Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2020-P-33/75-5-(NFKU) of 28.12.2020 on Amending Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

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Date of creation: 2020-12-30

Resolution of the Board

of the National Bank

of the Kyrgyz Republic

dated 28 December 2020

No. 2020-P-33/75-5-(NFKU)

On Amending Certain Regulatory Legal Acts

of the National Bank of the Kyrgyz Republic

In accordance with Articles 20 and 68 of the Law of the Kyrgyz Republic

"On the National Bank of the Kyrgyz Republic, Banks and Banking Activities", the Board of the National Bank of the Kyrgyz Republic resolves:

1. To amend the following resolutions of the Board of the National Bank of the Kyrgyz Republic (attached):

• "On Approval of the Regulation 'On Classification of Assets and Corresponding Allocations to the Reserve for Covering Potential Losses and Losses' dated 21 July 2004 No. 18/3";

• "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated 28 December 2009 No. 51/6;

• "On Approval of the Rules for Regulating the Activities of Housing Savings Credit Companies" dated 1 November 2019 No. 2019-P-33/55-2-(NFKU).

2. To 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 Regulatory Legal Acts of the Kyrgyz Republic.

3. This resolution enters into force upon the expiry of fifteen days from the day of official publication.

4. To the Department for Supervision of Non-Bank Financial and Credit Organizations: bring this resolution to the attention of microfinance companies and credit unions of the Kyrgyz Republic, OJSC "Financial Company of Credit Unions", housing savings credit companies, the Legal Entity Association "Association of Microfinance Organizations", and the Legal Entity Association "National Association of Credit Unions and Cooperatives".

5. To the Department of Supervision Methodology and Licensing of Banks: bring this resolution to the attention of the Legal Entity Association "Union of Banks of Kyrgyzstan" and commercial banks.

6. To assign control over the execution of this resolution to the member of the Board of the National Bank of the Kyrgyz Republic supervising the Department for Supervision of Non-Bank Financial and Credit Organizations.

Chairman

T. Abdygulov

Annex

to the Resolution of the Board

of the National Bank

of the Kyrgyz Republic

dated 28 December 2020

No. 2020-P-33/75-5-(NFKU)

Amendments to Certain Regulatory Legal Acts

of the National Bank of the Kyrgyz Republic

1. To introduce the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Classification of Assets and Corresponding Allocations to the Reserve for Covering Potential Losses and Losses'" dated 21 July 2004 No. 18/3:

in the Regulation "On Classification of Assets and Corresponding Allocations to the Reserve for Covering Potential Losses and Losses" approved by the above-mentioned resolution:

• to restate paragraph 1.1 as follows:

"1.1. This Regulation establishes requirements for the classification of assets and off-balance-sheet liabilities (hereinafter - assets), as well as for the creation of corresponding reserves for covering potential losses and losses (hereinafter - RPPU) for the purposes of regulation and supervision, and applies to all commercial banks, the State Development Bank of the Kyrgyz Republic and guarantee funds (hereinafter - banks).".

2. To introduce the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" dated 28 December 2009 No. 51/6:

in the Regulation "On Classification of Assets and Corresponding Allocations to the Reserve for Covering Potential Losses and Losses when Conducting Operations in Accordance with Islamic Principles of Banking and Financing" approved by the above-mentioned resolution:

• to restate paragraph 1 as follows:

"1. This Regulation applies to banks operating in accordance with Islamic principles of banking and financing, including banks having an 'Islamic window' (hereinafter - bank).".

3. To introduce the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Regulating the Activities of Housing Savings Credit Companies" dated 1 November 2019 No. 2019-P-33/55-2-(NFKU):

in the Rules for Regulating the Activities of Housing Savings Credit Companies approved by the above-mentioned resolution:

• to recognize paragraph 34 as having lost force.

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