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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 29, 2021 No. 2021-P-12/75-1-(BS)

About approval of the Provision "About the Minimum Requirements to Pricing Policy of the Banking, Payment Services and Services Rendered by the Microfinancial Organizations and to Implementation of Marketing Efforts"

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. Approve the Provision "About the Minimum Requirements to Pricing Policy of the Banking, Payment Services and Services Rendered by the Microfinancial Organizations and to Implementation of Marketing Efforts" it (is applied).

2. Recognize invalid:

1) the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Minimum Requirements to Pricing Policy of the Banking, Payment Services and Services Rendered by the Microfinancial Organizations" of June 14, 2013 No. 19/2;

2) in 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 November 27, 2013 No. 45/15:

- paragraph two of Item 1 of the above-stated resolution;

- Item 1 of Appendix to the above-stated resolution;

3) in the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic" of December 14, 2016 No. 48/11:

- paragraph third Item 1 of the above-stated resolution;

- Item 2 of Appendix to the above-stated resolution;

4) in 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 June 8, 2017 No. 2017-P-14/23-16-(PS):

- paragraph third Item 1 of the above-stated resolution;

- Item 2 of Appendix to the above-stated resolution;

5) in the resolution of Board of National Bank of the Kyrgyz Republic "About modification of some regulatory legal acts of National Bank of the Kyrgyz Republic" of August 15, 2018 No. 2018-P-33/33-8-(NFKU):

- paragraph the twentieth Item 1 of the above-stated resolution;

- Item 19 of Appendix to the above-stated resolution;

6) in the resolution of Board of National Bank of the Kyrgyz Republic "About modification of some regulatory legal acts of National Bank of the Kyrgyz Republic concerning commission and other payments" of February 26, 2020 No. 2020-P-12/8-8-(NPA):

- paragraph third Item 1 of the above-stated resolution;

- Item 2 of Appendix to the above-stated resolution.

3. This resolution becomes effective after 15 (fifteen) days from the date of official publication.

4. 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 entering into the State register of regulatory legal acts of the Kyrgyz Republic.

5. To management of methodology of supervision and licensing of banks to bring this resolution to the attention of OYuL "Union of Banks of Kyrgyzstan", commercial banks, National bank of development of the Kyrgyz Republic, the relevant structural divisions, regional managements, representative offices of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of methodology of supervision and licensing of banks.

Chairman of National Bank of the Kyrgyz Republic

K. Bokontayev

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 29, 2021 No. 2021-P-12/75-1-(BS)

Regulations on the minimum requirements to pricing policy of the banking, payment services and services rendered by the microfinancial organizations and to implementation of marketing efforts

1. General provisions

1. The purpose of this provision is ensuring system approach to pricing of the banking services of commercial banks, payment services of operators of payment systems, payment institutes and services of the non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic (further - National Bank), including performing activities according to the Islamic principles of banking and financing taking into account the special terminology applied by them in case of banking operations (further - persons providing banking services), for observance of the antitrust law of the Kyrgyz Republic, and also establishment of the minimum requirements to implementation of marketing efforts by persons providing banking services.

Requirements of the Provision extend to persons providing banking services according to their specifying in Items and Sections of this provision.

2. For the purpose of this provision:

The policy on pricing is the activities of person providing banking services, directed to determination of strategy of pricing which shall be formalized in the internal regulating document of person providing banking services, regulating process of pricing (price fixation) on various banking payment services (products) and the services rendered by the microfinancial organizations and their change according to changes of market conditions.

Marketing efforts - the activities of commercial banks (further - banks) directed to studying, research, market research and the consumer demand, collection and distribution of information on banking products and services for the purpose of increase in competitiveness in the market, and also deduction available and involvement of new clients.

3. The sizes of interest rate and commission fee, and also rates for rendering the banking, payment services and services rendered by the microfinancial organizations are established by persons providing banking services, independently according to the legislation of the Kyrgyz Republic.

The service for which persons providing banking services levy commission and other payments shall conform to the following requirements:

- have separate benefit or consumer value for the client;

- be independent and independent of the main service in loan granting;

- not treat services which are provided gratuitously according to requirements of the legislation.

4. Persons providing banking services, except for operators of the payment systems and payment institutes (which are not bank) are forbidden to conclude with the affiliate and the face tied with bank, and also any other person which is the owner of the trademark, the contract for use of the trademark on paid basis if beneficiary in parts or in full under such agreement is the specified person.

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