee and have the right to include representatives of state bodies of the Kyrgyz Republic in its structure. Inclusion of representatives of authorized state body in the field of supervision and regulation of the financial market in structure of the tender committee created by NPF, surely.

6. The chairman of tender committee is the representative of the organizer of tender who directs activities of tender committee, will organize its work. During absence of the chairman of tender committee its functions are performed by the vice-chairman of the commission.

7. The tender committee performs the following functions:

a) opens envelopes with the bids registered in the magazine of registration of requests;

b) considers requests and determines their compliance to the requirements established in Item 10 of this provision;

c) estimates and compares requests;

d) determines the winner and sums up the tender results.

8. The organizer of tender in 30 (thirty) calendar days prior to carrying out tender publishes information on carrying out tender and requirements to participants of tender in mass media of republican value and on the official site of the organizer of tender.

9. The published information on carrying out tender shall contain the following data:

a) name and address of the organizer of tender;

b) time and venue of tender;

c) terms of the contract about rendering services of depositary, including the duration of the agreement;

d) the requirements to participants of tender established according to Item 10 of this provision;

e) procedure and place of receipt of the tender documentation;

e) size, procedure and terms of introduction of warranty providing bids;

g) procedure, place and submission due dates of bids;

h) closing date of the service provision agreement of depositary.

10. The depositary conforming to the following requirements is allowed to participation in tender:

a) having the license for implementation of depository activity in the security market;

b) not being affiliate of any of the managing companies which signed the trust management agreement of means of pension accruals or their affiliates;

c) to which insolvency proceedings or sanctions in the form of suspension of action or cancellation of the license for implementation of depository activity within the last 2 years were not applied;

d) the activities term which as depositary, estimated from the moment of receipt of the corresponding license, shall constitute at least 2 years for date of application for participation in tender;

e) having for date of application for participation in tender at least 3 agreements with clients on rendering services on depositary servicing;

e) answering to normative indicators of sufficiency of own means established for professional participants of the security market, the approved Government of the Kyrgyz Republic;

g) having in the state for date of application for participation in tender at least 3 permanent members of staff (specialists), including person performing the functions of sole executive body or the head of the separate structural division which is directly performing depository activity, having the corresponding certificate of competency of the professional participant of the security market;

h) not having penalties for the administrative offenses encroaching on transactions with securities. Similar requirement is imposed to the head of depositary;

i) not having debt to bodies of Tax Service and Sotsfond on subsequent reporting date to date of application for participation in tender.

11. The service provision agreement of depositary cannot be signed, legal entities:

- registered in offshore zones;

- having as members of shareholders and affiliates:

the legal entities registered in offshore zones;

the physical persons living in the territory of offshore zones or being shareholders (participants) of the legal entities registered in offshore zones.

12. The organizer of tender provides the tender documentation to the depositaries which are applying for participation in tender, brought warranty providing bids, in the amount of and form, provided in the tender documentation (further - applicants).

To the depositaries which lost in tender, warranty providing returns in full.

Warranty providing returns to the winner of tender after agreement signature about rendering services of depositary.

13. The tender documentation is developed by the organizer of tender according to the standard competitive documents approved to authorized state bodies on management of public finances.

14. The tender documentation shall contain:

a) the instruction and requirements to execution of the bid, in the form approved by the organizer of tender;

b) the requirements to participants of tender established in Item 10 of this provision;

c) terms of the contract about rendering services of depositary, including the duration of the agreement;

d) size and form of warranty providing bid;

e) data on procedure, place and submission due date of bids;

e) effective period of bids;

g) data on the place, date and time of opening of envelopes with bids;

h) data on procedure for opening of envelopes and consideration of bids;

i) procedure for provision of explanations of provisions of the tender documentation.

3. Requisition procedure on participation in tender

15. For participation in tender the applicant submits to the time established in the published information to the organizer of tender the bid which is drawn up according to the requirements containing in the tender documentation.

16. The bid together with the documents confirming the data specified in it moves in sealed envelope which is subject to opening in accordance with the established procedure only at meeting of tender committee.

On envelope the following details are specified:

a) address and name of the applicant for participation in tender;

b) address and name of the organizer of tender;

c) name of tender.

17. The following documents are attached to the bid:

a) notarized copies of constituent documents of the legal entity, the certificate on state registration of the legal entity - the applicant;

b) the notarized copy of the document on election (appointment) of person performing functions of sole executive body - the applicant;

c) the financial reporting with audit opinion about it for the last 2 years preceding year of application for participation in tender;

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