Resolution of the Board of the National Bank of the Kyrgyz Republic No. 36/3 of May 26, 2010 on Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of May 26, 2010 No. 36/3

On Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

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 amendments (attached) to the Resolution of the Board of the National Bank of the Kyrgyz Republic of February 19, 2003 No. 4/2 "On the Temporary Rules for regulating the activities of microfinance companies in the territory of the Kyrgyz Republic", registered in the Ministry of Justice of the Kyrgyz Republic on March 25, 2003, registration number 29-03.

2. Make an addition (attached) to the Resolution of the Board of the National Bank of the Kyrgyz Republic of April 27, 2005 No. 12/7 "On Approval of the Regulation on Lending in Commercial Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", registered in the Ministry of Justice of the Kyrgyz Republic on June 3, 2005, registration number 69-05.

3. This Resolution shall enter into force after the expiration of one month from the date of its official publication.

4. After official publication, the Legal Department shall 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.

5. The Department of Supervision and Licensing Methodology shall bring this Resolution to the attention of microfinance companies.

6. Control over the implementation of this Resolution shall be entrusted to the Acting Deputy Chairman of the National Bank of the Kyrgyz Republic A.A. Myrzaev.

Acting Chairman of the Board of the National Bank of the Kyrgyz Republic	Z. Chokoyev
	Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of May 26, 2010 No. 36/3

AMENDMENTS AND ADDITIONS to certain regulatory legal acts of the National Bank of the Kyrgyz Republic

I. Make the following amendments to the Temporary Rules for regulating the activities of microfinance companies in the territory of the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of February 19, 2003 No. 4/2 "On the Temporary Rules for regulating the activities of microfinance companies in the territory of the Kyrgyz Republic", registered in the Ministry of Justice of the Kyrgyz Republic on March 25, 2003, registration number 29-03:

1. Throughout the text of the Temporary Rules, replace the abbreviation "NBRK" with the words "National Bank" in the appropriate grammatical cases.

2. Throughout the text of the Temporary Rules, where there is a reference to the "Temporary Regulation on the Creation of Microfinance Companies in the Territory of the Kyrgyz Republic", approved by the Resolution of the Board of the NBRK of October 11, 2002 No. 42/1, registered in the Ministry of Justice of the Kyrgyz Republic on November 14, 2002, registration number 143-02, replace it with the "Regulation on Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of January 31, 2007 No. 5/1.

3. In paragraphs 2.5.1 of Section 2 and 6.3 of Section 6, replace the words "no later than the 10th day of the month following the reporting period" with the words "no later than the 12th day of the month following the reporting period".

4. In paragraph 5.3.1 of Section 5, replace the words "not less than 18%" with the words "not less than 8%".

5. In paragraph 5.3.2 of Section 5, present the explanation of the abbreviation "SA" in the following wording:

"SA - the sum of balance sheet assets on the valuation date minus the sum of deposits placed in commercial banks as collateral in the amount of attracted funds in national currency for the purpose of hedging currency risks."

6. In paragraph 5.8.1 of Section 5, exclude the words ", carrying out their activities on the basis of an NBRK license or certificate".

II. Make the following addition to the "Regulation on Minimum Requirements for Credit Risk Management in Commercial Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of April 27, 2005 No. 12/7 "On Approval of the Regulation on Lending in Commercial Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", registered in the Ministry of Justice of the Kyrgyz Republic on June 3, 2005, registration number 69-05:

1. In paragraph 4.3.4 of Section 4, after the words "guarantees and sureties", add the words "subsidiary liability of a group of persons on the basis of a written agreement (only for microfinance organizations)".