Resolution of the Board of the National Bank of the Kyrgyz Republic No. 95/5 of 28 December 2010 on Amending and Supplementing the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 37/2 of 11 September 2002 on the Regulation on the Creation of Microcredit Companies and Microcredit Agencies, Registered with the Ministry of Justice of the Kyrgyz Republic on 25 October 2002, Registration Number 135-02

CEASED TO BE IN FORCE in accordance with resolution of the Board of the National Bank of the Kyrgyz Republic No. 76/9 of 9 December 2015

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of 28 December 2010 No. 95/5

On Amending and Supplementing the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 37/2 of 11 September 2002 "On the Regulation "On the Creation of Microcredit Companies and Microcredit Agencies" Registered with the Ministry of Justice of the Kyrgyz Republic on 25 October 2002, Registration Number 135-02

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 resolution of the Board of the National Bank of the Kyrgyz Republic No. 37/2 of 11 September 2002 "On the Regulation "On the Creation of Microcredit Companies and Microcredit Agencies", registered with the Ministry of Justice of the Kyrgyz Republic on 25 October 2002, registration number 135-02, the amendments and supplements (attached).

2. This resolution enters into force upon the expiry of one month after official publication.

Published in the journal "Normative Acts of the National Bank of the Kyrgyz Republic", No. 2011/1

3. 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 Normative Legal Acts of the Kyrgyz Republic.

4. The Department for Supervision of Non-Bank Institutions shall bring this resolution to the attention of microcredit companies and microcredit agencies.

5. Control over the execution of this resolution shall be assigned to the member of the Board of the National Bank of the Kyrgyz Republic Alybaeva S.K.

Acting Chairman of the Board of the National Bank of the Kyrgyz Republic	B. Zheenbekova

AMENDMENTS AND SUPPLEMENTS to the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 37/2 of 11 September 2002 "Regulation on the Creation of Microcredit Companies and Microcredit Agencies", Registered with the Ministry of Justice of the Kyrgyz Republic on 25 October 2002, Registration Number 135-02

To introduce into the Regulation "On the Creation of Microcredit Companies and Microcredit Agencies", approved by the resolution of the Board of the National Bank of the Kyrgyz Republic No. 37/2 of 11 September 2002, the following amendments and supplements:

1. In the preamble of the Regulation, after the words "On Banks and Banking Activity in the Kyrgyz Republic", add "On State Registration of Legal Entities, Branches (Representative Offices)".

2. Throughout the text, replace the abbreviations "NBKR" and "Natsbank" with the words "National Bank" in the corresponding cases.

3. Rename Section 2 to "Procedure for Reviewing Documents Submitted by a Microcredit Company/Microcredit Agency to Obtain a Letter of Consent for Registration with the Ministry of Justice of the Kyrgyz Republic".

4. Supplement Section 2 with paragraphs of the following content:

"2.10. For preliminary review and obtaining a letter of consent for registration with the Ministry of Justice of the Kyrgyz Republic (hereinafter referred to as the MJKR), the MCC/MCA at its location shall submit the following documents in two copies to the National Bank, its regional departments and the Representative Office of the National Bank in the Batken Region, in the state or official language:

1) application of the MCC/MCA for the issuance of a letter of consent;

2) notarized decision of the founder (in the case of one founder) or notarized minutes of the general meeting of founders/participants (in the case of more than one founder) on the formation of the MCC or MCA, the election (appointment) of managers, the chief accountant (accountant in the absence of the position of chief accountant in the staff), the head of the lending division (if any);

3) in the presence of two or more founders, the original constituent agreement on the creation of the MCC or MCA;

4) the original charter of the MCC or MCA;

5) questionnaires of the manager (managers - if any), chief accountant, head of the lending division of the MCC or MCA (Appendix 2), as well as information and documents confirming their compliance with the minimum qualification requirements established by the National Bank (Appendix 7);

6) for the MCC - a document confirming, as of the day of filing the application, the deposit of funds in the amount of the minimum charter capital to a savings account in a commercial bank.

2.11. The constituent agreement must be signed by all participants of the MCC or MCA. The constituent document of an MCC or MCA established by one person is the charter.

2.12. The constituent documents on the creation of the MCC or MCA submitted to the National Bank in accordance with this regulation, containing more than one sheet, must be bound, numbered and signed by the person authorized by the meeting of founders. The signature of the authorized person who is a representative of a founder that is a legal entity must be sealed with the seal of the legal entity.

2.13. The National Bank shall review the documents of the MCC/MCA within 20 days from the date of filing the application of the MCC/MCA and shall issue a letter of consent signed by the person authorized by order of the Chairman of the National Bank, in the regional departments of the National Bank - by the heads of the departments and for the Batken Region - by the Director of the Representative Office of the National Bank in the Batken Region. The draft charter of the MCC/MCA is attached to the letter of consent for registration with the MJKR.

2.14. In the event of submission of documents not in full or if the constituent documents do not comply with the established requirements, the National Bank shall return the documents for revision with a written statement of the reasons within the time limits allotted for the review of documents.

2.15. If the documents do not comply with the requirements established by this Regulation for obtaining a letter of consent for registration with the MJKR, or if during the period of review of the application and documents additional documents are submitted, the counting of the period for review of the application and documents shall begin anew from the day of receipt of the additional documents that meet the requirements.

2.16. In the event of changes concerning any information submitted to obtain a letter of consent, the applicant must immediately notify the Department for Supervision of Non-Bank Institutions (hereinafter - the DSNI), and in the regions - the regional departments of the National Bank, and within no more than 10 days from the moment the changes arise, submit documents with the amendments made. In this case, the National Bank may extend the period for reviewing the documents for obtaining a letter of consent by the period during which the applicant submitted documents containing the changes.".

5. Exclude subparagraphs 2), 3), 6), 7) of paragraph 3.1 of Section 3.

6. Exclude paragraphs 3.2, 3.3, 3.5 and 3.6 of Section 3.

7. In paragraph 3.4 of Section 3, replace the words "30 days" with "10 days".

8. Exclude paragraphs 3.13-3.17 of Section 3.

9. Supplement the Regulation with Section 4-1 of the following content:

"4-1. Introduction of Amendments and Supplements to the Charter and State Re-registration of the MCC/MCA

4-1.1. Amendments and/or supplements introduced into the Charter of the MCC/MCA are subject to agreement with the National Bank in the cases provided for by the legislation of the Kyrgyz Republic.

4-1.2. To agree with the National Bank on the amendments and/or supplements introduced into the Charter, the MCC/MCA shall submit to the authorized structural subdivision of the National Bank the following documents in two copies:

1) application for the introduction of amendments and/or supplements to the Charter;

2) the original decision of the participant (in the case of one participant) or minutes of the general meeting of founders/participants (in the case of more than one participant) on the introduction of amendments and/or supplements to the Charter, certified by the seal of the MCC/MCA;

3) the new version of the Charter with the amendments and/or supplements introduced, or the text of the amendments and/or supplements in the form of an appendix to the Charter, certified by the seal of the company;

4) for the MCC - a document confirming, as of the day of filing the application, the deposit of funds in full towards the increase of the charter capital to an account in a commercial bank (in the case of an increase in the charter capital);

5) other information in accordance with the legislation of the Kyrgyz Republic.

4-1.3. The documents required for agreement shall be submitted by the MCC/MCA to the authorized structural subdivision of the National Bank within 20 calendar days from the day of adoption of the decision on the introduction of amendments and/or supplements to the Charter of the MCC/MCA.

4-1.4. The authorized structural subdivision of the National Bank shall review the documents for the purpose of issuing a letter of consent for the introduction of amendments and/or supplements to the Charter within 30 calendar days from the day the MCC/MCA submits properly executed documents, in compliance with all requirements established by legislation.

4-1.5. The authorized structural subdivision of the National Bank shall review the submitted documents for compliance with the current legislation and the requirements of the National Bank, and in the cases established by legislation, shall conduct an antimonopoly examination thereof in accordance with the normative legal acts of the National Bank.

4-1.6. The National Bank has the right to additionally request from the applicant other necessary documents in accordance with legislation.

4-1.7. The MCC/MCA are obliged, within 10 days after passing the state re-registration procedure with the justice authorities, to submit to the authorized structural subdivision of the National Bank the following documents:

1) a letter-notification on the re-registration of the MCC/MCA;

2) notarized copies of the constituent documents of the MCC/MCA;

3) a copy of the certificate of state re-registration.

4-1.8. In the event of a change in the information in the certificate, the MCC/MCA are obliged to reissue the certificate of registration (change of name, location). Within 10 calendar days from the day of adoption by the authorized body of the MCC/MCA of the corresponding decision, the MCC/MCA shall send an application to the authorized structural subdivision of the National Bank for the reissue of the certificate of registration, attaching the following documents:

• a copy of the Charter of the MCC/MCA, notarized (in the case of state re-registration);

• a copy of the certificate of state re-registration of the MCC/MCA (in the case of state re-registration);

• the decision of the authorized body of the MCC/MCA on the need for the corresponding changes in the certificate of registration;

• confirmation of notification of the justice authorities (in the case of a change of location);

• the original certificate of registration of the MCC/MCA.

4-1.9. The authorized structural subdivision of the National Bank shall, within 5 working days from the day of receipt of all necessary documents, reissue the certificate of registration of the MCC/MCA.

4-1.10. The location of the MCC/MCA is determined by the place of its state registration. The MCC or MCA are obliged, within three days from the day of receipt of the reissued certificate, to give notice of the change of its name and/or location in the mass media.

4-1.11. Upon the election/appointment (re-election) of the manager, chief accountant and/or head of the lending division, the MCC or MCA shall submit to the DSNI (regional departments) of the National Bank, within ten days, the original decision of the founder (in the case of one founder) or minutes of the general meeting of founders/participants (in the case of more than one founder), certified by the seal of the MCC or MCA, with the attachment of questionnaires of the elected/appointed persons, as well as information and documents confirming their compliance with the minimum qualification requirements established by the National Bank (Appendix 7).

4-1.12. In the event of non-compliance of the manager or chief accountant with the established requirements, the National Bank has the right to demand their replacement.".

10. Supplement paragraph 4.2 of Section 4 with the words: "Representative offices and branches must be specified in the constituent documents of the MCC/MCA".

11. Restate paragraph 4.3 of Section 4 in the following wording: "To open branches and representative offices, the MCC/MCA must submit to the National Bank, to obtain a letter of consent, the following documents in two copies:".

12. Restate subparagraph 1) of paragraph 4.3 in the following wording: "application for obtaining a letter of consent in connection with the opening of a branch (representative office) of the MCC/MCA (Appendix 4);".

13. Restate subparagraph 3) in the following wording: "the new version of the Charter with the amendments and/or supplements introduced, or the text of the amendments and/or supplements in the form of an appendix to the Charter, certified by the seal of the company;".

14. Restate subparagraph 4) in the following wording: "regulation on the branch (representative office) of the MCC or MCA".

15. Exclude subparagraph 7) of paragraph 4.3.

16. Exclude paragraph 4.4.

17. Supplement Section 4 with paragraph 4.5-1 of the following content: "The National Bank shall review the submitted documents within 30 days. If they comply with the requirements of the National Bank, the MCC/MCA shall be issued a letter of consent of the National Bank for the opening of a branch/representative office of the MCC/MCA, with the attachment of one copy of the constituent documents of the MCC/MCA.".

18. Supplement Section 4 with paragraph 4.7 of the following content: "The MCC/MCA are obliged, within 10 days after the registration of amendments and/or supplements to the documents with the justice authorities, to submit to the National Bank a letter-notification on the registration of the amendments and/or supplements, attaching the following documents:

1) notarized copies of the constituent documents of the MCC/MCA;

2) a copy of the certificate of state re-registration;

3) a copy of the certificate of state registration of the branch/representative office;

4) the regulation on the branch (representative office)".

19. In paragraph 5.1 of Section 5, after the words "The MCC or MCA may be refused in", supplement with the words "the review of constituent documents and".

20. In subparagraph 2) of paragraph 5.1, after the words "documents submitted for obtaining", supplement with the words "a letter of consent/".

21. In Appendix 4, replace the words "notification on the opening of a branch (representative office)" with the words "application for obtaining a letter of consent in connection with the opening of a branch (representative office)".

22. In Appendix 4, replace the words "notifies of the opening of a branch (representative office)" with the words "requests the issuance of a letter of consent for the opening of a branch (representative office)".