RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of October 17, 2018 No. 2018-P-33/43-4

About modification and amendments in 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"

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:

1. Make the enclosed changes and additions to 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".

2. To legal management:

- publish this Resolution on the official website 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.

3. This Resolution becomes effective after fifteen days from the date of official publication.

4. To management of supervision of non-bank financial credit institutions to bring this Resolution to the attention of the microfinancial organizations and commercial banks 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 October 17, 2018 No. 2018-P-33/43-4

Changes and amendments in 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

Bring in 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 following changes and amendments:

in the Provision "About Licensing of Activities of Microfinance Companies" approved by the above-stated Resolution:

- state preamble in the following edition:

"The provision "about licensing of activities of microfinance companies" (further - the Provision) determines procedure for creation and licensing of microfinance companies in the territory of the Kyrgyz Republic, including microfinance companies performing transactions according to the Islamic principles of banking and financing (taking into account the special terminology provided by the bank law), and also establishes requirements to officials of microfinance companies and procedure for their approval, procedure for expansion of activities of microfinance companies, creations of the isolated structural divisions, modification and amendments in the charter, procedure for reorganization of non-bank financial credit institutions in microfinance companies and re-registrations of commercial bank in microfinance company.";

- the paragraph one of Item 7 to state in the following edition:

"For implementation of the activities of IFC shall obtain from National Bank the license of microfinance company for the right of implementation of separate banking activities (further - the license).";

- in the subitem 5 of Item 8 after words of "the additional license" to add with words "/instructions in the license";

- in Item 9:

add subitem 1 with the paragraph the seventh the following content:

"-"Istisnaa" / "Parallel istisnaa";

the subitem 4 after words of "the additional license" to add with words "/instructions in the license";

- in Item 10 of the word and figures "in subitems 1, of the 3 and 5 Item 9" shall be replaced with words also in figures "in subitems 1, of the 2 and 5 Item 9";

- in the paragraph the second Item 19 after words of "the additional license" to add with words "/lifting of restriction in the license";

- to state the subitem 2 of Item 23 in the following edition:

"2) availability at the founder or the shareholder who are not removed and not extinguished in the procedure for criminal record established by the legislation in the field of financial and/or economic crimes;";

- in Item 25 after words "the principles of banking and financing" to add with the words "/" of Islamic window";

- in Item 31:

in the subitem 3 after the words "confirmed with the certificate" to add with the words "or other document";

add with the paragraph the tenth the following content:

"The work experience of the candidate is confirmed by the copy of the service record or other documents.";

- add Item 38 with paragraphs the second, third and fourth the following content:

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