Resolution of the Board of the National Bank of the Kyrgyz Republic No. 91/7 of December 16, 2010 on Amendments to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of December 16, 2010 No. 91/7

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

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-4, June 15, 2017 No. 2017-P-12/25-12-(NPA))

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 make an addition to the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 29, 2004 No. 36/13 "On Approval of the Instruction 'On the Procedure for Compliance with Open Currency Position Limits by Commercial Banks in the Territory of the Kyrgyz Republic'" (registered in the Ministry of Justice of the Kyrgyz Republic on February 1, 2005, registration number 16-05) (attached).

2. Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-12-(NPA).

3. To make an addition to the Resolution of the Board of the National Bank of the Kyrgyz Republic of October 14, 2009 No. 41/4 "On the Instruction 'On the Procedure for Compliance with Open Currency Position Limits by Banks Carrying Out Operations in Accordance with Islamic Principles of Banking and Finance'" (attached).

4. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-4)

5. This Resolution shall enter into force upon the expiration of one month after its official publication.

6. 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.

7. The Methodology and Licensing Supervision Department shall bring this Resolution to the attention of commercial banks.

8. 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	B. Zheenbaeva

| | Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 16, 2010 No. 91/7 |

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

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-4)

1. To make the following addition to the Instruction "On the Procedure for Compliance with Open Currency Position Limits by Commercial Banks in the Territory of the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 29, 2004 No. 36/13 "On Approval of the Instruction 'On the Procedure for Compliance with Open Currency Position Limits by Commercial Banks in the Territory of the Kyrgyz Republic'" (registered in the Ministry of Justice of the Kyrgyz Republic on February 1, 2005, registration number 16-05):

• supplement Section 5 with paragraphs 5.5-5.7 of the following content:

"5.5. Sanctions in the form of a monetary fine are generally not applied to a bank if the open currency position limit was violated under conditions of force majeure circumstances.

Force majeure circumstances include: natural disasters (floods, earthquakes, fires, and other natural or technogenic catastrophes), military conflicts, terrorist acts, civil unrest and riots, as well as the issuance of regulatory legal acts restricting or prohibiting the performance of certain actions and affecting the bank's compliance with economic standards established by the National Bank.

5.6. During the period of temporary management or conservation in the bank, the Supervisory Committee has the right to consider the expediency of imposing a monetary fine on the bank for non-compliance with the established open currency position limits, taking into account all circumstances that led to the violation of this economic standard.

5.7. In the event that the violation of the open currency position limit during the period of temporary management or conservation in the bank was the result of the bank's activities prior to the introduction of temporary management/conservation, the Supervisory Committee has the right to consider the issue of imposing a monetary fine on the bank with a deferral of its payment."

2. To make the following addition to the Instruction on the features of calculating open currency position limits in JSC "EcoBank" taking into account operations carried out in accordance with Islamic financing principles, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of February 2, 2007 No. 6/3 "On the Instruction 'On the Features of Calculating Open Currency Position Limits in JSC "EcoBank" Taking into Account Operations Carried Out in Accordance with Islamic Financing Principles'" (registered in the Ministry of Justice of the Kyrgyz Republic on March 6, 2007, registration number 24-07):

• supplement Section 5 with paragraphs 5.5-5.7 of the following content:

"5.5. Sanctions in the form of a monetary fine are generally not applied to a bank if the open currency position limit was violated under conditions of force majeure circumstances.

Force majeure circumstances include: natural disasters (floods, earthquakes, fires, and other natural or technogenic catastrophes), military conflicts, terrorist acts, civil unrest and riots, as well as the issuance of regulatory legal acts restricting or prohibiting the performance of certain actions and affecting the bank's compliance with economic standards established by the National Bank.

5.6. During the period of temporary management or conservation in the bank, the Supervisory Committee has the right to consider the expediency of imposing a monetary fine on the bank for non-compliance with the established open currency position limits, taking into account all circumstances that led to the violation of this economic standard.

5.7. In the event that the violation of the open currency position limit during the period of temporary management or conservation in the bank was the result of the bank's activities prior to the introduction of temporary management/conservation, the Supervisory Committee has the right to consider the issue of imposing a monetary fine on the bank with a deferral of its payment."

3. To make the following addition to the Instruction "On the Procedure for Compliance with Open Currency Position Limits by Banks Carrying Out Operations in Accordance with Islamic Principles of Banking and Finance", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of October 14, 2009 No. 41/4 "On the Instruction 'On the Procedure for Compliance with Open Currency Position Limits by Banks Carrying Out Operations in Accordance with Islamic Principles of Banking and Finance'":

• supplement Section 5 with paragraphs 5.5-5.7 of the following content:

"5.5. Sanctions in the form of a monetary fine are generally not applied to a bank if the open currency position limit was violated under conditions of force majeure circumstances.

Force majeure circumstances include: natural disasters (floods, earthquakes, fires, and other natural or technogenic catastrophes), military conflicts, terrorist acts, civil unrest and riots, as well as the issuance of regulatory legal acts restricting or prohibiting the performance of certain actions and affecting the bank's compliance with economic standards established by the National Bank.

5.6. During the period of temporary management or conservation in the bank, the Supervisory Committee has the right to consider the expediency of imposing a monetary fine on the bank for non-compliance with the established open currency position limits, taking into account all circumstances that led to the violation of this economic standard.

5.7. In the event that the violation of the open currency position limit during the period of temporary management or conservation in the bank was the result of the bank's activities prior to the introduction of temporary management/conservation, the Supervisory Committee has the right to consider the issue of imposing a monetary fine on the bank with a deferral of its payment."

4. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-4)