THE RESOLUTION OF STATE COMMISSION UNDER THE GOVERNMENT OF THE KYRGYZ REPUBLIC ON THE SECURITY MARKET

of December 25, 2002 No. 93

About approval of the Regulations on procedure for provision of information on accounting of the rights to issued securities

State commission under the Government of the Kyrgyz Republic on the security market notes that there are numerous violations of legitimate rights of owners of issued securities (further - securities) joint-stock companies both the open, and closed type: illegal exceptions of the list of shareholders, unreasonable refusal of inclusion of the owner of securities in the shareholder register, refusal to owners in confirmation of the rights to securities. In this regard in State commission under the Government of the Kyrgyz Republic on the security market numerous claims from investors and shareholders arrive.

The subjects of the security market performing accounting of the rights to securities in the most part have no sufficient material and technical resources and have no all necessary conditions for ensuring safety of information on the rights to securities. There is danger of loss of information on the rights to securities as a result of theft, the fire, natural disasters, the termination of activities of person performing activities for maintaining and storage of registers of owners of securities, etc. There are facts of misstatement and spoil of registers of owners of securities. In some cases to solve disputes between shareholders judicially becomes impossible or difficult as a result of lack of exact and reliable information about the rights of owners to securities.

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