Resolution of the Board of the National Bank of the Kyrgyz Republic No. 42/3 of November 30, 2000 on Amendments and Additions to the Regulation on the Procedure for Creating Banks and Features of Their Activity in the Kyrgyz Republic

EXPIRED

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of March 2, 2006 No. 5/7)

Registered in the Ministry of Justice of the Kyrgyz Republic December 15, 2000. Registration number 199 Bishkek November 30, 2000 No. 42/3

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

On Amendments and Additions to the Regulation on the Procedure for Creating Banks and Features of Their Activity in the Territory of the Kyrgyz Republic

Having considered the amendments and additions to the "Regulation on the Procedure for Creating Banks and Features of Their Activity in the Territory of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

1. Approve the attached amendments and additions to the "Regulation on the Procedure for Creating Banks and Features of Their Activity in the Territory of the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 12, 1998 No. 19/2, and bring them into force from the date of state registration in the Ministry of Justice of the Kyrgyz Republic.

2. The Legal Department of the NBKR shall carry out the registration in the Ministry of Justice of the Kyrgyz Republic of the amendments and additions to the "Regulation on the Procedure for Creating Banks and Features of Their Activity in the Territory of the Kyrgyz Republic".

3. Authorized banks shall carry out the registration of exchange points within 3 months from the date of entry into force of the amendments and additions to the "Regulation on the Procedure for Creating Banks and Features of Their Activity in the Territory of the Kyrgyz Republic".

4. The Banking Supervision Department of the NBKR shall bring this Resolution to the attention of the regional departments of the National Bank of the Kyrgyz Republic and authorized banks of the Kyrgyz Republic.

5. Control over the implementation of this Resolution shall be entrusted to K.Sh. Sharshekeeva, Deputy Chairman of the National Bank of the Kyrgyz Republic.

Chairman of the Board of the National Bank of the Kyrgyz Republic U. Sarbanov

Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of November 30, 2000 No. 42/3

AMENDMENTS AND ADDITIONS to the Regulation "On the Procedure for Creating Banks and Features of Their Activity in the Territory of the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of August 12, 1998 No. 19/2

1. Supplement the Regulation with Chapter 5 of the following content:

"Chapter 5
Opening of Exchange Points

69. Authorized banks may open exchange points on the territory of the Kyrgyz Republic for the purpose of providing services for exchange operations with cash foreign currency, based on the corresponding license of the National Bank of the Kyrgyz Republic.

"Authorized bank" - a bank that has received a license from the NBKR for the right to conduct operations in foreign currency.

"Exchange point" - a specially equipped place for conducting exchange operations with cash foreign currency, carried out by authorized banks in accordance with the license of the National Bank of the Kyrgyz Republic.

70. An exchange point of an authorized bank is opened on the basis of an order of the authorized bank. The exchange point of an authorized bank organizes its activities in accordance with the Regulation on the Procedure for Conducting Exchange Operations with Cash Foreign Currency in the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of November 30, 2000 No. 42/1.

Exchange points of authorized banks are subject to mandatory registration in the Licensing Department of Banks of the Banking Supervision Department of the NBKR.

Authorized banks notify the NBKR in writing no later than three working days from the date of issuance of the order on the opening of the exchange point.

The activity of an exchange point is terminated on the basis of an order of the authorized bank. Authorized banks notify the NBKR in writing within a period of no more than three days from the date of issuance of the order.

71. Registration with the National Bank of the Kyrgyz Republic is the basis for the functioning of an exchange point.

The National Bank of the Kyrgyz Republic carries out the registration of an exchange point within a period of no more than 10 working days from the date of receipt of satisfactory documents specified in para. 73 of this Regulation.

For the accounting of exchange points of authorized banks on the territory of the Kyrgyz Republic, the National Bank of the Kyrgyz Republic, upon registration, assigns a sequential registration number to exchange points and sends a letter to the bank on entering information into the register of exchange points of commercial banks.

72. The letter on the registration of an exchange point is signed by the head of the corresponding department of the Banking Supervision Department.

Before receiving the letter on registration, the exchange point has no right to conduct exchange operations with cash foreign currency.

73. To register an exchange point, it is necessary to submit to the National Bank of the Kyrgyz Republic the following documents:

1) notification of the opening of an exchange point (indicating the address and the head of the exchange point);

2) a copy of the lease agreement or a document confirming the right of ownership of the authorized bank to the premises of the exchange point (in case of opening an exchange point outside the premises of the authorized bank);

3) a copy of the order on the opening of the exchange point.

74. The NBKR has the right to refuse to register an exchange point of an authorized bank in case of non-compliance of the submitted documents with the established requirements and the presence of restrictions on conducting exchange operations with cash foreign currency.

75. In the event of a change in the address of an exchange point, the authorized bank is obliged to notify the National Bank of the Kyrgyz Republic of the change in the address of the exchange point within a period not exceeding three working days, attaching the documents specified in para. 73 of this Regulation.

76. The National Bank of the Kyrgyz Republic has the right to check the activity of an exchange point of an authorized bank without prior notice upon the presence of a document that is the basis for the check.

In case of violation by an exchange point of the procedure for conducting exchange operations established by the National Bank of the Kyrgyz Republic, the latter notifies the management of the authorized bank of the identified violations and sets a specific period for their elimination depending on the type of violation. In case of repeated identification of violations, the National Bank of the Kyrgyz Republic has the right to suspend the activity of the exchange point for a period of up to three months. Upon identification of subsequent violations, the National Bank of the Kyrgyz Republic raises the issue before the authorized bank of closing the exchange point, or establishes a restriction on conducting exchange operations with cash foreign currency in the license of the authorized bank.

77. Conditions and procedure for the functioning of exchange points:

77.1. The cash room of exchange points located in the premises of a bank, trading organization, hotel, airport, and other premises must be isolated from staff and clients, and client service is provided only through a cash window.

77.2. In the premises of exchange points of authorized banks, renting or occupying a separately located structure, a room with a separate entrance in non-residential buildings or an apartment in a residential building, there must necessarily be metal grilles on the windows and entrance metal doors.

Client service is provided only through a cash window.

77.3. Exchange points must have a fireproof metal safe for storing money and documents of the exchange point.

The cashiers' own money, outer clothing, and other items must be stored in a specially designated room or cabinets located outside the cash rooms.

77.4. Exchange points must be equipped with technical means for determining the authenticity of banknotes (ultraviolet lamp-detector, magnifying glass, etc.), telephone.

77.5. Exchange points, regardless of location, when conducting exchange operations with cash foreign currency are obliged to use cash registers with fiscal memory registered with the tax authorities or computers equipped with a fiscal card.

77.6. Exchange points must be equipped with stands (size not less than 40x60 cm) containing information on purchase, sale, and exchange rates of cash foreign currency.

In each exchange point, in a place visible to clients, the following information must be posted:

• name of the authorized bank that opened this exchange point;

• working hours of the exchange point;

• letter on the registration of the exchange point - original;

• information for clients and the procedure for their service, in accordance with Appendix 8, 9 of the Regulation on the Procedure for Issuing a License for the Right to Conduct Exchange Operations with Cash Foreign Currency, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of November 30, 2000 No. 42/2.

78. Working hours, number of employees, and range of official duties in exchange points are established in accordance with the rules of internal regulations approved by the heads of authorized banks".

2. Change the numbering of chapters "5-17" and paragraphs "69-148" respectively to chapters "6-18" and paragraphs "79-158".