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Ministry of Justice

Republic of Tajikistan

 On June 26, 2018 No. 336

ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of June 21, 2018 No. 331

About creation of National council of financial stability in the Republic of Tajikistan

According to article 13 of the constitutional Law of the Republic of Tajikistan "About the Government of the Republic of Tajikistan" the Government of the Republic of Tajikistan decides:

1. Create National council of financial stability in the Republic of Tajikistan.

2. Approve provision and structure of National council of financial stability in the Republic of Tajikistan (appendices 1 and 2).

3. To the ministries and departments - members of National council of financial stability in the Republic of Tajikistan in the structure to authorize the relevant division for accomplishment of obligations within Regulations on National council of financial stability in the Republic of Tajikistan.

4. To the relevant ministries and departments to take necessary measures for accomplishment of this resolution.

Prime Minister of the Republic of Tajikistan

Emomalii Rahmon

Appendix 1

to the Order of the Government of the Republic of Tajikistan of June 21, 2018 No. 331

Regulations on National council of financial stability of the Republic of Tajikistan

1. General provisions

1. The national council of financial stability (further - Council) is the permanent interdepartmental advisory body formed for the purpose of consideration of questions of ensuring financial stability, identification of systemic risks in financial system and provision of offers on the measures directed to decrease in such risks

2. Council in the activities is guided by the Constitution of the Republic of Tajikistan, the constitutional laws, the laws, decrees and orders of the President of the Republic of Tajikistan, resolutions and orders of the Government of the Republic of Tajikistan, and also this Provision.

3. Council in the activities realizes the following principles:

- responsibility - members of Council will bear responsibility for the actions, respectively carry out certain obligations within the Provision;

- transparency - members of Council during accomplishment of the certain functions and obligations work is transparent;

- efficiency - members of Council shall not allow frequency of work and aim at effective and productive activities of Council;

- timeliness - members of Council provide timely, official and high-quality exchange of information.

2. Main objectives of council

4. The main objectives of Council are:

- carrying out regular assessment of financial stability;

- coordination of realization of macro and micro prudential policy (set of measures of the risks of financial system directed for decrease) for elimination of probable vulnerabilities;

- determination and assessment of level of the available risks and influence of probable forthcoming threats on stability of financial system;

- development of offers on the measures directed to recovery of financial stability;

- promotion of coordination of exchange of information among members of Council;

- provision of consultations in the Government of the Republic of Tajikistan concerning compliance of normative regulating policy within ensuring financial stability;

- development, consideration and implementation of extraordinary plans for management and elimination of influence of economic financial crises;

- increase in level of participation of the Republic of Tajikistan on regional and international programs concerning financial stability;

- studying and realization of the advanced practice in the field of regulation and supervision of the financial sector;

- information request from members of Council, within realization of the tasks.

3. Rights and obligations of council

5. Council when implementing the activities has the right:

- represent recommendations to executive bodies and National Bank of Tajikistan concerning observation of condition of stability of financial system, systemic risks and threats of financial stability, and also nature and (or) the mode of application of the measures directed to decrease in the specified risks including on separate segments of the financial market;

- request from executive bodies and other organizations necessary information on the questions carried to tasks of Council;

- invite for participation in meetings of Council for the decision of the chairman of the board of representatives of executive bodies, public associations, scientific and other organizations, and also independent experts;

- create interdepartmental and interdepartmental working groups or attract independent experts to accomplishment of tasks of Council;

- participate in internal and the international conferences and seminars concerning ensuring stability of financial system.

6. Belong to duties of Council:

- promotion of risk management in the relevant sectors of financial system;

- depositor protection, investors, insurers and other interested persons for prevention or reducing losses;

- effective and whenever possible bystry prevention of crisis situation;

- application of measure with I aim accountability of shareholders, members of council of observers and the managing employees of financial institutions who are in difficult situation or on the verge of bankruptcy;

the maximum decrease in moral harm and burden of the taxpayers connected with measures of prevention of financial crisis;

- maintenance of the corresponding discipline in the financial market.

4. Structure of council

7. The structure of Council affirms the Government of the Republic of Tajikistan at the expense of heads of the ministries and departments which are directly involved in support of financial stability, including preparation for crisis situation and acceptance of timely measures.

5. Organization of activities of council

8. Presidency in Council is assigned to the Minister of Economic Development and Trade of the Republic of Tajikistan.

9. Form of activities of Council is the meeting.

10. Council at least once in six months holds meeting.

11. Emergency meetings of Council can be convened by the Chairman of the board at the request of the Government of the Republic of Tajikistan or according to the offer of most of members of council.

12. Presidency at meetings of Council is performed by the Chairman of the board and in case of its absence presidency is performed by his deputy.

13. Members of council participate in its work personally.

14. Decisions of Council are drawn up by protocols of meetings which are signed by the chairman of the board and members of council.

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