THE RESOLUTION OF THE NATIONAL COMMISSION ON THE SECURITY MARKET IN CASE OF THE PRESIDENT OF THE KYRGYZ REPUBLIC

of March 28, 1997 No. 4

About approval of the Regulations on the Central depositary

In pursuance of the Development program of the security market of the Kyrgyz Republic, and also for the purpose of creation of organizational conditions for attraction in national economy of foreign investments, protection of interests of investors, accelerations and increases in reliability of calculations for transactions with securities, developments of modern infrastructure of the national security market and integration it with the international market of the capitals I decide:

1. Enact "Provision on the Central depositary".

2. Determine the minimum size of equity of the Central depositary - 5 million som.

3. To the secretary of the National commission on the security market in 10-day time to develop and publish tender conditions among professional participants of the security market - applicants for licensing as the Central depositary.

4. Executive directorate of the National commission on the security market to accept to execution the Provision regarding procedure and rules of licensing of the organizations applying for execution of functions of the Central depositary.

Approved by the resolution of the National commission on the security market in case of the President of the Kyrgyz Republic of March 28, 1997 No. 4

Regulations on the Central depositary

The national commission on the security market (NKRTsB) in case of the President of the Kyrgyz Republic, being guided by interests of society, for the purpose of creation of organizational conditions for attraction in national economy of foreign investments, protection of interests of investors, acceleration and increase in reliability of calculations for transactions with securities, developments of modern infrastructure of the national security market (SM) and its integration with the international market of the capitals, using the power this to it enacts this Regulations on the Central depositary.

1. General provisions

The provision determines features of creation and activities of the Central Depositary (CD), its place in depositary system of the Kyrgyz Republic and the international system of depositary storage. It is developed according to "The development program of the security market in the Kyrgyz Republic" and in addition to the Regulations on depositaries approved by the order of the Government of the Kyrgyz Republic N 137 of April 19, 1995 and also in pursuance of its Item 10 (Section II).

Formation of the Central depositary is performed according to the current legislation of the Kyrgyz Republic and taking into account the features provided by this Provision. Specifics of relations with credit institutions and government institutions, in particular, belong to such features.

1.1. Main terms and determinations

1.1.1. Issued security - any security, including paperless which is characterized by at the same time following signs:

- fixes set of the property and non-property rights which are subject to the certificate, concession and unconditional implementation with observance established by the legislation of the Kyrgyz Republic of form and procedure for security circulation;

- takes place releases;

- has equal amount and terms of implementation of the rights in one release regardless of time of acquisition of security.

Releases of issued securities shall undergo state registration.

1.1.2. The owner of security - person to whom securities belong on the property right or other corporeal right.

1.1.3. Issue of securities - set of the securities of one issuer who is providing identical amount of the rights to owners and having identical conditions of issue (primary placement). All papers of one release shall have one state registration number.

1.1.4. The issuer - the legal entity, either executive bodies, or the local government bodies incurring on its own behalf obligations to owners of securities on implementation of the rights affirmed by them.

1.1.5. Personalized issued securities - securities, information on which owners shall be available to the issuer in the form of the register of owners of securities, transition of the rights to which and implementation of the rights affirmed by them require obligatory identification of the owner.

1.1.6. Issued bearer securities - securities, transition of the rights to which and implementation of the rights affirmed by them does not require identification of the owner.

1.1.7. The decision on issue of securities - the document registered in body of state registration of securities and containing the data sufficient for establishment of amount of the rights affirmed by security.

1.1.8. The certificate of issued security - the document issued by the issuer and certifying set of the rights to the number of securities specified in the certificate. The owner of securities has the right to demand from the issuer of execution of its obligations based on such certificate.

1.1.9. Paperless form of issued securities - form of issued securities in case of which the owner is established based on record in system of maintaining the register of owners of securities or, in case of deposition of securities, based on record on the custody account.

(The document certifying the rights affirmed by securities when carrying out release in paperless form the decision on issue of securities is).

1.1.10. Documentary form of issued securities - form of issued securities in case of which the owner is established based on presentation of the certificate of security which is drawn up properly or, in case of that deposition, based on record on the custody account.

(The documents certifying the rights affirmed by security when carrying out release in documentary form certificates and the decision on issue of securities are. One security of documentary form of release can be certified only by one certificate. One certificate can certify one, several or all securities with one state registration number (The global certificate)).

1.1.11. Documentary release of issued securities with obligatory centralized storage - documentary form of release of issued securities in case of which all certificates are subject to obligatory storage in depositaries and are not handed out to owners.

1.1.12. Documentary release of issued securities without obligatory centralized storage - documentary form of release of issued securities in case of which certificates are subject to issue on hands upon the demand of the owner.

1.1.13. Depository activity - rendering services in storage of certificates of securities and/or to accounting and transition of the rights to securities.

1.1.14. Non-cash issue of securities - paperless release or documentary release with obligatory centralized storage.

Issue to owners on hands of certificates of securities cannot be made for non-cash releases, and the property right makes sure entries on personal account of the register or in case of deposition of securities in depositary - records on the custody account.

1.1.15. Depository operations - the operations performed by TsD within implementation by it of the depositary and accompanying activities.

In case of accomplishment of depository operation by depositary set of actions with the operational records of custody accounts, questionnaires of custody accounts and other reference books which are kept in depositary and also with the documents which are kept in depositary certifying securities is performed.

1.1.16. Depositary - the legal entity performing depository activity.

1.1.17. The Central Depositary (CD) - the legal entity performing the depositary and accompanying it activities, including maintaining the register.

1.1.18. Regulations of TsD - the conditions of implementation of the depositary and accompanying it activities, the statutory rules of accounting of depository operations containing, in particular, approved by depositary. The approval procedure depositary of the regulations is determined by NKRTsB.

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