Resolution of the Board of the National Bank of the Kyrgyz Republic No. 53/9 of November 27, 2014 on Amendments to Certain Board Resolutions

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of November 27, 2014 No. 53/9

On Amendments and Additions to Certain Resolutions of the Board of the National Bank of the Kyrgyz Republic

Guided by Articles 7 and 43 of the Law "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. Approve the attached amendments and additions to the following resolutions of the Board of the National Bank of the Kyrgyz Republic:

• "On Approval of the Regulation on Economic Normatives and Requirements Mandatory for Commercial Banks and Financial-Credit Institutions Licensed by the National Bank of the Kyrgyz Republic" dated July 21, 2004 No. 18/1;

• "On the New Edition of the Instruction 'On Lending Restrictions'" dated September 15, 2004 No. 24/4;

• "On Approval of the 'Instruction on the Procedure for Compliance with Limits of Open Currency Positions by Microfinance Companies'" dated May 30, 2014 No. 24/8.

2. This resolution enters into force after the expiration of fifteen days from the date of official publication.

3. 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.

4. The Supervision and Licensing Methodology Department shall bring this resolution to the attention of commercial banks, the State Development Bank of the Kyrgyz Republic, microfinance companies, the Association of Microfinance Organizations, 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 L. Orozbaeva.

Chairman	T. Abdygulov

	Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated November 27, 2014 No. 53/9

Amendments and Additions to Certain Resolutions of the Board of the National Bank of the Kyrgyz Republic

1. Make the following addition to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation on Economic Normatives and Requirements Mandatory for Commercial Banks and Financial-Credit Institutions Licensed by the National Bank of the Kyrgyz Republic" dated July 21, 2004 No. 18/1:

in the Regulation on Economic Normatives and Requirements Mandatory for Commercial Banks of the Kyrgyz Republic, approved by the aforementioned resolution:

paragraph 2.4. be worded as follows:

"2.4. The procedure for calculating the maximum size of risk for one borrower associated with the bank is determined in accordance with Section 6 of the Instruction 'On Lending Restrictions' ((1) see note) and the Instruction 'On Requirements for Bank Operations with Insiders and Affiliated Persons' ((2) see note).".

2. Make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the New Edition of the Instruction 'On Lending Restrictions'" dated September 15, 2004 No. 24/4:

in the Instruction 'On Lending Restrictions', approved by the aforementioned resolution:

in paragraph 6.2.:

the fifth paragraph be worded as follows:

"- they have at least one controlling person or significant participant, except in cases where the controlling person or significant participant is a state body of the Kyrgyz Republic;";

in the ninth paragraph, after the words "for the direct benefit of a third party", add the words ", except for state bodies of the Kyrgyz Republic,".

3. Make the following amendment and addition to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the 'Instruction on the Procedure for Compliance with Limits of Open Currency Positions by Microfinance Companies'" dated May 30, 2014 No. 24/8:

in the Instruction on the Procedure for Compliance with Limits of Open Currency Positions by Microfinance Companies, approved by the aforementioned resolution:

paragraph 9. be recognized as having lost force;

paragraphs 15 and 16, after the word "MFC," add the words "conducting operations in foreign currency based on a license of the National Bank and".