RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of November 1, 2019 No. 2019-P-33/55-1-(NFKU)

About approval of the Provision "About Licensing of Activities of the Housing and Savings Credit Companies"

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and articles 2 and 15 of the Law of the Kyrgyz Republic "About licensed authorization system in the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About licensing of activities of the housing and savings credit companies it (is applied).

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 commercial banks, JSC State-owned Mortgage Company, Agencies on protection of deposits of the Kyrgyz Republic.

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 November 1, 2019 No. 2019-P-33/55-1-(NFKU)

Regulations on licensing of activities of the housing and savings credit companies

Chapter 1. General provisions

1. This Provision "About Licensing of Activities of the Housing and Savings Credit Companies" (further - the Provision) establishes procedure for licensing of activities of the housing and savings credit companies (further - ZhSKK) created in the territory of the Kyrgyz Republic, procedure for receipt of permission to acquisition of threshold equity participation of ZhSKK, approval of officials of ZhSKK, ZhSKK expansion of activities by creation of the isolated structural divisions, procedure for approval of changes and amendments in constituent documents ZhSKK.

2. The housing and savings credit company (further - ZhSKK) - the non-bank financial credit institution having the license for the right of carrying out separate banking activities which activities are directed to accumulation of money of investors in housing savings deposits (deposits) and provision to her investors of the credits for individual construction, purchase of apartment houses or apartments, or for improvement of housing conditions within the state housing programmes.

3. ZhSKK is the commercial organization created in the form of joint-stock company and receives the status of the legal entity from the date of state registration according to the legislation of the Kyrgyz Republic.

The physical persons and/or legal entities meeting the following minimum requirements can be founders/shareholders of ZhSKK:

- satisfactory financial position;

- lack of pending obligations on tax payment and the payments equated to them;

- lack of the taken measures of the impacts or other decisions recognizing it allowed violations of the bank law including if their actions (failure to act) led to withdrawal of the license/certificate at financial credit institution;

- lack of the criminal record in the field of financial or economic crimes and offenses which is not removed and outstanding in the procedure established by the legislation of the Kyrgyz Republic;

- lack of the judgment prohibiting to the founder/shareholder to be engaged in banking and/or financial activities.

The following legal entities and/or physical persons cannot be founders/shareholders of ZhSKK:

- the legal entities registered in offshore zones or having as members of persons and/or affiliates registered in offshore zones or the physical persons living in the territory of offshore zones which list is established by National Bank of the Kyrgyz Republic (further - National Bank);

- the physical persons which are residents of offshore zones, living in the territory of offshore zones which list is established by National Bank;

- physical persons and legal entities which in accordance with the established procedure did not provide data on the activities, financial condition, the list of participants and any other data and documents allowing to identify authentically them and to study members of the legal entity, including beneficial owners or provided such data which do not allow to identify and study authentically members of the legal entity, including beneficial owners and also if they did not confirm the faultless goodwill;

- physical persons and legal entities which in the procedure established by National Bank did not confirm legality of source of origin of the money allocated for share acquisition of ZhSKK.

4. ZhSKK to start implementation of activities shall obtain the license of National Bank for the right of carrying out separate banking activities according to requirements of regulatory legal acts of National Bank.

5. ZhSKK can perform the following banking activities taking into account the restrictions set by National Bank and provided that such transactions are specified in the license:

1) acceptance of housing savings deposit (deposit), i.e. the cash amount in national currency deposited by investors of the housing and savings credit company to account of the housing and savings credit company and directed to improvement of housing conditions of the investor of the housing and savings credit company;

2) issuance of credits to participants of housing and savings credit system (further - ZhSKS) for individual construction, purchase of apartment houses (apartments) or for improvement of the housing conditions issued on the terms of urgency, recoverability and the paid nature.

For the purposes of this provision the participant of ZhSKS is understood as person who deposits money to account in ZhSKK for the purpose of receipt of the credit for individual construction, purchase of apartment houses (apartments) or for improvement of housing conditions. ZhSKK operating procedure with accounts, issuance of credit are regulated by regulatory legal acts of National Bank.

Chapter 2. Requirements to the documents submitted to National Bank

6. Each copy of the documents submitted by ZhSKK to the National Bank according to requirements of this provision containing more than one leaf shall be separately stitched, numbered and signed the head of ZhSKK, ZhSKK is under seal (in the presence) and are certified (in the presence of the legislative requirement about assurance).

6-1. Within licensing, confirmation of sources of origin of money, approval of officials, issue of consent to state registration (re-registration) the National Bank if considers that the provided information is not enough for decision making, can request the additional data and documents necessary for procedures of licensing, confirmation of sources of origin of money, approvals of officials, issues of consent to state registration (re-registration) which shall be submitted by applicants within the terms specified in request.

6-2. Together with provision of the documents ZhSKK provided by this Provision, physical persons and legal entities shall provide the consent to collection and processing of personal data according to Appendix 12 to this Provision concerning persons whose personal data are provided in National Bank.

7. The original document or properly certified its copies shall be provided to National Bank. The documents submitted by foreign founders / shareholders shall be provided according to the procedure, established by the legislation of the Kyrgyz Republic. The documents submitted in foreign language shall contain the translation into the state and/or official languages certified properly.

In case of need upon the demand of National Bank separate documents are represented electronically.

8. In case of withdrawal of the petition and documents for receipt of the license or in case of refusal in licensing, in satisfaction/refusal in allowance of the application and in other cases within this provision the documents submitted by ZhSKK and applicants National Bank do not return to acquisition of threshold equity participation of ZhSKK.

9. The National Bank considers documents within this provision regarding their completeness and compliance to requirements of the legislation of the Kyrgyz Republic.

If the documents provided within this provision 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 license/consent issue), then the responsible structural division of National Bank returns to the applicant such documents for completion with written statement of the reasons.

10. If documents do not meet requirements imposed by National Bank, the term of consideration of documents is reckoned from the date of receipt by National Bank of the documents meeting the imposed requirements.

11. In time considerations of documents by National Bank time spent by the applicant for completion of documents does not enter if other is not provided by this Provision.

12. The National Bank considers the documents submitted for receipt of the license ZhSKK in time, not exceeding two months from the date of receipt of all documents conforming to the established requirements. The term of consideration of documents can be extended by the deputy the chairman/board member of National Bank supervising questions of supervision and licensing of activities of ZhSKK for fifteen working days.

The decision of National Bank on licensing of ZhSKK, written consent for carrying out the state registration / re-registration of ZhSKK is accepted by the deputy the chairman/board member of National Bank supervising questions of supervision and licensing of activities of ZhSKK.

Signing and licensing of ZhSKK for the right of carrying out separate banking activities is performed by the structural division of National Bank responsible for licensing of ZhSKK, and in regional managements and representative office of National Bank in Batken Province - chiefs of regional managements and the director of representative office of National Bank in Batken Province.

Chapter 3. Creation of ZhSKK

13. After decision making about creation of ZhSKK for preparation of necessary documents her founders / shareholders determine the authorized person for contacts with National Bank concerning consideration of documents by creation of ZhSKK (further - the authorized person). At the same time the authorized person needs to provide also the copy of the relevant document on its powers on signing and provision of such documents in National Bank.

14. For receipt of the license ZhSKK the following documents shall be submitted to National Bank:

1) the petition for licensing (The appendix 1) signed by the chairman of the board of directors or other person authorized by the founder / shareholder (in case of the single founder / shareholder) or general meeting of founders/shareholders;

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