RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of March 14, 2026 No. 178

About approval of the Regulations on release and the circulation of bonds in the Kyrgyz Republic

For the purpose of establishment of procedure for release, placement, the address and bond redemption, ensuring uniform regulation of the relations arising in case of their address, protection of the rights and legitimate interests of investors according to Articles 3, of 14, 36 Laws of the Kyrgyz Republic "About the security market", articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve Regulations on release and the circulation of bonds in the Kyrgyz Republic according to appendix.

2. Recognize to invalid:

1) the order of the Government of the Kyrgyz Republic "About approval of the Regulations on release and the circulation of bonds in the Kyrgyz Republic" of June 1, 2011 No. 275;

2) Item 2 of the order of the Government of the Kyrgyz Republic "About modification and amendments in some decisions of the Government of the Kyrgyz Republic" of April 11, 2014 No. 208;

3) the order of the Government of the Kyrgyz Republic "About entering of amendments into the order of the Government of the Kyrgyz Republic "About approval of the Regulations on release and the circulation of bonds in the Kyrgyz Republic" of June 1, 2011 No. 275" of February 10, 2016 No. 57;

4) Item 2 of the order of the Government of the Kyrgyz Republic "About modification and amendments in some decisions of the Government of the Kyrgyz Republic" of June 2, 2016 No. 293;

5) Item 2 of the order of the Government of the Kyrgyz Republic "About entering of amendments and changes into some decisions of the Government of the Kyrgyz Republic" of October 14, 2016 No. 554;

6) Item 6 of the order of the Government of the Kyrgyz Republic "About questions of regulation of activities of investment funds" of October 29, 2019 No. 580.

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

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of March 14, 2026 No. 178

Regulations on release and the circulation of bonds in the Kyrgyz Republic

Chapter 1. General provisions

1. This Provision is developed according to Articles 131-1, 147 of the Civil code of the Kyrgyz Republic, Articles 3, of 14, 36 Laws of the Kyrgyz Republic "About the security market", article 27 of the Law of the Kyrgyz Republic "About joint-stock companies", article 39 of the Law of the Kyrgyz Republic "About economic partnerships and societies".

In case of release, placement, the address and bond redemption members of the security market are guided by the Law of the Kyrgyz Republic "About counteraction to financing of criminal activities and to legalization (washing) of the criminal income", and also the regulatory legal acts, including the resolution of the Cabinet of Ministers of the Kyrgyz Republic accepted for the purpose of implementation of the specified Law "About measures for implementation of the Law of the Kyrgyz Republic "About counteraction to financing of criminal activities and to legalization (washing) of the criminal income" of November 14, 2025 No. 739 and provisions approved by the specified resolution.

2. This Provision establishes procedure for issue, the address, state registration of bond issue, conditions of public offer of bonds and the prospectus.

3. State registration of bond issue, conditions of public offer of bonds and the prospectus is performed by authorized state body on regulation of the security market.

4. Transactions with the bonds which did not undergo state registration in authorized state body on regulation of the security market, except for international bonds which can be offered and address among skilled investors are forbidden.

Advertizing of bonds before state registration of bond issue, conditions of public offer of bonds and the prospectus, and also before disclosure of information according to requirements of the legislation of the Kyrgyz Republic in the field of the security market is forbidden.

5. Bond emission can be the public, followed by public offer bonds, or private during which the issuer places the bonds by the personal offer.

6. In case of state registration of bond issue the state registration number is assigned to release.

7. For state registration of bond issue, conditions of public offer of bonds and the prospectus the sales charge which size is established by the Cabinet of Ministers of the Kyrgyz Republic is levied.

8. In this Provision the following concepts are used:

1) the bondholder - the physical person or legal entity owning at least one bond of the issuer;

2) gold fixing - the daily price of gold for one troy ounce established by the London association of the market of precious metals (LBMA). When calculating bond value provided with gold the evening fixing of gold price established by LBMA in the day preceding day of carrying out transactions on these bonds is used;

3) the code of corporate governance - the internal document of the issuer approved by general meeting of its shareholders / participants, containing the body of principles, the rules and procedures directed to observance of the rights and legitimate interests of all participants of the corporate relations, and regulating relations between bodies of the issuer, officials and shareholders/participants;

4) the bonds provided with gold - nominal, the negotiable bonds with the indexed nominal value with binding to gold fixing certifying the right of their owner to obtaining from the issuer of gold bullions the weight determined by the issuer in case of their release or the costs of gold bullions certifying the right of their owners to obtaining;

5) the bond - the security certifying the right of her holder to obtaining from the face who issued the bond in the time of nominal value or other property equivalent provided by it. The bond grants it to the holder also the right to percent from nominal value of the bond or other property rights;

6) amount of providing with gold - set of the gold bullions represented by bond issuing institution, provided with gold as providing obligations to owners of gold bullions;

7) bond redemption - actions of the issuer for retirement of the placed bonds by payment of remuneration and nominal value (without the purpose of the subsequent sale) bonds or its convertings in the share (shares) of the same issuer according to the procedure, established by the prospectus;

8) tranche - part of bonds of one release placed during the same period of time (term) which cannot be later than aggregate term of the placement established by the decision on issue of securities for all securities of this release;

9) the issuer - the legal entity or international financial institution incurring on its own behalf obligations to owners of securities on implementation of the rights affirmed by these securities.

Chapter 2. Main types and characteristics of bonds

9. Bonds can be only nominal, freely addressing or with limited circle of the address, including issued only for skilled investors.

10. Bonds are issued in paperless form.

11. The bond shall contain the following data in system of accounting:

- the name of security - "bond";

- bond type;

- name of the issuer;

- nominal value;

- interest rate or procedure for its determination;

- procedure, repayment periods and interest payments;

- place and date of issue, and also number of state registration.

12. Bonds of the issuer are placed within the single release consisting of the homogeneous securities having equal nominal value and identical conditions of placement and repayment.

13. Bonds can be issued with the fixed or floating percent from nominal value. Percent from bonds are established in case of their release.

The bond can be on sale below nominal value, and be settled at par value (discount bonds).

The extent of nominal value of the bond is not limited.

14. The issuer has the right to issue (to place) the following bonds: revocable, convertible, with the narrowed effective period and other types of bonds.

The type of bonds is determined by the issuer in case of decision making about their release and is reflected in the conditions of bond issue. Conditions of bond issue are the document containing key parameters of bonds.

Conditions of bond issue join in conditions of public offer of bonds (in case of public offer) and the prospectus, and also in the document confirming decision making by the issuer about bond issue.

The issuer has the right to issue bonds for skilled investors, at the same time requirements to the term of activities of the issuer are not applied.

15. Callable bonds are understood as bonds which can be ahead of schedule redeemed by the issuer from their holders before the address expiration.

16. Before recognition of results of release and placement of bonds taken place the issuer has no right to recall them.

17. Convertible bonds bonds which can be exchanged by their holders for shares or other securities are recognized.

18. On bonds with the narrowed effective period (puttable bond) her holder to the issuer having the right to show the bonds before the expiration of repayment to the redemption.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info