Higher (A)

Listing category A is the highest category. Listing in this category provides income and corporate tax benefits to investors. To be listed in this category, an issuer must meet a number of requirements, both general and specific to the type of security being listed.

General listing requirements

The issuer must be a legal entity of the Kyrgyz Republic or have documents duly legalized in the Kyrgyz Republic confirming its registration as a legal entity of another state.
The Issuer must prepare its financial statements in accordance with International Financial Reporting Standards.
The register of holders of the Issuer’s securities must be maintained by an independent Registrar.
The issuer must not have debts to fulfill obligations on securities issued by it, except for current and unclaimed debts on payment of income on these securities.
The Articles of Association and other documents of the Issuer shall not impose restrictions on the free disposal of securities issued by it for their owners and other restrictions on other rights under securities.
The Issuer’s annual financial statements must be provided with an audit report by an independent audit organization (company) recognized by the Exchange.
The issuer, whose securities are included in the Official List, must timely and to the extent required disclose to the Exchange the information provided for by these Rules for the purpose of maintaining the listing.

Foreign Issuers may be listed subject to the following conditions:

The security was assigned an international security identification code (number) and an international financial instrument classification code.
A security is a foreign financial instrument qualified as a security in accordance with the established procedure.
Securities issued by a foreign Issuer must be accepted for servicing at the Exchange’s depository.
The Foreign Issuer must enter into an agreement with a professional participant in the securities market, carrying out brokerage and/or dealer activities, to represent its interests in the securities market of the Kyrgyz Republic.
The issuer of declared or listed securities must demonstrate commitment to best corporate governance practices and adopt the Corporate Governance Code as an internal document. This requirement does not apply to issuers operating investment funds.

Special requirements for listing shares in category A

The Issuer’s own capital must be at least 300 million soms.
The Issuer must be established (pass primary state registration as a legal entity) at least 3 years ago (this requirement must be met by the Issuer formed as a result of reorganization).
The issuer must have a net profit for the last reporting year or the sum of the last three years.
The issuer must operate in the form of an open joint stock company and comply with the requirements of the legislation of the Kyrgyz Republic for public companies.
The issuer must undertake to provide the Exchange with a list of its affiliates and regularly update this list.
The issuer’s current liquidity ratio must be at least 1.0.
The ratio of borrowed and own funds must be at least 1.0.
The Foreign Issuer must undertake to provide the Exchange with a list of its affiliates and regularly update this list.

Special requirements for listing debt securities in category A:

Shares of the Issuer that issued the bonds must be listed on the Exchange’s Official List of category “A”.
The volume of issue must be at least 50 million soms.
The volume of the bond issue specified in paragraph above must be placed in the amount of at least 80%.
At least 50% of the bonds must be placed publicly.
These listing requirements do not apply to a foreign Issuer whose securities, declared for inclusion in category “A”, are included in one of the quotation lists of the list of foreign stock exchanges.
The issuer must undertake to provide the Exchange with a list of its affiliates and regularly update this list.
The Issuer is obliged to submit to the Exchange a report on financial and economic activity approved by the general meeting of shareholders (founders) of the Issuer.
The issuer of ESG bonds must provide the ESG Bonds Prospectus, which should contain information on the intended use of the funds received from the placement of such bonds for the implementation of green, social, and other projects that comply with the principles of sustainable development, respectively.
An ESG bond issuer must provide an independent assessment of projects to be financed through the issuance of green, social or other bonds issued to finance sustainable development projects.

Listing requirements under category “A” for securities of investment funds:

The value of the net assets of a joint-stock and unit investment fund must be at least 30 million soms;
The equity capital of the management company of a unit investment fund must be at least 20 million soms;
The management company of a unit investment fund or a joint-stock investment fund must be registered in accordance with the legislation of the Kyrgyz Republic at least one year before submitting an application for inclusion of its securities in the listing of securities of the stock exchange;
The management company of a mutual investment fund or a joint-stock investment fund must have a net profit based on the results of the last reporting year or for the period in the sum of the last two years;
An equity investment fund must prepare its financial statements in accordance with International Financial Reporting Standards. Financial statements must be submitted with the audit report of an independent audit organization (company).
The management company of a unit investment fund or a joint-stock investment fund must keep the securities included in the portfolio in the Exchange’s depository;
The management company of a unit investment fund or a joint-stock investment fund is obliged to submit to the Exchange and to the depository serving the Exchange a list of affiliates, and update the list as changes occur, but at least once a quarter.
The management company of a unit investment fund or a joint-stock investment fund must provide the Exchange with a report on financial and economic activities approved by the general meeting of founders (shareholders) of the management company of the unit investment fund or joint-stock investment fund.

For the listing of Islamic securities – listing requirements in category “A” for the Originator:

The originator must be a legal entity of the Kyrgyz Republic or have documents duly legalized in the Kyrgyz Republic confirming its registration as a legal entity of another state.
The originator must prepare its financial statements in accordance with International Financial Reporting Standards, including on a quarterly basis.
The annual financial statements of the Originator must be submitted with the audit report of an independent audit organization (company) recognized by the Exchange;
The equity capital of the Originator must be at least 300 million soms.
The originator must be established (pass primary state registration as a legal entity) at least 3 years ago.
The originator must have net income for the last reporting year or the sum of the last three years.
The Originator must timely and to the extent required disclose to the Exchange the information provided for by these Rules for the purpose of maintaining the listing.
The originator must show commitment to the best corporate governance practices and adopt the Corporate Governance Code as an internal document.