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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of March 29, 2017 No. 185

About approval of the Regulations on types, conditions of release and the circulation of derivative securities, and also requirements to their underlying asset in the Kyrgyz Republic

(as amended of the Order of the Government of the Kyrgyz Republic of 30.07.2019 No. 377)

According to article 3 of the Law of the Kyrgyz Republic "About the security market", articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve Regulations on types, conditions of release and the circulation of derivative securities, and also requirements to their underlying asset in the Kyrgyz Republic according to appendix.

2. To impose control of execution of this resolution on department of finance and credit policy of Government office of the Kyrgyz Republic.

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

Prime Minister

S. Zheenbekov

Appendix

Regulations on types, conditions of release and the circulation of derivative securities, and also requirements to their underlying asset in the Kyrgyz Republic

1. General provisions

This Regulations on types, conditions of release and the circulation of derivative securities, and also requirements to their underlying asset in the Kyrgyz Republic (further - the Provision) establish main types of derivative securities, conditions of their release and the address, and also the requirement to their underlying asset.

1. In this Provision the following concepts are used:

underlying asset - the standardized batches, securities, currency and financial instruments;

the warrant - the security granting the right to purchase of other securities in case of their primary placement at determined price and sold by the issuer of these securities;

The unified state register of double and simple warehouse certificates - set of data on the issued (granted) simple and double warehouse certificates and their holders, about transactions with them which conducts authorized state body in the sphere of regulation of the security market;

the register of warehouse certificates - the list of data on transactions with warehouse certificates, including issue, repayment, replacement of simple and double warehouse certificates, and also being in pledge of double warehouse certificates which conducts warehouse;

warehouse certificates - the securities which are tovarorasporyaditelny documents, issued (issued) by warehouse in the cases provided by the Law of the Kyrgyz Republic "About warehouses and warehouse certificates";

warehouse - the legal entity performing warehousing of products with release (issue) of simple and double warehouse certificates and providing the services connected with storage on paid basis;

warehouse - the organization performing storage of goods and rendering the services connected with storage as business activity;

the forward - the contract on purchase and sale of real goods with the delayed term of its delivery;

the future - the purchase contract or sale of underlying asset in the day established by the contract on fixed price.

2. Registration of transactions with the derivative securities carried to issued securities and confirmation of the rights on them, are performed according to Rules of transactions with the securities in the Kyrgyz Republic approved by the order of the Government of the Kyrgyz Republic of October 17, 2011 No. 647.

3. The procedure for tendering, procedure for settlement, providing financial guarantees of derivative day papers in contract type are determined according to Rules of stock exchange trading with the securities approved by stock exchange after their coordination with authorized state body by regulation of the security market.

2. Main types, characteristics and details of derivative securities, and also requirements to their underlying asset

4. Treat derivative securities:

1) warrants;

2) options;

3) futures;

4) forwards;

5) warehouse certificates.

5. Derivative securities can be issued in the form of securities in case of compliance to the following conditions:

1) issuer is person having contract obligations;

2) release is performed in the form of the documents certifying the rights with which transition passes the right certified by the document;

3) all contracts of one release contain identical conditions;

4) issue of securities underwent state registration according to the law on the security market.

6. The type of derivative securities is determined by the issuer in case of decision making about their release and is reflected in the conditions of release of derivative securities.

7. The warrant contains the following details:

1) name "warrant";

2) date and number of release of the warrant;

3) underlying asset (shares, bonds);

4) purchase price (sales) of underlying asset;

5) selling price (realization) of the warrant;

6) warrant term;

7) details of the buyer and seller.

8. The option contains the following details:

1) the name of the option - the purchase option (call) or the option for sale (put);

2) underlying asset (shares, bonds, currency, goods, deposit certificates);

3) option term - completion date of obligations on the option;

4) option exercise price (the price strike established in the contract the price at which person which purchased the option has further the right to purchase (to sell) underlying asset);

5) the option price (the award paid by the buyer to the seller in the amount of, provided by the option contract);

6) details of the seller (issuer) of the option.

9. The future contains the following details:

1) name "future";

2) underlying asset (goods, securities, currency);

3) purchase price (sales) of underlying asset;

4) contract date;

5) details of the seller (issuer) of the future.

10. The forward contains the following details:

1) name "forward";

2) underlying asset (securities and goods, scope of supply);

3) purchase price (sales) of underlying asset;

4) contract date;

5) details of the buyer and seller.

11. The simple warehouse certificate is not issued security and is issued to bearer.

12. The double warehouse certificate is not issued security, consists of two parts - the warehouse certificate and the mortgage certificate which can be separated from each other.

13. The simple warehouse certificate and the double warehouse certificate shall contain data (details) according to the Civil code of the Kyrgyz Republic.

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