Resolution of the Board of the National Bank of the Kyrgyz Republic No. 25/7 of June 27, 2008 on Amendments to Resolution No. 22/2 Regarding Minimum Requirements for External Audit

Registered in the Ministry of Justice of the Kyrgyz Republic

July 25, 2008. Registration number 82-08

Bishkek

dated June 27, 2008 No. 25/7

RESOLUTION OF THE BOARD OF THE NATIONAL BANK
OF THE KYRGYZ REPUBLIC

On Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation "On Minimum Requirements for External Audit of Banks and Other Financial-Credit Institutions Licensed by the National Bank of the Kyrgyz Republic" dated July 14, 2005 No. 22/2

(published in the journal "Regulatory Acts of the National Bank of the Kyrgyz Republic", No. 2008/9)

Having considered the draft amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation 'On Minimum Requirements for External Audit of Banks and Other Financial-Credit Institutions Licensed by the National Bank of the Kyrgyz Republic' dated July 14, 2005 No. 22/2", registered in the Ministry of Justice of the Kyrgyz Republic on August 12, 2005, registration number 102-05, guided by Articles 7 and 43 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 following amendments to the Regulation "On Minimum Requirements for External Audit of Banks and Other Financial-Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", approved by Resolution of the Board of the NBKR dated July 14, 2005 No. 22/2, registered in the Ministry of Justice of the Kyrgyz Republic on August 12, 2005, registration number 102-05:

• in the preamble of the Regulation, exclude the words "Calculation-Savings Company, Kyrgyz Agricultural Financial Corporation";
• in the sixth paragraph of point 3.8.1, exclude the words "and cost of services";
• supplement the sixth paragraph of point 3.8.1 with a sentence of the following content:

"When appointing an external auditor by a bank, the choice should be determined not only by considerations of minimizing costs for external audit services."

2. The Supervision and Licensing Methodology Department jointly with the Legal Department shall direct this Resolution to the Ministry of Justice of the Kyrgyz Republic for state registration in the established order.

3. This Resolution shall enter into force after state registration in the Ministry of Justice of the Kyrgyz Republic and subsequent official publication.

4. After publication of the registered regulatory act, the Legal Department shall inform the Ministry of Justice of the Kyrgyz Republic about the source of publication (name of the edition, its number and date).

5. Control over the execution of this Resolution is assigned to the Deputy Chairman of the National Bank of the Kyrgyz Republic K.K. Bokonbaev.

Chairman of the Board of the National
Bank of the Kyrgyz Republic M. Alapaev