RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 27, 2020 No. 2020-P-14/17-1-(PS)

About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Temporary Administration" of June 8, 2017 No. 2017-P-12/23-8-(NPA)

According to articles 20 and 68   of 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. Make changes to the resolution of Board of National Bank of the Kyrgyz Republic "About approval  of the Provision "About Temporary Administration" of June 8, 2017 No. 2017-P-12/23-8-(NPA) (are applied).

2. To legal management:

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

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

3. This resolution becomes effective after fifteen days from the date of official publication.

4. To management of payment systems to bring this resolution to the attention of payment institutes and operators of payment systems, OYuL "Association of Operators of KG Payment Service Providers", OYuL "Association of Telecom Operators", Interbank Processing Center Ltd, OYuL "Union of Banks of Kyrgyzstan" and commercial banks.

5. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of payment systems.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 27, 2020 No. 2020-P-14/17-1-(PS)

Changes in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Temporary Administration" of June 8, 2017 No. 2017-P-12/23-8-(NPA)"

Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About approval  of the Provision "About Temporary Administration" of June 8, 2017 No. 2017-P-12/23-8-(NPA)" the following changes:

in  the Provision "About Temporary Administration" approved by the above-stated resolution:

- state Item 1 in the following edition:

"1. This Provision determines the bases, procedure, procedures of introduction and implementation of Temporary administration and implementation in the period of Temporary administration of restructuring of commercial banks, the microfinancial organizations attracting deposits, the National bank of development, JSC Finance Company of Credit Unions, credit unions attracting the deposits including performing transactions according to the Islamic principles of banking and financing or having "Islamic window", the housing and savings credit companies taking into account the special terminology applied by them in case of banking operations (further - banks), and also the payment organizations / operators of payment systems (further - PO/OPS). At the same time procedures of restructuring are not applied to credit unions and PO/OPS.

This Provision is applied to credit unions and PO/OPS taking into account features of their activities according to the legislation of the Kyrgyz Republic.";

- state Item 2 in the following edition:

"2. In this Provision the determinations stated in the laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and "About payment system of the Kyrgyz Republic" and also the following concepts are used:

The temporary administration is entered by National Bank of the Kyrgyz Republic (further - National Bank) as corrective action for the purpose of establishment of control over:

- bank for ensuring safety of assets, documents and information, protection of the rights and legitimate interests of investors and other creditors of bank, ensuring stability and safety of bank system of the Kyrgyz Republic, and also establishment of the real situation in bank and determinations of its further activities;

- PO/OPS for protection of the rights and legitimate interests of users of payment systems, maintenance and ensuring efficiency, safety and reliability of payment systems, and also establishment of the real situation in PO/OPS and determinations of its further activities.

The temporary administrator - person designated by National Bank the Temporary administrator or the head of Temporary administration for the purpose of implementation of the mode of Temporary administration in bank/PO/OPS.

Counteraction of Temporary administration - action or failure to act of governing bodies and/or certain officials and employees of bank/PO/OPS (branch / subsidiary company) and other, tied with bank/PO/OPS faces interfering or making impossible accomplishment by the Temporary administrator or heads/members of Temporary administration of the functions determined by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and this Provision.

The act of counteraction to implementation of Temporary administration - the document which is constituted on each fact of counteraction of governing bodies and/or certain officials and/or employees of bank/PO/OPS (branch / subsidiary company) and other, tied with bank/PO/OPS faces, to implementation of Temporary administration.

Supervision body - structural divisions of National Bank, Committee on supervision of National Bank (further - Committee on supervision), Committee on payment system of National Bank (further - Committee on payment system), provided by organizational structure of National Bank.

Restructuring of bank - package of measures, the undertaken concerning bank for the purpose of depositor protection and other creditors, preserving continuity systemically important for bank or payment system of functions of bank, and also ensuring stability of bank and financial system.";

- state Item 3 in the following edition:

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