RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 17, 2022 No. 2022-P-33/52-3-(NFKU)

About modification of some regulatory legal acts of National Bank of the Kyrgyz Republic on issue of allowing documents of National Bank of the Kyrgyz Republic to non-bank financial credit institutions

According to Articles 5, "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides 9 and 64 constitutional Laws of the Kyrgyz Republic:

1. Make changes to the following resolutions of Board of National Bank of the Kyrgyz Republic (are applied):

- "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;

- "About approval of the Provision "About Creation and Activities of the Microcredit Companies and the Mikrocreditny Agencies" of December 9, 2015 No. 76/9;

- "About approval of the Provision "About Licensing of Credit Unions" of December 23, 2015 No. 78/25;

- "About approval of the Provision "About Licensing of Activities of Microfinance Companies" of December 23, 2015 No. 78/26;

- "About approval of the Provision "About Licensing of Activities of Specialized Financial Institutions" of March 16, 2016 No. 12/3;

- "About approval of the Provision "About Licensing of Activities of Credit Bureaus" of August 24, 2016 No. 35/5;

- "About approval of Regulations of activities of credit bureaus in the territory of the Kyrgyz Republic" of September 28, 2016 No. 40/5;

- "About approval of Rules of forming of internal control system and internal audit in the banks and non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic" of June 15, 2017 No. 2017-P-12/25-3-(NPA);

- "About approval of the Provision "About licensing of activities of specialized financial credit institution of "Finance Company of Credit Unions" Open joint stock company of June 15, 2017 No. 2017-P-12/25-10-(NFKU);

- "About approval of the Provision "About the Minimum Requirements to the Organization of Internal Control in Commercial Banks for the purpose of Counteraction to Financing of Terrorist Activities and to Legalization (Washing) of the Criminal Income", the Provision "About Procedure for Carrying Out Exchange Transactions with Cash Foreign Currency in the Kyrgyz Republic" and modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic concerning counteraction to financing of terrorist activities and to legalization (washing) of the criminal income" of August 14, 2019 No. 2019-P-12/42-1-(NPA);

- "About approval of the Provision "About Creation and Registration of Guarantee Funds in the Kyrgyz Republic" of September 9, 2019 No. 2019-P-33/47-2-(NFKU);

- "About approval of the Provision "About Licensing of Activities of the Housing and Savings Credit Companies" of November 1, 2019 No. 2019-P-33/55-1-(NFKU).

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 inclusion in 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, credit unions, "Finance Company of Credit Unions" open joint stock company, Guarantee fund open joint stock company, credit bureaus, the housing and savings credit companies, exchange bureaus, consolidation of legal entities "Association of the microfinancial organizations", associations of legal entities "National association of credit unions and cooperatives of Kyrgyzstan" and consolidation of legal entities "Association of exchange bureaus "Alyans".

5. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of supervision of non-bank financial credit institutions.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of August 17, 2022 No. 2022-P-33/52-3-(NFKU)

Changes in some regulatory legal acts of National Bank of the Kyrgyz Republic on issue of allowing documents of National Bank of the Kyrgyz Republic to non-bank financial credit institutions

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:

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

"To zheka адамдар Jean" to exclude 1) in preamble in state language of the word;

Item 1 to state 2) in the following edition:

"1. In this Provision the following concepts are used:

"The exchange bureau" is the specially equipped Item created by the legal entity for carrying out the exchange transactions with cash foreign currency performed according to the license of National Bank of the Kyrgyz Republic.

"The additional exchange bureau" is the specially equipped Item created by the legal entity having the license of National Bank of the Kyrgyz Republic for carrying out the exchange transactions with cash foreign currency performed according to the license and the letter on registration of National Bank of the Kyrgyz Republic.

"Exchange transactions with cash foreign currency" - the transactions on purchase, sale and exchange of cash foreign currency performed at the expense of current assets and on its own behalf only by exchange bureaus having the corresponding license of National Bank of the Kyrgyz Republic.

"Current assets of exchange bureau" are free from tax payment in the budget own money of the legal entity which allocates exchange bureau for carrying out exchange transactions with cash foreign currency. The minimum amount of current assets for one exchange bureau constitutes 500000 (five hundred thousand) som, except for the exchange bureaus which are in the territory of the cities of Bishkek and Osh for which the amount of current assets constitutes 1000000 (one million) som. When opening additional exchange bureaus the minimum amount of current assets on each exchange bureau which is in addition created by the legal entity constitutes 500000 (five hundred thousand) som, except for the additional exchange bureaus which are in the territory of the cities of Bishkek and Osh for which the amount of current assets constitutes 1000000 (one million) som.

If the exchange bureau of the legal entity intends to perform transactions on exchange with cash foreign currency on seasonal basis (less than 4 (four) months consistently in one calendar year), the minimum amount of current assets for one exchange bureau constitutes 500000 som (five hundred thousand).

The minimum amount of current assets on each exchange bureau which is in addition created by the legal entity who intends to perform transactions on exchange with cash foreign currency on seasonal basis (less than 4 (four) months consistently in one calendar year) constitutes 200000 (two hundred thousand) som.";

Item 8 to state 3) in the following edition:

"8. Carrying out exchange transactions with cash foreign currency by exchange bureau can be performed only after receipt of the license of National Bank for the right of carrying out exchange transactions with cash foreign currency (Appendix 1).

Carrying out exchange transactions with cash foreign currency by additional exchange bureau can be performed only after receipt of the letter on registration of additional exchange bureau in National Bank (Appendix 5).";

Item 9 to state 4) in the following edition:

"9. For receipt of the license for the right of carrying out exchange transactions with cash foreign currency, the following documents are submitted to National Bank:

1) the statement for licensing for carrying out exchange transactions with cash foreign currency (appendix 2);

2) data on sources of origin of current assets of exchange bureau (appendix 8-1);

3) copy of the certificate on state registration of the applicant;

4) constituent documents (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);

5) the decision of authorized body of management of legal person applicant on opening of exchange bureau and on investment of money of the founder for replenishment of current assets of exchange bureau according to the amounts specified in Item of 1 this provision;

6) decision on appointment of the head of exchange bureau;

7) decision on appointment of the head of the legal entity;

8) the reference from commercial bank confirming availability on the account of the applicant (legal entity) in commercial bank of turnover money (the reference shall be issued not earlier than before 14 calendar days about day of submission of documents) in national currency according to the amounts specified in Item of 1 this provision;

9) the copy of the lease agreement containing the data allowing to identify premises of the exchange bureau or the title document confirming the property right to premises of exchange bureau, certified by the applicant's seal;

10) the order on appointment of the official responsible for observance of rules of internal control for counteraction to financing of terrorist activities and legalization (washing) of the criminal income in case of carrying out exchange transactions with cash foreign currency;

11) passport copy of the founder/member of legal person applicant and head of exchange bureau;

12) the internal procedure of exchange bureau regulating provision of the reporting and procedure for making of cash transactions.";

The subitem 2 of Item 9-1 to state 5) in the following edition:

"2) the documents confirming availability of turnover money (issued not earlier than before 14 calendar days about day of submission of documents) according to the amounts specified in Item of 1 this provision;";

To add 6) with Item 9-2 of the following content:

"9-2. Together with provision provided by this Provision the applicant shall provide the consent to collection and processing of personal data according to Appendix 12 to this Provision concerning physical persons whose personal data are provided in National Bank.";

Items 14-16 to state 7) in the following edition:

"14. By results of consideration of the submitted documents, - to the applicant the license for the right of carrying out exchange transactions with cash foreign currency or the letter on registration of additional exchange bureau is granted.

15. The letter on registration of additional exchange bureau does not replace with itself the license and does not grant to the applicant the right to carrying out exchange transactions with cash foreign currency in the absence of the license of exchange bureau.

16. The decision on issue / about refusal in licensing is accepted by the deputy the Chairman/board member of National Bank supervising questions of supervision and licensing (in regional managements and representation - the chief of regional management / the director of representation) during 30 calendar days from the date of the receipt of the statement and documents specified in Item 9 of this provision.

The decision on issue / about refusal in issue of the letter on registration of additional exchange bureau is accepted by the chief of responsible structural division of National Bank (in regional managements and representation - the chief of regional management / the director of representation) during 15 working days from the date of the receipt of the statement and documents specified in Item 32 this provision.";

To state Items 18 and 19 in the following edition:

"18. The letter on registration of additional exchange bureau is issued on free basis.

19. Licensing to exchange bureau and letters on registration of additional exchange bureau is performed in case of presentation of the identity document of the applicant, or person authorized by it, in the presence of the power of attorney which is drawn up according to the established requirements.";

The subitem 3 of Item 25 to state 9) in the following edition:

"3) the documents issued not earlier than before 14 calendar days about day of submission of documents confirming availability of turnover money in national currency according to the amounts specified in Item of 1 this provision;";

Item 25-1 to state 10) in the following edition:

"25-1. If the exchange bureau and additional exchange bureau of legal person licensee who intended to perform transactions on exchange with cash foreign currency on seasonal basis (less than 4 months consistently in one calendar year) will perform the activities on permanent basis, the licensee shall bring minimum amount of current assets into accord with the amounts specified in Item of 1 this provision and provide the following documents in National Bank:

1) notification;

2) the reference from commercial bank confirming on the date of submission of the notification availability on the account of the licensee in commercial bank of turnover money in national currency according to the amounts specified in Item of 1 this provision or equivalent foreign currency amount on the official rate of National Bank operating on the date of submission of the notification;

3) data on sources of current assets of exchange bureau (Appendix 8-1).

4) the statement for renewal of the license for the right of carrying out exchange transactions with cash foreign currency.";

Item 28 to state 11) in the following edition:

"28. Address modification of exchange bureau.

1) In case of address modification of exchange bureau the licensee needs to address to National Bank for renewal of the license for the right of carrying out exchange transactions with cash foreign currency with indication of the new address of exchange bureau. For renewal of the license for the right of carrying out exchange transactions with cash foreign currency with indication of the new address, the licensee submits the following documents to National Bank:

a) the statement for renewal of the license for the right of carrying out exchange transactions with cash foreign currency in connection with address modification of exchange bureau;

b) the copy of the lease agreement or the copy of the document confirming the property right to new premises of exchange bureau, the licensee assured by seal;

c) the original of the license for the right of carrying out exchange transactions with cash foreign currency with indication of the previous address.

2) In case of address modification of additional exchange bureau the licensee needs to receive according to requirements of this provision the new letter on registration of additional exchange bureau in National Bank to the new address of additional exchange bureau. For renewal of the letter on registration of additional exchange bureau to the new address, the licensee submits the following documents to National Bank:

a) the statement for renewal of the letter on registration of additional exchange bureau in connection with address modification of additional exchange bureau;

b) the copy of the lease agreement or the copy of the document confirming the property right to new premises of additional exchange bureau, the licensee assured by seal;

c) the original letter about registration of additional exchange bureau to the previous address of additional exchange bureau.";

Item 31 to state 12) in the following edition:

"31. For opening of additional exchange bureau the licensee shall receive the letter of National Bank on registration of additional exchange bureau. Before receipt of the letter on registration of additional exchange bureau, in in addition opened exchange bureau it is forbidden to perform exchange transactions with cash foreign currency.";

Item 32 to state 13) in the following edition:

"32. For registration of additional exchange bureau the licensee submits the following documents to National Bank:

1) the registration application of additional exchange bureau on appendix form 6;

2) the copy of the lease agreement or the copy of the document confirming the property right to premises of additional exchange bureau, the licensee assured by seal;

3) the reference from commercial bank confirming availability on the account of the applicant in commercial bank of turnover money (the reference shall be issued not earlier than before 14 calendar days about day of submission of documents) in national currency according to the amounts specified in Item of 1 this provision;

4) passport copy of the founder/member of legal person applicant and head of exchange bureau;

5) decision or order on appointment of the head of additional exchange bureau;

6) decision or order on opening of additional exchange bureau;

7) data on sources of origin of current assets of additional exchange bureau (Appendix 8-1).";

Item 32-1 to state 14) in the following edition:

"32-1. If at the legal entity effective period of the license for the right of carrying out exchange transactions with cash foreign currency expires or from the date of the expiration there passed no more than 30 (thirty) calendar days, that legal entity can submit the application for receipt of the new letter on registration of additional exchange bureau after receipt of the new license according to Item 9-1 of this provision.

For receipt of the new letter on registration of additional exchange bureau no later than 5 (five) working days after receipt of the new license according to Item 9-1 of this provision the legal entity can provide the documents specified subitems 1-5 of Item 32 this provision and data on sources of origin of current assets of additional exchange bureau according to Appendix 8-1 to this Provision (if earlier were not provided) and/or on difference in the amounts of current assets (in case of increase in current assets).";

Paragraph two of Item 33 to state 15) in the following edition:

"The responsible structural division of National Bank has the right to refuse to the applicant registration of additional exchange bureau on the bases specified in subitems 1-2, 6-7, 12-13 and 15-17 of Item 44 this provision.";

Item 43 to state 16) in the following edition:

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