of June 15, 2017 No. 2017-P-12/25-6
About approval of the Instruction "About requirements to transactions of the microfinance companies attracting deposits with the affiliated and tied with microfinance company faces"
1. Approve the Instruction "About requirements to transactions of the microfinance companies attracting deposits with the affiliated and tied with microfinance company faces" it (is applied).
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 microfinance companies, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.
6. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova T.Dzh.
Chairman of the board of National Bank of the Kyrgyz Republic
to the Resolution of Board of National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-6
1. This Instruction is developed for the purpose of establishment of requirements to activities of the microfinance companies attracting deposits (further - IFC), including performing activities according to the Islamic principles of banking and financing, the IFC having Islamic window when implementing transactions and transactions with the affiliated and tied with IFC faces.
2. The IFC shall keep the register of the affiliated and tied with IFC faces, easy access to which shall be provided for employees of National Bank of the Kyrgyz Republic (further - National Bank). The register of the affiliated and tied with IFC faces, at least, shall contain data on surname, name, middle name of the official of the IFC held by it position in IFC, surname, name and middle name of the related person who is the close relative, degree of his relationship with the official (parents, the spouse (a), etc.). Maintaining the register in electronic form is allowed provided that in IFC the security system ensuring safety of information is installed.
3. The relations of person, affiliated with IFC, can be traced on communications of the companies and persons, the relations between which are based on ownership of threshold equity participation of IFC, regardless of the number of affiliates.
4. The principle of impartiality means that the IFC has no right to issue the credits to affiliated and connected persons, and also considerable participants if conditions of provision of such credits are more favorable, than on the credits issued in similar conditions to other persons - clients of IFC (legal entities or physical person) which do not have with IFC of common interests.
5. The total debt of one borrower and the related persons is total debt of one borrower on:
- to the credits (regardless of repayment period);
- to factoring;
- to finance lease;
- to investments in the form of debt obligations;
- to the added interest receivable;
- to any other type of direct or indirect issue of means to borrowers which are credit substitutes;
- to the amount of the off-balance obligations (obligations on issuance of credits) issued to this borrower;
- to any risk of IFC concerning the third party which certainly is guaranteed by this borrower;
- to earlier written off credits, including percent.
In the credit folder of each borrower data on earlier written off credits and percent of this borrower and the related persons who shall contain the following information shall be filed: name of the borrower and the related persons, the amount of the written off credit and percent, date of write-off and the reason for which this debt was written off. If such data are absent, then in the credit folder there shall be conclusion of the authorized person of IFC that earlier cancelled debt of this borrower and the related persons is not available.
6. When calculating the standard rate of the maximum extent of risk on one borrower the debt of various borrowers shall be summed up and be considered as the connected single total debt if financial difficulties of one borrower can lead to problems of payment and at other persons.
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