Regulation on the Supervisory Committee of the National Bank of the Kyrgyz Republic

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Date of creation: 2025-10-16

Registered with the Ministry of Justice of the Kyrgyz Republic

April 21, 2005. Registration number 55-05

Approved

by the resolution of the Board of the National Bank of the Kyrgyz Republic

of March 19, 2005 No. 6/2

REGULATION

on the Supervisory Committee of the National Bank of the Kyrgyz Republic

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of March 23, 2006 No. 7/6, June 28, 2006 No. 19/4, March 28, 2007 No. 16/4, February 11, 2009 No. 7/3, April 27, 2011 No. 26/5, September 14, 2011 No. 52/8, March 2, 2012 No. 10/14, December 12, 2012 No. 48/10, December 21, 2012 No. 50/13, February 27, 2013 No. 6/9, September 25, 2013 No. 35/16, January 20, 2016 No. 4/4, February 5, 2016 No. 5/1, March 30, 2016 No. 15/3, June 9, 2016 No. 24/1, June 29, 2016 No. 27/3, July 6, 2017 No. 2017-P-12/30-3, December 20, 2017 No. 2017-P-12/52-12, August 12, 2020 No. 2020-P-12/45-4, December 23, 2020 No. 2020-P-33/73-13, December 28, 2022 No. 2022-P-12/83-6, July 5, 2024 No. 2024-P-12/28-2, October 8, 2025 No. 2025-P-12/50-4)

1. General Provisions

1.1. The Supervisory Committee of the National Bank of the Kyrgyz Republic (hereinafter - the Committee) is established by a decision of the Board of the National Bank of the Kyrgyz Republic (hereinafter - the National Bank). The Committee is a permanent collegial body authorized by the Board of the National Bank to make decisions on issues within its competence in the field of regulation and supervision of the activities of commercial banks (hereinafter - banks), non-bank financial credit organizations: microfinance organizations, credit unions, housing savings credit companies, guarantee funds, credit bureaus, specialized financial credit organizations (hereinafter - NBFCs), according to points 2.1, 2.1-1, and 2.2 of this Regulation.

The consideration of issues and adoption of decisions concerning payment system operators/payment organizations and exchange offices are not within the competence of the Committee.

For the purposes of this Regulation, the following abbreviations are used:

MFC - microfinance company; MKC - microcredit company; MCA - microcredit agency; FKKS - JSC "Financial Company of Credit Unions".

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12, December 23, 2020 No. 2020-P-33/73-13, July 5, 2024 No. 2024-P-12/28-2)

1.2. In its work, the Committee is guided by the normative legal acts of the Kyrgyz Republic and the National Bank, this Regulation, and the Committee's Regulations.

1.3. The Supervisory Committee includes: the Deputy Chairman of the National Bank/Member of the Board of the National Bank - supervisor of the supervisory block (Chairman of the Committee), Member of the Board of the National Bank, heads of structural subdivisions of the National Bank.

The personal composition of the Supervisory Committee is approved by an order of the National Bank.

Employees of the National Bank may participate in the Supervisory Committee with advisory voting rights in accordance with an order of the National Bank.

In the absence of the Chairman of the Committee and other members of the Committee, persons holding their positions in accordance with an order of the National Bank participate in the Committee's work.

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of June 9, 2016 No. 24/1, December 20, 2017 No. 2017-P-12/52-12)

2. Powers, Rights, and Duties of the Committee

The Committee determines and establishes the goals and objectives of activities related to the regulation, licensing, and supervision of the activities of banks, NBFCs, and credit bureaus, and also carries out control over the implementation of the supervision policy for banks, NBFCs, and credit bureaus.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12)

2.1. The Committee, in accordance with the legislation of the Kyrgyz Republic and the normative legal acts of the National Bank, makes decisions on the application and/or termination and/or modification of the following types of impact measures regarding banks, NBFCs, and credit bureaus:

a) prescriptions; b) imposition of fines on banks and NBFCs, as well as their officials; c) requirements for banks and NBFCs; d) increase in economic standards and requirements for banks and NBFCs; e) introduction of restrictions and prohibitions established in the Law of the Kyrgyz Republic "On Banks and Banking Activity" and/or in the legislation of the Kyrgyz Republic for banks, their shareholders, and NBFCs; f) dismissal or release of officials, change of management bodies of banks and NBFCs; g) introduction of direct banking supervision in accordance with the normative legal acts of the National Bank; h) introduction of temporary administration in NBFCs, except for MFCs attracting deposits; i) suspension of action/revocation of the license of NBFCs, except for MFCs attracting deposits; j) lost force; k) lost force; l) suspension of action and/or revocation of the certificate of registration of MKC/MCA.

The Committee considers other issues delegated to the Committee by the Board of the National Bank, as well as specific issues during the introduction and implementation of Temporary Administration and liquidation of banks.

Decisions of the Committee are subject to mandatory publication on the following issues:

• on the introduction of temporary administration in NBFCs, except for MFCs attracting deposits;
• on the suspension/revocation of the license of NBFCs, except for MFCs attracting deposits;
• lost force;
• on the coordination of bank officials;
• coordination of the name/name change of banks;
• on the suspension of action and/or revocation of the certificate of registration of MKC/MCA;
• other issues by decision of the Committee.

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12, December 23, 2020 No. 2020-P-33/73-13, December 28, 2022 No. 2022-P-12/83-6, October 8, 2025 No. 2025-P-12/50-4)

2.1-1. The Committee considers:

• lost force;
• on a quarterly basis, information on compliance/non-compliance by banks/NBFCs of economic standards, requirements, and restrictions based on the results of inspectorate checks and external supervision, as well as on the results of the application of regulatory supervisory measures regarding banks, NBFCs, credit bureaus, as well as exchange offices, including information from the regional departments of the National Bank and the representation of the National Bank of the Kyrgyz Republic in the Batken region;
• on a semi-annual basis, information on compliance/non-compliance by NBFCs of economic standards, requirements, and restrictions, information on the results of inspectorate checks and external supervision, as well as on the results of the application of regulatory supervisory measures regarding NBFCs and exchange offices, submitted by the heads of supervision departments of regional departments and the director of the representation of the National Bank of the Kyrgyz Republic in the Batken region in the corresponding regions.

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12, December 28, 2022 No. 2022-P-12/83-6, October 8, 2025 No. 2025-P-12/50-4)

2.1-2. (Lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of July 6, 2017 No. 2017-P-12/30-3)

2.2. The Committee considers and makes decisions on the following issues:

a) determination of banking supervision policy, supervision of NBFCs and credit bureaus; b) adoption of regulatory supervisory measures regarding banks, NBFCs, and credit bureaus; c) recognition of the activity of a bank/NBFC, the action/inaction of officials of a bank/NBFC as unhealthy and unsafe banking practice based on information provided by structural subdivisions of the National Bank, as well as the application within the competence of the Committee of the corresponding impact measure regarding the bank/NBFC, its shareholders (participants), officials of the bank/NBFC, whose actions (inaction) are involved in unhealthy and unsafe banking practice; d) coordination of officials of commercial banks, including:

• Chairman and members of the Board of Directors;

• Chairman and members of the Shariah Council;

• Chairman of the Audit Committee;

• Chairman of the Board (president, general manager, head of a branch of a foreign bank), his deputies (vice-president, deputy general manager, deputy head of a branch of a foreign bank) and other members of the Board responsible for credit activities and/or for financing on Islamic principles;

• managing director responsible for credit activities and/or for financing on Islamic principles of banking and financing (in case the managing director is not under the supervision of the chairman/deputy chairman/member of the Board responsible for credit activities and/or for financing on Islamic principles of banking and financing);

• chief accountant;

• head of the internal audit service;

• any other persons equated in their functional duties to the above-listed officials, including their deputies; e) coordination of officials of FKKS, including:

• Chairman of the Board of Directors;

• Chairman of the Board;

• Chairman of the Audit Committee;

• chief accountant;

• head of the internal audit service; f) granting consent for the acquisition of 50 (fifty) and more, 67 (sixty-seven) and more percent of voting shares of a bank; g) preliminary coordination of a new name for the bank; h) determination of further supervisory actions if necessary based on the results of checks of banks, NBFCs, and credit bureaus; i) coordination and strengthening of interaction with other supervisory authorities, both domestic and foreign; j) decision to transfer relevant materials to law enforcement agencies, as well as the authorized state body of the Kyrgyz Republic in the field of counter-terrorism financing and combating (laundering) criminal proceeds on issues on which decisions were made by the Committee; k) informing the public about facts of violations by banks, NBFCs, and credit bureaus of legislative requirements; l) consideration of draft normative legal acts concerning the regulation, supervision, and licensing of the activities of banks, NBFCs, and credit bureaus, if necessary; m) consideration of issues related to antimonopoly regulation, development of competition, and protection of consumer rights of banking services (including issues of violation of pricing procedures, including establishment, maintenance of monopolistically high (low) prices; abuse of dominant position in the banking services market); n) consideration of requests from banks regarding the placement of funds in foreign currency into a deposit account opened at the National Bank; o) upon established facts of violation of the legislation of the Kyrgyz Republic; p) consideration of issues regarding the interpretation (explanation) of decisions adopted by the Committee. Interpretation (explanation) of decisions adopted by the Committee is carried out by the Committee by adopting a new resolution. During interpretation (explanation), the content of provisions is explained or clarified, as well as functional and other connections with other provisions of the adopted decision of the Committee requiring interpretation (explanation). During the process of interpretation (explanation) of decisions adopted by the Committee, no changes and additions are allowed to be made to them; r) consideration and adoption of decisions on the issuance, suspension, revocation, and termination of action of licenses within the special regulatory regime, according to the Regulation "On the Special Regulatory Regime"; t) other issues delegated to the Committee by the Board of the National Bank.

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12, August 12, 2020 No. 2020-P-12/45-4, December 23, 2020 No. 2020-P-33/73-13, December 28, 2022 No. 2022-P-12/83-6)

2.3. (Excluded in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of December 21, 2012 No. 50/13)

2.4. The Committee considers and approves:

a) the regulations and internal procedures of the Committee's work; b) guidelines and other documents on supervision of the activities of banks, NBFCs, credit and exchange offices; c) methodological recommendations and instructions, as well as other documents not containing legal norms concerning the activities of banks, NBFCs, credit and exchange offices; d) other documents and decisions, the authority to approve which is delegated to the Committee by the Board of the National Bank.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12)

2.5. The Committee has the right, if necessary, to discuss and submit to the Board of the National Bank for consideration proposals on any issues concerning the banking system, licensing, and banking supervision, including draft laws and normative legal acts of the Kyrgyz Republic in the field of regulation and supervision of the activities of banks, NBFCs, and credit bureaus.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12)

2.6. An employee of the National Bank is appointed as the Secretary of the Committee. The Chairman of the Committee carries out coordination, organization of work, and control over the activities of the Secretary of the Committee.

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of March 2, 2012 No. 10/14, February 5, 2016 No. 5/1, July 6, 2017 No. 2017-P-12/30-3, December 20, 2017 No. 2017-P-12/52-12)

3. Preparation and Conduct of Meetings of the Committee of the National Bank

3.1. Meetings of the Committee are held regularly, no less than once a month, as a rule, on the last Thursday of the month. The Committee approves a semi-annual Work Plan, according to which relevant issues are considered. If necessary, the Chairman of the Committee convenes an extraordinary meeting.

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of April 27, 2011 No. 26/5, March 2, 2012 No. 10/14)

3.2. Members of the Committee are notified of the agenda, time, and place of the scheduled meeting no later than two working days in advance.

Unscheduled meetings requiring immediate decision are held by decision of the Chairman of the Committee, or two members of the Committee, in which case, as a rule, no later than one day before the meeting of the Committee, the Secretary of the Committee notifies the members of the Committee in writing.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of September 14, 2011 No. 52/8)

3.3. The quorum for a meeting of the Committee is 2/3 of the votes of the members of the Committee, one of whom must be the Chairman of the Committee or a person replacing him.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of July 6, 2017 No. 2017-P-12/30-3)

3.4. Decisions of the Committee are adopted by a simple majority of votes from the number of members of the Committee present at the meeting. In case of a tie, the vote of the Chairman of the Committee is decisive.

3.5. (Lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12)

3.6. The official responsible for the execution of decisions adopted by the Committee is specified in the resolution of the Committee and reports on the execution or non-execution of the Committee's decisions to the Supervisory Committee no less than twice a year.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of September 14, 2011 No. 52/8)

3.7. The procedure for informing about adopted decisions is adopted by the Committee.

3.8. Meetings of the Committee are documented by a protocol, which after (coordination with members of the Committee) is signed by the Chairman of the Committee and the Secretary of the Committee. Procedures and order for keeping the protocol are determined by the Regulations of the Committee.

3.9. The duties of the Secretary of the Committee include:

a) timely notification of the date of the meeting, the agenda of each member of the Committee; b) preparation of a draft work plan of the Committee for the half-year; c) preparation of protocols of Committee meetings and control over the formatting and deadlines for the preparation of resolutions and/or decisions of the Committee; d) control over the preparation and formatting of materials by structural subdivisions in accordance with the regulations approved by the Committee, including ensuring that members of the Committee are provided with the corresponding list of normative legal acts of the Kyrgyz Republic and the National Bank, on the basis of which the materials were prepared; e) mailing of the necessary package of documents and materials to all members of the Committee on the issues under consideration within the established timeframe; f) preparation of semi-annual reports on the progress of execution of resolutions and other decisions (assignments) of the Committee by structural subdivisions; g) preparation once every half-year of a report on the work done by the Committee for submission to the Board of the National Bank.

(In the edition of resolutions of the Board of the National Bank of the Kyrgyz Republic of April 27, 2011 No. 26/5, September 14, 2011 No. 52/8, March 2, 2012 No. 10/14)

3.10. The procedure for record-keeping is established in the Regulations of the Committee.

3.11. A decision of the Committee may be appealed in accordance with the normative legal act of the National Bank regulating the pre-trial dispute resolution procedure.

3.12. The activities of the Committee are terminated on the basis of a corresponding decision of the Board of the National Bank.

4. Responsibility of the Chairman and Members of the Committee

(Section in the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of February 27, 2013 No. 6/9)

4.1. The Chairman and members of the Committee are responsible for compliance and fulfillment of the requirements of this Regulation, as well as for adopted decisions on issues contradicting the legislation of the Kyrgyz Republic.

4.2. All persons, including members of the Committee, preparing materials for the meeting, are responsible for the completeness and accuracy of information on issues considered at the meeting of the Committee in the manner provided for by the legislation of the Kyrgyz Republic.

(Note lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of December 20, 2017 No. 2017-P-12/52-12)

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