Resolution of the Board of the National Bank of the Kyrgyz Republic dated November 27, 2014 No. 53/11 on Amendments to the Resolution on the Instruction on Working with Bank Accounts and Deposit Accounts

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

November 27, 2014 No. 53/11

On Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction on Working with Bank Accounts, Deposit (Deposit) Accounts" dated October 31, 2012 No. 41/12

In accordance with Articles 7 and 43 of the Law "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To make the attached amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction on Working with Bank Accounts, Deposit (Deposit) Accounts" dated October 31, 2012 No. 41/12.

2. To the Legal Department:

• to publish this resolution on the official website of the 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 enters into force upon the expiration of fifteen days from the date of official publication.

4. The Supervision and Licensing Methodology Department is to bring this resolution to the attention of commercial banks, the State Development Bank of the Kyrgyz Republic, microfinance and microcredit companies, regional departments, and the representative office of the National Bank of the Kyrgyz Republic in the Batken region.

5. Control over the execution of this resolution is entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic L. Orozbaeva.

Chairman	T. Abdygulov

	Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated November 27, 2014 No. 53/11

Amendments and Additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction on Working with Bank Accounts, Deposit (Deposit) Accounts" dated October 31, 2012 No. 41/12

To make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction on Working with Bank Accounts, Deposit (Deposit) Accounts" dated October 31, 2012 No. 41/12:

in the Instruction on Working with Bank Accounts, Deposit (Deposit) Accounts, approved by the aforementioned resolution:

1. The second sentence of subparagraph 3 of paragraph 43 is to be worded as follows:

"For legal entities registered in the Free Economic Zone (hereinafter - FEZ), it is additionally necessary to provide a certificate confirming the registration of the legal entity as a subject of the FEZ."

2. To supplement Appendix 3 with paragraph 6-1 as follows:

"6-1. Paragraph 5 does not apply to foreign currency accounts opened for resident banks created as a result of transformation (re-registration) of microfinance or microcredit companies into a bank, for the purpose of ensuring the implementation of the main activity. Such accounts may operate until the moment of opening by a resident bank created as a result of transformation (re-registration) of microfinance or microcredit companies into a bank, a correspondent account in a non-resident bank, but for no more than six months from the moment of obtaining the banking license."