of December 16, 2016 No. 202
About introduction of amendments to the Law of the Kyrgyz Republic "About the security market"
Accepted by Jogorku Kenesh of the Kyrgyz Republic on November 16, 2016
Article 1. Bring in the Law of the Kyrgyz Republic "About the security market" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2009, No. 7, the Art. 761) the following changes:
Article 3 to add 1) with paragraphs of the following content:
"The allocated assets of Islamic special finance company - the property and right to claim acquired by Islamic special finance company, receipts on them.
The holder of Islamic securities - the physical or legal entity owning at least one Islamic security providing him percent in the established property or business of the issuer, and thus having rights and obligations established by regulatory legal acts of the Kyrgyz Republic.
Trust management of Islamic securities - implementation by the legal entity on its own behalf for remuneration (during certain term) trust management of the Islamic securities transferred to it to ownership.
The investment project - the complex of actions and documents providing practical realization of the investments before achievement of the set result for certain period of time performed based on the investment agreement.
Islamic securities - the securities issued on the basis of the Islamic principles of financing (standards of Sharia), certifying the property right to indivisible share in the established property or business of the issuer.
Islamic special finance company - the legal entity created by originator, performing release of Islamic securities according to regulatory legal acts of the Kyrgyz Republic.
Originator - the legal entity, assets or business of which are transferred based on the purchase and sale agreement of Islamic special finance company and/or which is founder of Islamic special finance company.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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