The Cabinet of Ministers of Kyrgyzstan has submitted a draft law for public discussion, concerning amendments to several legislative acts related to the securities market. This document is available on the portal of normative legal acts, where citizens can leave their comments and suggestions.
The draft law proposes significant changes to three important laws: "On the Securities Market," "On Joint-Stock Companies," and "On Mortgage Securities." One of the key innovations is the tightening of information disclosure requirements for issuers.
Companies and stock exchanges are now required to timely publish financial statements, information about significant events, and decisions made at general meetings.
Additionally, it is proposed to standardize terminology in this area and grant the Cabinet of Ministers the authority to establish qualification requirements for auditing organizations whose conclusions will be used by issuers.
As part of the regulation of mortgage securities, it is planned to create a digital register of mortgage coverage — an electronic database for accounting the structure and movement of assets. The rules for its operation will be determined by the Cabinet of Ministers.
The project also introduces new rules for joint-stock companies: they will be allowed to pay dividends from undistributed profits of previous years, subject to approval by the authorized body. The transparency of procedures for informing holders of Islamic securities and interaction with the stock exchange will also be clarified.
