Regulatory Alerts2008-05-28 | 112533Regulation on Direct Banking Supervision
The National Bank of the Kyrgyz Republic issued this regulation to establish the legal framework for direct banking supervision as a corrective measure for commercial banks, payment system operators, and payment organizations facing financial instability or regulatory violations. The document details the procedures for appointing controllers, defines specific grounds for intervention such as unresolved financial problems or risks to depositors, and outlines the powers of supervisory committees to restrict operations and enforce compliance. It mandates strict reporting requirements, operational controls, and accountability for management to ensure the stability of the banking and payment systems.
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