ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of September 12, 2008 No. 513

About creation of Central Securities Depository in the Kyrgyz Republic

According to the Presidential decree of the Kyrgyz Republic "About the Strategy of development for the country for 2007-2010" of May 16, 2007 No. 249, for the purpose of enhancement of system of accounting of the Government of the Kyrgyz Republic stock market decides:

1. Consider expedient creation of Central Securities Depository in the Kyrgyz Republic (further - the Central depositary) as component of accounting system of the stock market.

2. Establish the following mechanism of creation of the Central depositary:

- The central depositary is created as the legal entity in the form of joint-stock company with participation of the state;

- the regulation of activities of the Central depositary is performed by the separate legal act;

- the bill of the Kyrgyz Republic "About Central Securities Depository in the Kyrgyz Republic" is introduced to Jogorku Kenesh of the Kyrgyz Republic till the end of the I quarter 2009;

- functioning of the Central depositary is based on high reliability and risk control, equal access for participants to services of the Central depositary, its independence and availability of depositary network in the territory of the Kyrgyz Republic;

- functions of accounting of the rights and storage of packets of securities, accomplishment of functions of the numbering agency, obtaining from registry holders of securities of information from system of maintaining registers of owners of securities and other functions necessary for successful functioning of this organization will belong to duties of the Central depositary;

- activities of the Central depositary as professional participant of the security market, is subject to licensing;

- the structure of property of Central Securities Depository reflects interests of community of professional participants of the security market, and also considers special role and responsibility of the state in creation, functioning and regulation of the Central depositary;

- questions of information and telecommunication security are priority during creation of Central Securities Depository.

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