of December 16, 2016 No. 206
About National Bank of the Kyrgyz Republic, banks and banking activity
1. The bank law governs the relations in the field of implementation of banking activity, carrying out monetary and monetarist policies, functioning of payment system (bank legal relationship), and also legal status, competence, relations and responsibility of participants of bank legal relationship.
2. Participants of bank legal relationship are the state, on behalf of authorized body, National Bank of the Kyrgyz Republic (further - National Bank), banks, legal entities and physical persons, including individual entrepreneurs, and also nonresidents.
3. Activities of non-bank financial credit institutions and other legal entities, persons under surveillance to National Bank, are regulated by the laws, taking into account the features provided by regulatory legal acts of National Bank if other is not provided by this Law.
1. The bank law of the Kyrgyz Republic - the system of regulatory legal acts of the Kyrgyz Republic regulating bank legal relationship in the Kyrgyz Republic.
2. In case of collision between regulations of this Law and regulations of the Civil code of the Kyrgyz Republic regulations of the Civil code of the Kyrgyz Republic are effective. In collision cases between regulations of this Law and regulations of other laws of the Kyrgyz Republic for regulation of bank legal relationship regulations of this Law are effective.
3. Regulations of codes and laws of the Kyrgyz Republic are applied to bank legal relationship taking into account the features established by this Law.
4. The projects of regulatory legal acts of the Kyrgyz Republic affecting bank legal relationship are subject to obligatory approval of National Bank.
The basic principles of bank legal relationship are:
1) legality, honesty, conscientiousness, transparency, rationality, justice, social responsibility;
2) reliability and safety of banking activity;
3) independence of National Bank;
4) use of different forms and principles of bank financing, including Islamic principles of banking and financing;
5) other commonly fundamental accepted principles provided by the bank law of the Kyrgyz Republic and the international bank standards.
1. In the Kyrgyz Republic, along with traditional banking and crediting, the Islamic principles of banking and financing are applied.
2. The Islamic principles of banking and financing - the principles and rules of banking operations and transactions according to standards of Sharia developed and approved by the international organizations establishing standards of conducting Islamic banking (The organization of financial accounting and audit for Islamic financial institutions, Council of Islamic financial services).
3. To the banks and non-bank financial credit institutions performing the activities according to the Islamic principles of banking and financing, regulations of this Law and the bank law of the Kyrgyz Republic are applied taking into account the specifics and features provided by provisions of the Islamic principles of banking and financing.
1. The terms and determinations used in this Law are understood according to their commonly accepted value in the legislation of the Kyrgyz Republic and in the international banking practice if other is not determined by this Law or other bank law of the Kyrgyz Republic.
2. The National Bank has the right to publish the glossary (code) of banking terms and to make explanations on banking terminology.
1. Relations of banks, non-bank financial credit institutions and other legal entities, persons under surveillance to National Bank (person providing banking services), with clients are under construction on the basis of the principle of partnership according to this Law, on the basis of civil and other legislation of the Kyrgyz Republic. Clients are understood as the legal entities, physical persons, individual entrepreneurs using banking services.
2. Clients are free in the choice of financial credit institution and banking services. Persons providing banking services shall give upon the demand of the client to him access to constituent, allowing documents and financial statements.
Provisions of this Chapter extend as well to the banks and non-bank financial credit institutions performing the activities according to the Islamic principles of banking and financing taking into account the features provided by provisions of the Islamic principles of banking and financing.
1. General terms of provision of banking services are open information and cannot be subject of trade or bank secrecy.
2. To the conclusion of any agreement on rendering banking services to the client complete disclosure of information on the provided services shall be provided.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Database include more 38000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions. This section provides answers to questions set by users.