Resolution of the Board of the National Bank of the Kyrgyz Republic No. 24/10 of May 30, 2014 on Amendments to Certain Resolutions of the National Bank of the Kyrgyz Republic

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of May 30, 2014 No. 24/10

On Amendments to Certain Resolutions of the National Bank of the Kyrgyz Republic

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of May 31, 2017 No. 21/7)

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

RESOLVES:

1. Make the attached amendments to the following resolutions of the Board of the National Bank of the Kyrgyz Republic:

• resolution of the Board of the National Bank of the Kyrgyz Republic "On the "Interim Rules for Regulating the Activities of Microfinance Companies in the Territory of the Kyrgyz Republic" dated February 19, 2003 No. 4/2;

*- (The third paragraph lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of May 31, 2017 No. 21/7);

• resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Minimum Requirements for Credit Risk Management in Credit Unions" dated December 23, 2009 No. 50/7;

• resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Periodic Regulatory Reporting of a Microcredit Company/Microcredit Agency and Pawnshop" and the Regulation "On Periodic Regulatory Reporting of a Microfinance Company" dated May 27, 2009 No. 25/3.

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 Regulatory Legal Acts of the Kyrgyz Republic.

3. This resolution enters into force upon the expiration of one month from the date of official publication.

4. The Supervision and Licensing Methodology Department shall bring this resolution to the attention of microfinance organizations, the Association of Microfinance Organizations, credit unions, the specialized financial-credit institution JSC "Financial Company of Credit Unions", corresponding structural subdivisions of the National Bank of the Kyrgyz Republic, 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 Z.L. Chokoev.

Chairman	T.S. Abdygulov

	Appendix to the resolution of the Board of the National Bank of the Kyrgyz Republic of May 30, 2014 No. 24/10

AMENDMENTS to certain resolutions of the National Bank of the Kyrgyz Republic

1. Make the following amendment to the resolution of the Board of the National Bank of the Kyrgyz Republic "On the "Interim Rules for Regulating the Activities of Microfinance Companies in the Territory of the Kyrgyz Republic" dated February 19, 2003 No. 4/2:

in the Interim Rules for Regulating the Activities of Microfinance Companies in the Territory of the Kyrgyz Republic, approved by the aforementioned resolution:

• sub-item 2.3.1. of item 2.3. be worded as follows:

"2.3.1. Calculation of the own capital of an MFC (as of the assessment date) is performed based on the following indicators:

• fully paid-up charter capital;
• capital contributed in excess of nominal value;
• additional capital contributed by individuals and legal entities;
• reserves for future needs;
• undistributed profit/losses of previous years;
• current year losses;
• minus any investments in other microfinance organizations and banks."

2. (Lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of May 31, 2017 No. 21/7)

3. Make the following amendment to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Minimum Requirements for Credit Risk Management in Credit Unions" dated December 23, 2009 No. 50/7:

in the Regulation on minimum requirements for credit risk management in credit unions, approved by the aforementioned resolution:

• in item 1.1., delete the words ", having an additional license and borrowing from the specialized financial-credit institution JSC "Financial Company of Credit Unions".

4. Make the following amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Periodic Regulatory Reporting of a Microcredit Company/Microcredit Agency and Pawnshop" and the Regulation "On Periodic Regulatory Reporting of a Microfinance Company" dated May 27, 2009 No. 25/3:

• in Appendix 2 of the Regulation "On Periodic Regulatory Reporting of a Microfinance Company", approved by the aforementioned resolution:

1) in the article "21. Share Capital" of subsection "B. Capital" of Section 1 "Regulatory Report on Financial Status":

• line "v" be worded as follows:

"v) Capital contributed in excess of nominal value

v-1) Additional capital contributed by individuals and legal entities";

2) in subsection 3A. "Changes in Capital Structure" of Section 3 "Capital":

• line 5 be worded as follows:

"5. Capital contributed in excess of nominal value, current year, net

5-1. Additional capital contributed by individuals and legal entities";

• in Appendix 2 of the Regulation "On Periodic Regulatory Reporting of a Microcredit Company/Microcredit Agency", approved by the aforementioned resolution:

1) in Section 1 "Regulatory Report on Financial Status", line 27 be worded as follows:

"27. Capital contributed in excess of nominal value

27.1. Additional capital contributed by individuals and legal entities".