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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

(as amended on 25-08-2021)

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" and for the purpose of reduction of regulatory legal acts of National Bank of the Kyrgyz Republic in compliance with the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", the Board of National Bank of the Kyrgyz Republic decides:

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;

2) loan granting to members of credit unions, on request and with obligatory participation of credit union (as the third party);

3) attraction of money from financial credit institutions;

4) acquisition of right of the requirement from the third parties of obligation fulfillment in cash (factoring);

5) acceptance of deposits (deposits) from credit unions;

6) opening and account management of credit unions;

7) implementation of payment under the order of credit unions and their cash servicing;

8) implementation of transactions on money transfers as the operator of money transfer system for credit unions.

5. In the presence of the corresponding license of National Bank, the Company has the right to perform through "Islamic window" the following banking activities with credit unions by the Islamic principles of banking and financing taking into account the restrictions set by National Bank:

1) financing provision to credit unions;

2) financing provision to members of credit unions, on request and with obligatory participation of credit union (as the third party);

3) attraction of money from financial credit institutions;

4) acceptance of deposits (deposits) from credit unions;

5) opening and account management of credit unions;

6) implementation of payment under the order of credit unions and their cash servicing;

7) implementation of transactions on money transfers as the operator of money transfer system for credit unions.

6. The company has the right to perform with credit unions all or some transactions specified in items 4 and the 5th this provision in foreign currency.

7. The company, in addition to the listed in items 4 and 5th this provision of the separate banking activities having the right to perform the following transactions:

1) to withdraw and realize the property pledged by pledgers in repayment of their obligations to the Company according to the legislation of the Kyrgyz Republic and regulatory legal acts of National Bank;

2) to render the consulting and information services connected with separate banking activities;

3) transactions on finance lease with credit unions and with members of credit unions, with obligatory participation of credit union in transaction on finance lease (leasing).

8. Intervention in any form in the solution of the questions connected with activities of the Company, except as specified, established by the legislation of the Kyrgyz Republic is forbidden to public authorities and their officials.

9. Shareholders of the Company are forbidden to acquire shares in case of their additional issue at the price below nominal.

10. The company is forbidden to participate in all "game" types of activity, including in the organization and holding draws and cash and prize lotteries, including carrying out cash and prize lotteries in premises of the Company or their advertizing.

11. The documents of the Company submitted to National Bank according to this Provision, containing more than one leaf shall be described polistno, stitched, numbered and signed the authorized person. Signatures of shareholders - make sure seals of the legal entity.

The documents provided in foreign language shall be translated into the official and/or official language of the Kyrgyz Republic and are certified of the procedure established by the legislation.

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