Resolution of the Board of the National Bank of the Kyrgyz Republic No. 9/11 of 27 March 2013 on Amending and Supplementing Resolution of the Board of the National Bank of the Kyrgyz Republic No. 22/2 of 14 July 2005 on the Regulation on Minimum Requirements for External Audit of Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic, registered with the Ministry of Justice of the Kyrgyz Republic on 12 August 2005, registration number 102-05

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of 27 March 2013 No. 9/11

On Amending and Supplementing the Resolution of the Board of the National Bank of the Kyrgyz Republic of 14 July 2005 No. 22/2 "On the Regulation "On Minimum Requirements for External Audit of Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", registration number of the Ministry of Justice of the Kyrgyz Republic of 12 August 2005 No. 102-05

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. To introduce into the Regulation "On Minimum Requirements for External Audit of Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic of 14 July 2005 No. 22/2, registered with the Ministry of Justice of the Kyrgyz Republic on 12 August 2005, registration number 102-05, the amendments and supplements (attached).

2. This resolution enters into force upon the expiry of fifteen days after official publication.

3. To the Legal Department:

• to publish this resolution on the official website of the National Bank of the Kyrgyz Republic;

• after official publication, to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Normative Legal Acts of the Kyrgyz Republic.

4. To the Supervision and Licensing Methodology Department to bring this resolution to the attention of commercial banks, microfinance companies and OJSC "Financial Company of Credit Unions".

5. To assign control over the execution of this resolution to the Deputy Chairman of the National Bank of the Kyrgyz Republic Chokoev Z.L.

Chairman	Z. Asankozhoeva

	Appendix to Resolution of the Board of the National Bank of the Kyrgyz Republic of 27 March 2013 No. 9/11

AMENDMENTS AND SUPPLEMENTS to the Regulation "On Minimum Requirements for External Audit of Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic of 14 July 2005 No. 22/2, registered with the Ministry of Justice of the Kyrgyz Republic on 12 August 2005, registration number 102-05

To introduce into the Regulation "On Minimum Requirements for External Audit of Banks and Other Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic of 14 July 2005 No. 22/2, the following amendments and supplements:

1. The preamble after the words "OJSC "Financial Company of Credit Unions" shall be supplemented with the words "and microfinance companies".

2. Section III shall be supplemented with clause 3.9.1 of the following content:

"A bank that is part of an international holding company may apply to the National Bank for a change in the rotation period if, for the international holding company of which the bank is a part, the legislation of the country of registration provides for a rotation period of the external auditor different from that established by this Regulation.".

3. Clause 3.10 of Section III shall be set out in the following wording:

"The contract for the conduct of an external audit must include the requirements set out in clause 3.4.1 of this Regulation.".

4. The title of Section IV shall be set out in the following wording:

"Requirements for a bank to provide the conclusion/report of the external auditor".

5. Paragraph 2 of clause 4.1 of Section IV shall be supplemented with the words "and a letter to the bank's management".

6. In paragraph 1 of clause 4.2 of Section IV, the words "Regulation "On Requirements for the Formation of Financial Statements of Commercial Banks of the Kyrgyz Republic", approved by Resolution of the Board of the National Bank of 3.12.2003 No. 33/2 and registered with the Ministry of Justice of the Kyrgyz Republic of 29.12.2003, reg. No. 125-03" shall be replaced with the words "normative legal acts of the National Bank".

7. Section V shall be supplemented with clause 5.3.1 of the following content:

"5.3.1. In accordance with the legislation of the Kyrgyz Republic, the National Bank has the right to require a bank to conduct an unscheduled audit. In this case, the services of the audit organization are paid for by the bank.

The goals, tasks and timeframe of the audit shall be discussed by the National Bank, the bank and the audit organization and formalized by a protocol, which is signed by the three parties. The audit may be conducted by an audit organization that meets the requirements of the legislation of the Kyrgyz Republic, including the normative legal acts of the National Bank.

The bank has the right to appeal the decision of the National Bank to conduct an unscheduled audit in the manner and within the timeframes established by the legislation of the Kyrgyz Republic, including the normative legal acts of the National Bank. In this case, the bank's appeal of this decision of the National Bank does not suspend its execution.".