RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 14, 2012 No. 11/2

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 of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Make changes and additions to the Provision "About Requirements to Accounting Policy of the Commercial Banks and Other Financial Credit Institutes Licensed by NBKR" approved by the resolution of Board of National Bank of the Kyrgyz Republic on October 23, 2004 No. 26/2 "About approval of the Provision "About Requirements to Accounting Policy of the Commercial Banks and Other Financial Credit Institutes Licensed by NBKR", registered in the Ministry of Justice of the Kyrgyz Republic on November 19, 2004 registration number 133-04 (are applied).

2. Make additions to the Provision "About Requirements to Accounting Policy of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing" approved by the resolution of Board of National Bank of the Kyrgyz Republic on September 30, 2009 No. 39/5 "About the Provision "About Requirements to Accounting Policy of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing" (are applied).

3. Publish this resolution on the official site of National Bank of the Kyrgyz Republic and in the "Regulations of National Bank of the Kyrgyz Republic" magazine.

4. This resolution becomes effective after fifteen days after official publication.

5. After official publication to send to Legal management 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.

6. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks, regional managements and the Batken representative office of National Bank of the Kyrgyz Republic.

7. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Chokoyev Z. L.

Approved by the resolution of Board of National Bank of the Kyrgyz Republic of March 14, 2012 No. 11/2

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

I. Bring in the Provision "About Requirements to Accounting Policy of the Commercial Banks and Other Finansovocreditny Organizations Licensed by NBKR" approved by the resolution of Board of National Bank of the Kyrgyz Republic of October 23, 2004 No. 26/2 "About approval of the Provision "About Requirements to Accounting Policy of the Commercial Banks and Other Financial Credit Institutes Licensed by NBKR", registered in the Ministry of Justice of the Kyrgyz Republic on November 19, 2004, registration number 133-04, the following changes and amendments:

1. In preamble of the word "RSK, KSFK" to exclude.

2. Add Chapter 3 with Item 3.5-1. following content:

"3.5-1. Within accounting policy the disaggregated rules of the organization of financial accounting of payment and settlement transactions and their reflection on accounts of financial accounting, and also the corresponding rules of the organization of internal control shall be developed. At the same time each transaction shall be timely reflected in financial accounting (the automated system of accounting) of FKU.

Rules of the organization of financial accounting of payment and settlement transactions shall contain, including the following main regulations:

1) all transactions shall have documentary confirmation from bank partner about write-off / transfer of money on the account;

2) reflection of transactions in financial accounting FKU shall be made according to accounting rules and:

a) for payments in national currency - no later than date of calculation;

b) for outgoing payments in foreign currency:

- commercial banks - in day of write-off of funds from the account of FKU that shall be supported by the relevant documents and the subsequent obtaining from corresponding bank of the statement on correspondent account;

- non-bank FKU - no later than day of obtaining from commercial bank of confirmatory mark about adoption of the payment order to execution;

c) for incoming payments in foreign currency - no later than day of receipt of confirmation about transfer of means."

3. In Item 4.1. exclude the words "RSK, KSFK".

II. Bring in the Provision "About Requirements to Accounting Policy of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing" approved by the resolution of Board of National Bank of the Kyrgyz Republic of September 30, 2009 No. 39/5 "About the Provision "About Requirements to Accounting Policy of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing", the following amendments:

1. Add Chapter 3 with Item 3.6-1. following content:

"3.6-1. Within accounting policy the disaggregated rules of the organization of financial accounting of payment and settlement transactions and their reflection on accounts of financial accounting, and also the corresponding rules of the organization of internal control shall be developed. At the same time, each transaction shall be timely reflected in financial accounting (the automated system of accounting) of FKU.

Rules of the organization of financial accounting of payment and settlement transactions shall contain, including the following main regulations:

1) all transactions shall have documentary confirmation from bank partner about write-off / transfer of money on the account;

2) reflection of transactions in financial accounting of bank shall be made according to accounting rules and:

a) for payments in national currency - no later than date of calculation;

b) for outgoing payments in foreign currency - in day of write-off of funds from the account of FKU that shall be supported by the relevant documents and the subsequent obtaining from corresponding bank of the statement on correspondent account;

c) for incoming payments in foreign currency - no later than day of receipt of confirmation about transfer of means."

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