The Kyrgyz agency for regulation and supervision of the financial market published a draft law on the disclosure of management company shareholders.
Another draft law published for public discussion and consideration covers requirements set to bond issuers.
The new legislation prescribes that a company which is engaging in trust management of pension savings funds on the basis of a contract with a pension savings fund shall disclose information on its shareholders (members) through publication on the internet and via submission of electronic and hard copy reports to the authorised state body within the established deadlines:
- within 30 days from the date of entry into force of this law;
- within 30 days from the execution date of the contract with the pension savings fund;
- within 10 days from the date of changes in its shareholders (members) structure;
Rules for bond issuers
Also, it is envisaged that a bond issuer should meet the following requirements:
- the company should break even at least in the last fiscal year, or in aggregate of the last three years;
- be continuously operating during the past year;
- a company formed through reorganisation must approve at least one annual balance sheet after reorganisation;
- financial statements of the company must be confirmed by an independent auditor;
- the following governing bodies shall be in place: General Meeting of Shareholders Board of Directors, Executive Body, Audit Commission and the presence of a Corporate Governance Code.
Yuliya Shibukova, Relationship Manager,
Global Securities Services Russia