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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 15, 2017 No. 2017-P-12/25-10

About approval of the Provision "About licensing of activities of specialized financial credit institution of "Finance Company of Credit Unions" Open joint stock company

(The last edition from 27-02-2019)

1. Approve the Provision "About licensing of activities of specialized financial credit institution of "Finance Company of Credit Unions" Open joint stock company it (is applied).

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic "About the Procedure for coordination of officials of specialized financial credit institute JSC Finance Company of Credit Unions of April 17, 2012 No. 17/1;

- the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About licensing, reorganization and liquidations of specialized financial credit institute JSC Finance Company of Credit Unions of July 25, 2012 No. 30/14;

- the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of December 24, 2014 No. 58/16;

- Item 2 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of December 21, 2012 No. 50/7;

- the third paragraph of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of September 16, 2015 No. 53/10 and Item 2 appendices to the specified resolution;

- the sixth and eighteenth paragraphs of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of February 5, 2016 No. 5/1 and Items 5 and 17 of appendix to the specified resolution;

- the twelfth paragraph of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of February 10, 2016 No. 7/2 and Item 11 of appendix to the specified resolution.

3. This resolution becomes effective since June 22, 2017.

4. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of credit unions and JSC Finance Company of Credit Unions.

6. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic T. Dzhusupov.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-10

Regulations on licensing of activities of specialized financial credit institution of "Finance Company of Credit Unions" Open joint stock company

Chapter 1. General provisions

1. This Provision determines procedure for licensing, reorganization and liquidation of specialized financial credit institution of "Finance Company of Credit Unions" open joint stock company (further - the Company), and also establishes requirements to officials and procedure for their coordination, opening of branches and representations, introduction of amendments and amendments to the charter.

2. For implementation of the activities the Company shall obtain the license of National Bank of the Kyrgyz Republic (further - National Bank) on the right of carrying out separate banking activities (further - the license (appendix 1) according to the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", "About credit unions" and regulatory legal acts of National Bank.

Integral part of the license for the right of carrying out separate banking activities is the list of the permitted banking activities (appendix 2). The National Bank determines the list of the permitted banking activities according to the bank law of the Kyrgyz Republic.

3. The credit unions performing the activities in the territory of the Kyrgyz Republic can act as shareholders of the Company.

4. The company can perform the following separate banking activities taking into account the restrictions set by National Bank provided that such transactions are specified in the license:

1) loan granting to credit unions;

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