Category C

Listing category C is optimal for small cap issuers. 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 C

The Issuer’s own capital must be at least 5 million soms.
The issuer must have a net profit for the last reporting year or the sum of the last three years. This requirement is applied after the 2nd year of the Issuer’s existence or its securities being in the Exchange’s Official List of this category.
For the Issuer established as a legal entity that has passed primary state registration as a legal entity for less than 1 year, the requirement to provide an audit report applies from the 2nd year of existence or being in the Official List of the Exchange of this category.

Listing requirements for category “C” for issuers of debt securities:

The Issuer’s own capital must be at least 10 million soms.
The issuer must have a net profit for the last reporting year or the sum of the last three years.
The volume of bonds issued for initial placement should not exceed 9 million soms.
The requirements in the paragraphs above are for issuers of bonds, housing certificates, mortgage-backed securities, and issuers of ESG bonds.
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.
The issuer of ESG bonds 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, where the list of organizations that carry out this independent assessment is determined and published on the Exchange website.

Listing requirements for category “C” for securities of investment funds:

The value of the net assets of a unit investment fund or a joint-stock investment fund should not be less than 2.0 million soms.
For unit investment funds, the audit requirement applies to the specific financial statements of the respective unit investment fund.
The management company of a mutual investment fund or a joint-stock investment fund must be registered in accordance with the legislation of the Kyrgyz Republic at least one prior to the date of filing an application for listing.
For investment funds, the requirements of the clause on reporting disclosure apply in terms of providing specialized reporting, compiled and submitted in accordance with and within the time limits established by the Government of the Kyrgyz Republic.
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 provide the Exchange and the depository serving the Exchange with 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.

Listing requirements for Islamic securities in category “C” 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 provided with an audit report of an independent audit organization (company) recognized by the Exchange (for issuers operating for more than one calendar year).
The equity capital of the Originator must be at least 1 million soms.
The originator must have net income for the last reporting year or the sum of the last three years. This requirement applies after the 1st year of the Originator’s existence.
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 as an internal document the Corporate Governance Code, which creates opportunities for the implementation of modern corporate governance standards in its activities.