Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 14, 2015 No. 62/1 on Amendments and Additions to Certain Resolutions of the Board of the National Bank of the Kyrgyz Republic

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of October 14, 2015 No. 62/1

On Amendments and Additions to Certain Resolutions of the Board of the National Bank of the Kyrgyz Republic

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of December 9, 2015 No. 76/9, of December 23, 2015 No. 78/25 )

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

RESOLVES:

1. Make amendments and additions to the following Resolutions of the Board of the National Bank of the Kyrgyz Republic (attached):

- (ceased to be in force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 23, 2015 No. 78/25)

- (the third paragraph ceased to be in force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 9, 2015 No. 76/9)

• "On the Regulation "On Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic" dated January 31, 2007 No. 5/1.

2. The Legal Department:

• publish this Resolution on the official website of the National Bank of the Kyrgyz Republic;

• 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.

3. This Resolution shall enter into force upon the expiration of fifteen days from the date of its official publication.

4. The Department of Supervision and Licensing Methodology shall bring this Resolution to the attention of microfinance organizations and credit unions, regional departments, and the Representation of the National Bank of the Kyrgyz Republic in the Batken Region.

5. Control over the implementation of this Resolution shall be entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic L. Orozbaeva.

Chairman	T. Abdygulov

AMENDMENTS AND ADDITIONS in certain Resolutions of the Board of the National Bank of the Kyrgyz Republic

I. Make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the New Edition of the Regulation "On Licensing of Credit Unions" dated 04.05.2005 No. 14/3:

• in the title of the Resolution, the words "On the New Edition of the Regulation" shall be replaced with the words "On the Regulation";

• in paragraph 1, the words "new edition of the Regulation" shall be replaced with the word "Regulation";

in the Regulation "On Licensing of Credit Unions", approved by the aforementioned Resolution:

in Paragraph 10.3.:

• subparagraph 1 shall be worded as follows:

"1) cessation of activity of a credit union;";

• the Regulation shall be supplemented with paragraphs 10.3.-1. and 10.3.-2. of the following content:

"10.3.-1. It is not permitted to make a decision on self-liquidation if the credit union has not fulfilled all obligations to creditors, including to financial and credit institutions.

10.3.-2. A credit union must surrender the original license (including the additional license) to the National Bank within three days after receiving the decision of the National Bank on the revocation of the license.".

II. (Ceased to be in force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 9, 2015 No. 76/9)

III. Make the following additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation "On Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic" dated January 31, 2007 No. 5/1:

in the Regulation "On Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic", approved by the aforementioned Resolution:

• the Regulation shall be supplemented with paragraph 10.2.-1. of the following content:

"10.2.-1. It is not permitted to make a decision on voluntary liquidation if the microfinance company has not fulfilled all obligations to creditors, including to financial and credit institutions.".