RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 28, 2013 No. 10/9

About approval of the Provision "About Depositary Accounting of the Securities Placed through National Bank of the Kyrgyz Republic"

According to articles 7 and 43 of the law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Depositary Accounting of the Securities Placed through National Bank of the Kyrgyz Republic" it (is applied).

2. Declare invalid provisional regulations "About depositary accounting of the government securities placed through National Bank of the Kyrgyz Republic", approved by the resolution of Board of National Bank of the Kyrgyz Republic of March 26, 2008 No. 13/3, registration number of the Ministry of Justice of the Kyrgyz Republic of May 02, 2008 No. 27-08 from the date of enforcement of regulations of the Provision "About Depositary Accounting of the Government Securities Placed through National Bank of the Kyrgyz Republic" according to Item 6 of this resolution.

3. Publish this Resolution on the official site of National Bank of the Kyrgyz Republic.

4. After official publication to send to Legal management this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

5. This resolution becomes effective after 15 days from the date of official publication.

6. Determine that regulations of the Provision "About Depositary Accounting of the Securities Placed through National Bank of the Kyrgyz Republic", are applied from the moment of input of the Automated trade system in commercial operation.

7. To management of monetary transactions to bring this resolution to the attention of commercial banks.

8. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Abdybala тегин Page.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 28, 2013 No. 10/9

Regulations on depositary accounting of the securities placed through National Bank of the Kyrgyz Republic

1. General provisions

1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 23.06.2017 No. 2017-P-15/26-3

2. This Provision determines procedure for conducting depositary accounting of the securities (further - the Central Bank) placed through National Bank in the automated trade system of National Bank (further - automatic telephone exchange).

3. The securities depository has the two-level structure consisting of Head depositary of National Bank (further - Head depositary) and Subdepositaries, authorized to perform functions on accounting of movement of own securities and securities of the depositors.

4. Accounting of securities in Depositary is performed by the number of securities (in pieces).

2. Determinations and terms

For the purposes of this provision, except provided below, the determinations and terms established in Regulations on work of automatic telephone exchange of National Bank are applied:

5. Intra position transfers - the transactions connected with transfers of securities within one sub-account of "depot".

6. Head depositary - the division of National Bank performing functions of accounting and storage of securities, registration of transition and confirmation of the property right on securities.

7. The securities placed through National Bank - the government securities issued by the Ministry of Finance of the Kyrgyz Republic on behalf of the Cabinet of Ministers of the Kyrgyz Republic and note of National Bank.

8. Depositary - the legal entity of the Kyrgyz Republic performing depositary accounting and storage of securities, registration of transition and confirmation of the property right to securities.

9. The depositor - the legal entity or physical person of the Kyrgyz Republic, or other state which opened in Depositary according to the agreement the account of "depot" and having the right to make orders on accomplishment of transactions on the account to "depot".

10. Depot accounts - the record (or set of records) which is created for everyone at the price of paper for the purpose of their accounting and storage.

11. Depository operations - the operations performed by Depositary within implementation of depository activity and connected with records on accounts of "depot" and other data which are kept in depositaries.

12. Transactions of repo of National Bank are transactions on purchase (direct repo) / to sale (the return repo) securities with the obligation of their return sale / purchase in certain date in the future and at in advance stipulated price.

13. Subdepositary - the depositary which signed the contract with National Bank for accomplishment of functions on accounting of movement of securities and which has the account of "depot" in Head depositary.

14. Sub-balance - the minimum indivisible structural unit of depositary accounting opened within sub-account of "depot".

3. Forms and principles of the organization of depositary accounting

15. The basic principles of the organization of system of depositary accounting is the following:

- completeness and reliability of depositary accounting of transactions with securities;

- temporary definiteness;

- separateness of accounting of transactions with securities;

- structural isolation.

Principle of completeness and reliability of depositary accounting. All transactions with securities find the complete and reliable reflection in system of depositary accounting.

Principle of temporary definiteness. Accounting records in system of depositary accounting are carried out at the time of obtaining by Head depositary of the source document confirming implementation of transaction with securities or the electronic order in automatic telephone exchange. At the same time obligatory elements of accounting record about the performed operation are time of implementation of transaction and time of reflection of this transaction in system of depositary accounting.

Principle of separateness of accounting. The securities of different releases including encumbered with obligations are considered separately from each other.

Principle of structural isolation. Availability of two-level system of the registering organizations - Head depositary and Subdepositaries.

4. Participants of depository operations

16. For the purpose of this provision participants of depository operations are understood as Depositaries and depositors. Depositaries are divided into Head depositary and Subdepositaries.

17. Acts the National Bank which as Head depositary:

- performs opening of accounts of the corresponding issue in case of issue of securities;

- performs document storage about release and repayment of securities;

- performs opening of accounts of "depot" to depositors in Head depositary;

- makes transfer of securities during their secondary address between Subdepositaries and depositors;

- performs closing of accounts of the corresponding issue in case of approach of repayment periods of securities;

- considers in total securities in Subdepositary on the account of "depot" of this Subsecurities depository belonging to depositors;

- exercises control over activities of Subdepositaries and establishes procedure of depository operations with securities;

- has the right to confirm the property rights to the securities belonging to the depositors.

18. Depositors of Head depositary are Subdepositaries, the Ministry of Finance of the Kyrgyz Republic, National Bank and other legal entities in the cases established by the legislation of the Kyrgyz Republic.

19. Act the commercial banks, institutional investors, specialized financial credit institutions and other members of the security market who signed the relevant contracts with National Bank and which as Subdepositaries:

- perform depositary accounting of the securities belonging to Subdepositary;

- provide storage and accounting of the rights to securities belonging to the depositors;

- perform depository operations in automatic telephone exchange;

- perform depositary accounting of the securities pledged;

- make transfer of securities into accounts of the depositors in case of their primary placement;

- perform the isolated accounting of securities of each depositor;

- have the right to confirm the property right to securities of the depositors.

20. Pawnbrokers of securities - legal entities or physical persons, the Kyrgyz Republic, or other state to which securities belong on the property right who are trustees securities, and also persons to whom securities are transferred to storage in cases, stipulated by the legislation the Kyrgyz Republic can be the depositor of Subdepositary.

5. Types of accounts of "depot" and the list of the performed operations

21. Accounting and storage of securities in Head depositary is performed on the accounts of "depot" opened to Subdepositaries after the conclusion with National Bank of the relevant agreements.

22. For the purpose of conducting analytics within the account of "depot" for each Subdepositary one sub-account of "depot" for accounting of its own securities and sub-account of "depot" for accounting of securities of its depositors opens.

23. Own sub-account of "depot" opens for accounting and storage of the securities belonging on the property right to Subdepositary. The sub-account of "depot" of the depositor of Subdepositary is intended for accounting of the securities belonging or transferred to the depositor.

24. Types of sub-accounts of "depot" of the depositor

Accounting of securities of depositors of Subdepositary is performed in Depositary according to the following Sections of sub-accounts of "depot" depending on type of the depositor of Subdepositary:

- legal entities - residents financial;

- legal entities - residents non-financial;

- legal entities - nonresidents financial;

- legal entities - nonresidents non-financial;

- physical persons - residents;

- physical persons - nonresidents.

25. Maintaining accounting information on depositors, their transactions and balances is in the field of responsibility of Subdepositaries.

26. Sub-balances

For accounting of securities within each sub-account of "depot" sub-balances open. Accounting within sub-accounts of "depot" is made on the following sub-balances:

- the arrested securities;

- the blocked securities;

- the available tools received as a deposit;

- investment;

- mortgage for benefit of the pawnbroker;

- mortgage on the credits of National Bank;

- reserve.

The sub-balance "The arrested securities" is intended for accounting of the securities blocked or arrested according to the order of Head depositary or authorized state body of the Kyrgyz Republic. Securities from this sub-balance cannot be used by depositors for current transactions of purchase, sale, pledge and intra position transfers. Intra position transfers on this sub-balance can be made only by Head depositary.

The sub-balance "The blocked securities" is intended for accounting of the securities blocked in the course of execution of transactions "delivery against payment". Securities from this sub-balance cannot be used by the participant for current transactions of purchase, sale, pledge and intra position transfers.

The sub-balance "The available tools received as a deposit" is intended for accounting of the securities purchased on transactions of repo. The securities received from other participant within transactions of repo can be used for current transactions of the participant: purchases/sales on the terms of repo, pledge and intra position transfers without restrictions within remaining balance.

On sub-balance "Investment" the securities belonging to the depositor on the property right are considered. Securities from this sub-balance can be used for current transactions of purchase, sale, pledge and intra position transfers without restrictions within remaining balance. Repayment of securities is made only from sub-balance "Investment".

On subbalance "Mortgage without transition of the property right to the Central Bank" are considered by the Central Bank, blocked for benefit of the pawnbroker. Cannot be used by the Central Bank from this subbalance for current transactions of purchase, sale, pledge and intra position transfers.

The subbalance "Mortgage with transition of the property rights" is used for accounting of the Central Bank, pledged within the credits "intra day" and "overnight" which cannot be used for current transactions of purchase, sale, pledge and intra position transfers. Are transferred to the Central Bank to this subbalance after issuance of credits.

The sub-balance "Reserve" is intended for reservation of securities in the course of issuance of credits "overnight" and intra day. On this sub-balance the securities reserved by the participant for use as pledge on transactions of refinancing of National Bank ("overnight" and intra overnight credit) are considered.

27. The subdepositary keeps the isolated account of securities on each depositor according to sub-accounts of "depot" of the depositor out of automatic telephone exchange.

6. Bases for implementation of depository operations of restriction for their carrying out

28. All depository operations are performed in automatic telephone exchange according to the established regulations of work of automatic telephone exchange. In case of failures of automatic telephone exchange or for other reasons depository operations are performed on the basis of paper orders of "depot" according to appendices 1, 2 to this Provision.

29. The basis for making of transaction on entering of records about parameters of issue of securities into Depositaries are:

- global certificate;

- statement of the protocol of Committee of monetary control,

drawn up according to regulatory legal acts of the Kyrgyz Republic and the agreement.

30. The basis for making of account transactions of "depot" in Depositary are the orders of "depot" electronically created and transferred to automatic telephone exchange. The order of "depot" electronically is the electronic document which is created in the established form in automatic telephone exchange. For confirmation of authenticity of the electronic order of "depot" the electronic and digital signature is used.

31. Electronic orders of "depot" are recognized as "depots" authentic, identical to the corresponding orders on paper and generate the rights similar to them and obligations of the Parties when implementing transfers of securities.

32. The basis for making of transaction on closing of accounts of "depot" are the documents processed according to the corresponding regulatory legal acts of the Kyrgyz Republic and agreements.

33. The basis for carrying out account transactions of "depot" of depositors of Subdepositary are the originals of documents (orders of the depositor, the agreement, the order and other documents) corresponding to type of the performed operation. The storage duration of source documents is determined by the corresponding regulatory legal acts of the Kyrgyz Republic.

34. Orders of "depot" on transfer of securities on accounts of "depot" are accepted to execution in case of correctness of creation and sufficiency of securities for transaction implementation.

35. Subdepositaries bear responsibility for legality and correctness of making of depository operations.

6. Reporting

36. The reporting under depository operations is created and provided by Head depositary in automatic telephone exchange.

37. The subdepositary provides in Head depositary information on owners of securities, other types of the reporting upon the demand of Head depositary.

7. Final provisions

38. The procedure implementation of depositary accounting of securities is regulated by this Provision, agreements and Regulations on work of automatic telephone exchange of National Bank.

39. Changes and additions can be made by National Bank for the purpose of enhancement of process of depositary accounting to this Provision.

Appendix 1

to Regulations on depositary accounting of the government securities placed through National Bank

Order of "depot"

                                  "______________________"

                                   (name of the depositor)

Transaction type: Accessory of securities:

1. Own (necessary to emphasize) (necessary to specify)

2. Client

 

1. Purchase

2. Sale

3. Purchase on the terms of repo

4. Sale on the terms of repo

5. Transfer

6. Acceptance

Bank partner

(Own / Client) _____________________________________

                       (necessary to emphasize) (name)

Serial transaction No.	No. of issue of securities	Number of securities  (piece)	Amount (catfish)
Total

For transactions "repo-initial": the interest rate, date of completion (to specify).

 

Activity date _______________

 

MEGAPIXEL _______________________________________________________

                      (signature) (First name, middle initial, last name)

Contractor: ________________

Ph. ____________

 

Appendix 2

to Regulations on depositary accounting of the government securities placed through National Bank

Order of "depot"

                                  "_______________________"

                                   (name of the depositor)

Transaction type:

(necessary to emphasize)

1. Purchase

2. Sale

3. Purchase on the terms of repo

4. Sale on the terms of repo

5. Transfer

6. Acceptance

I ask to transfer with (the name of sub-balance) on (the name of subs-balance) in Head depositary of security holders * in National Bank of the Kyrgyz Republic the following issues:

Serial No. transactions	№ issues	Number of securities (piece)	Amount (catfish)
Total

For transactions "repo-initial": the interest rate, date of completion (to specify).

 

Activity date _______________

 

MEGAPIXEL _______________________________________________________

                (signature) (Full name)

* necessary to specify

Appendix 3

to Regulations on depositary accounting of the government securities placed through National Bank

It is excluded according to the Resolution of Board of National Bank of the Kyrgyz Republic of 30.10.2014 No. 47/10)

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