RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 17, 2017 No. 19/14

About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Bring in the following regulatory legal acts of National Bank of the Kyrgyz Republic of change and amendment (are applied):

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing Procedure on the Right of Carrying Out Exchange Transactions with Cash Foreign Currency" of July 27, 2011 No. 40/4;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Creation and Activities of the Microcredit Companies and the Mikrocreditny Agencies" of December 9, 2015 No. 76/9;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing of Activities of Microfinance Companies" of December 23, 2015 No. 78/26;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing of Credit Unions" of December 23, 2015 No. 78/25;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing of Activities of Specialized Financial Credit Institutes" of March 16, 2016 No. 12/3;

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing of Activities of Credit Bureaus" of August 24, 2016 No. 35/5.

2. This resolution becomes effective after fifteen days from the date of its official publication.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. To management of methodology of supervision and licensing to bring this resolution to the attention of credit unions, microfinancial organizations, credit and exchange bureaus of the Kyrgyz Republic.

5. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova Т.Дж.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of May 17, 2017 No. 19/14

Changes and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic

1. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing Procedure on the Right of Carrying Out Exchange Transactions with Cash Foreign Currency" of July 27, 2011 No. 40/4 the following changes and amendments:

in the Provision "About Licensing Procedure on the Right of Carrying Out Exchange Transactions with Cash Foreign Currency" approved by the above-stated resolution:

- the paragraph one of preamble to state in the following edition:

"This Provision establishes licensing procedure on the right of carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic, and also requirements to legal entities when opening of exchange bureau by them in the territory of the Kyrgyz Republic.";

- "General provisions" to add Chapter 1 with the Item "6-1" of the following content:

"6-1. The acts of National Bank adopted within this provision (except for licenses), do not require assurance by seals of National Bank if other is not established by regulatory legal acts of National Bank.";

- in the subitem "g" of Item 9 after the word "documents" to add with words "(at the same time in the charter of the applicant there shall be specifying on its right to implementation of exchange transactions with cash foreign currency according to the license of National Bank)";

- state Item 11 in the following edition:

"11. If documents for receipt of the license and the letter on registration of exchange bureau / additional exchange bureau are provided not completely, or do not meet the established requirements (except as specified when the revealed shortcomings/discrepancy are the basis for refusal in licensing for the right of carrying out exchange transactions with cash foreign currency / registration of additional exchange bureau), then the responsible structural division of National Bank returns to the applicant such documents for completion with written statement of the reasons.";

- in Item 12 after the word "statements" to add with words "/modifed documents";

- in Item 13 to replace the word "Authorized" with the word "Responsible";

- state Item 16 in the following edition:

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