THE RESOLUTION OF THE STATE FINANCIAL SUPERVISORY AGENCY AND THE REPORTING UNDER THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of April 4, 2006 No. 24

About approval of the Regulations on disclosure of information in the security market

For the purpose of enhancement of the regulatory legal base concerning disclosure of information in the security market, according to the Law of the Kyrgyz Republic "About joint-stock companies" the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on disclosure of information in the security market.

2. Send to legal department this resolution to the Ministry of Justice of the Kyrgyz Republic for passing of state registration.

3. This resolution becomes effective after state registration in the Ministry of Justice of the Kyrgyz Republic and official publication.

4. From coming into force of this resolution to declare invalid the resolution of State commission under the Government of the Kyrgyz Republic on the security market of December 16, 2002 No. 90 "About approval of the Regulations on disclosure of information in the security market", registered in the Ministry of Justice of the Kyrgyz Republic on January 21, 2003, registration number 2-03.

5. After publication of the registered regulatory legal act to inform the Ministry of Justice of the Kyrgyz Republic on publication source (naimenovny editions, its number and date).

Approved by the resolution of the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic of April 4, 2006 No. 24

Regulations on disclosure of information in the security market

I. General provisions

1.1. This Provision is prepared according to the Civil code of the Kyrgyz Republic, the laws of the Kyrgyz Republic "About the security market", "About joint-stock companies", "About counteraction to financing of terrorism and legalization of income gained in the criminal way".

1.2. This Provision determines procedure for disclosure of information by issuers of issued securities, professional participants of the security market, self-regulatory organizations and owners of securities, and also procedure for submission of reports (information) by the above-stated persons to authorized state body by regulation of the security market (further - authorized state body).

1.3. Disclosure of information by the banks and other financial credit institutions licensed by National Bank of the Kyrgyz Republic is performed according to this Provision taking into account the legislation and regulatory legal acts regulating banking activity.

1.4. Disclosure of information is understood as ensuring its availability to all persons interested in it, irrespective of the purposes of receipt of this information.

1.5. Information recognized by the legislation of public is subject to disclosure.

1.6. The opened information in the security market information concerning which actions for its disclosure are carried out is recognized.

1.7. Office information shall be opened in the cases provided by this Provision and other regulatory legal acts of the Kyrgyz Republic.

1.8. In case of violation of requirements of this provision for disclosure of information, and also detection in disclosed information of false information, persons obliged to open information according to this Provision bear responsibility according to the legislation of the Kyrgyz Republic.

1.9. The basic concepts used in this Provision:

- Public information in the security market - the information which is not requiring privileges for access to it or subject to disclosure according to the legislation of the Kyrgyz Republic.

- Office information - any, not being public, information on the issuer and the securities issued by him which puts persons having owing to the official position, labor obligations or the agreement signed with the issuer, such information in position of priority in comparison with other subjects of the security market.

- The issuer of securities (further the issuer) - the legal entity incurring on its own behalf obligations to owners of securities on implementation of the rights affirmed by these securities.

- The affiliate - any physical person or legal entity (except for the state bodies exercising control of activities of this person within the powers conferred to them) which has the right directly and (or) indirectly to determine decisions and (or) to exert impact on the decisions made by this person; including owing to the agreement or other transaction, and also any physical person or legal entity concerning which this person has such right. Without fail affiliates of joint-stock company his officials, the shareholder owning five and more percent of its voting shares are recognized.

1.10. The authorized state body has the right to open the information provided by issuers and professional participants of the security market and which is the Kyrgyz Republic, public according to the legislation.

1.12. According to requirements of the Law of the Kyrgyz Republic "About counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way" and Regulations on the internal control obligatory for implementation by the professional participants of the security market representing data for the purpose of counteraction of financing of terrorism and to legalization (washing) of income gained in the criminal way, the supervision approved by the resolution of Service and regulation of the financial market of the Kyrgyz Republic of 17.08.2007 No. 1, issuers of securities and professional participants of the security market shall represent to authorized state body on financial investigation customer information (partner), information on transactions (transactions) which are subject to mandatory control according to the requirements established by the legislation on counteraction to financing of terrorism and to legalization (washing) of the income received in the criminal way".

II. Disclosure of information by the issuer of securities

The issuer of securities shall perform disclosure of information on the financial and economic activities and securities in the form of the annual statement on securities and messages on essential facts (events and actions) affecting its financial and economic activities.

2.1. The annual statement on securities

2.1.1. Issuers of securities constitute the annual statement on securities once a year (further the annual statement).

2.1.2. The annual statement is constituted by executive body of the issuer, or the body performing similar functions.

2.1.3. The financial information included in the annual statement shall be prepared based on the financial statement of the issuer approved by the annual general meeting of shareholders (participants).

2.1.4. The data included in the annual statement shall be prepared as of the end of accounting year.

2.1.5. The annual statement is signed by the head and the chief accountant of the issuer, sewed and certified by the issuer's seal.

2.1.6. The officials who signed the annual statement bear responsibility for accuracy of the information, containing in the report.

2.1.7. The annual statement is constituted in triplicate.

One copy of the annual statement is represented in authorized state body together with the cover letter on the form of the issuer, within 15 days after the end of the annual general shareholder meeting. The second copy of the annual statement is stored at the issuer and shall be represented to owners of securities of the issuer according to their requirement. The third report goes to the organizer of trade on whose trading floor the securities trading of the issuer is performed.

The copy of the protocol of annual meeting of shareholders (participants) of the issuer is filed to the annual statement.

2.1.8. The annual statement on securities shall contain the data given in appendix 1 to this Provision.

In case of absence in the annual statement of information required according to appendix 1 to this Provision the reasons of its absence shall be specified.

2.2. Messages on essential facts (events and actions) affecting financial and economic activities of the issuer

2.2.1. The issuer of securities shall open information on essential facts (events and actions) affecting its financial and economic activities. The issuers of securities who placed issued securities, but are not obliged to open messages on the essential facts having the right to perform their disclosure according to this Provision according to this Provision.

2.2.2. Messages on essential facts go to authorized state body, to the organizer of trade on whose platform the securities trading of the issuer is performed, and also shall be published in the printing mass media extended by the circulation available to most of owners of securities of the issuer, in time no later than 5 working days from the moment of emergence of essential fact.

2.2.3. The Material Fact Statement shall contain full trade name of the issuer, its location, and also other information provided by this Provision for messages on the corresponding facts. In case of absence in the Material Fact Statement of the information required the reasons of its absence shall be specified.

2.2.4. The Material Fact Statement is sewed (if it is submitted on two and more sheets), signed by the issuer's head. On each essential fact the separate message is constituted.

2.2.5. The copy of the Material Fact Statement is provided by the issuer to owners of issued securities of the issuer and other interested persons according to their requirement, within 5 days from the date of submission of demand.

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