Regulatory Alerts2023-12-06 | 117309On the Minimum Size of the Authorized Capital of a Credit Bureau
The Board of the National Bank of the Kyrgyz Republic has established a minimum authorized capital of 50,000,000 som for newly created credit bureaus. Existing credit bureaus are required to gradually increase their capital to 10,000,000 som by January 1, 2025, 30,000,000 som by January 1, 2026, and 50,000,000 som by January 1, 2027. Non-compliant entities must submit a compliance plan to the National Bank by July 1, 2024, while bureaus applying for registration before this decree's enactment must adhere to the new capital requirements immediately.
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Creation Date: 2023-12-12
On the Minimum Size of the Authorized Capital of a Credit Bureau
In accordance with Articles 5, 9, and 64 of the Constitutional Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" and Article 12 of the Law of the Kyrgyz Republic "On the Exchange of Credit Information," the Board of the National Bank of the Kyrgyz Republic resolves:
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Establish the minimum size of the authorized capital for newly created credit bureaus at not less than 50,000,000 som.
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Establish the following minimum sizes of authorized capital for existing credit bureaus within the following timeframes:
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by January 1, 2025 – not less than 10,000,000 som;
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by January 1, 2026 – not less than 30,000,000 som;
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by January 1, 2027 – not less than 50,000,000 som.
- Existing credit bureaus whose minimum authorized capital size is less than the established sizes, jointly with shareholders (participants), must develop a plan for fulfilling the requirements of paragraph 2 of this resolution and submit it to the National Bank of the Kyrgyz Republic
by July 1, 2024.
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Credit bureaus that have submitted documents for obtaining the consent of the National Bank of the Kyrgyz Republic for state registration prior to the entry into force of this resolution are obliged to form their authorized capital in accordance with paragraph 2 of this resolution.
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This resolution enters into force after 15 (fifteen) days have elapsed from its official publication.
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The Legal Department, within 3 (three) working days from the receipt of the corresponding documents:
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publish this resolution on the official website of the National Bank of the Kyrgyz Republic;
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after official publication, send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Legal Acts of the Kyrgyz Republic.
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The "Secretariat of the Board" Department, within 3 (three) working days, must bring this resolution to the attention of all structural subdivisions, regional departments, and the Representation of the National Bank of the Kyrgyz Republic in the Batken Region.
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The Licensing Department, within 3 (three) working days, must bring this resolution to the attention of credit bureaus.
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Control over the implementation of this resolution is entrusted to a member of the Board of the National Bank of the Kyrgyz Republic, who oversees the Licensing Department.
Chairman K. Bokontaev
Board Members M. Attokurov
M. Zhakypov
U. Zhamalidinov
K. Kulenbekov
R. Seitkasymova
Z. Chokoyev
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