RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 19, 2019 No. 2019-P-15/32-1-(NPA)

About approval of Rules of registration of mortgage providing in the form of the securities placed through National Bank of the Kyrgyz Republic on interbank credit operations

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 Rules of registration of mortgage providing in the form of the securities placed through National Bank of the Kyrgyz Republic on interbank credit operations (are applied).

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Rules of registration of mortgage providing in the form of the securities placed through National Bank of the Kyrgyz Republic on interbank credit operations" of June 30, 2010 No. 52/1;

- Item 1 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About entering of amendment and changes into some resolutions of Board of National Bank of the Kyrgyz Republic" of October 30, 2014 No. 47/10;

- Item 2 of Appendix to 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 23, 2017 No. 2017-P-15/26-3-(NPA);

- Item 1 of Appendix to 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 May 23, 2018 No. 2018-P-15/18-1-(NPA).

3. 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.

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

5. To management of financial accounting and reporting of National Bank of the Kyrgyz Republic to bring this resolution to the attention of commercial banks, Social fund of the Kyrgyz Republic, the State accumulation pension fund under Social fund of the Kyrgyz Republic, Central Depositary Ltd, Agency on protection of deposits of the Kyrgyz Republic and the relevant structural divisions of National Bank of the Kyrgyz Republic.

6. To impose control of execution of this resolution on the board member supervising Management of financial accounting and reporting.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of June 19, 2019 No. 2019-P-15/32-1-(NPA)

Rules of registration of mortgage providing in the form of the securities placed through National Bank of the Kyrgyz Republic on interbank credit operations

Chapter 1. General provisions

1. These rules are developed for the purpose of streamlining of process of registration of pledge agreements in National Bank of the Kyrgyz Republic (further - National Bank), pledge subject in which are the government securities of the Cabinet of Ministers of the Kyrgyz Republic and note of National Bank placed through National Bank and considered in depositary in National Bank on interbank credit operations and also actions in relation to mortgage property in cases of execution or non-execution of the obligation provided with pledge.

Chapter 2. The terms used in these rules

2. For the purposes of these rules the following terms are applied:

The securities placed through National Bank - the government securities issued by the Ministry of Finance of the Kyrgyz Republic on behalf of the Cabinet of Ministers of the Kyrgyz Republic and note of National Bank (further - the Central Bank).

Depositary - the National Bank performing depositary accounting and storage of the Central Bank, registration of transition and confirmation of the property right to the Central Bank.

Depot accounts - the record (or set of records) which is created for everyone the Central Bank for the purpose of their accounting and storage.

Mortgage sub-account of the account of "depot" (mortgage sub-account) - the Section of the account of "depot" of the Working interest owner in depositary intended for accounting of mortgage encumbrances of the rights to the Central Bank based on the law or the Agreement.

Investment sub-account of the account of "depot" (investment sub-account) - the Section of the account of "depot" of the Working interest owner in depositary concerning which restrictions for implementation of the transfers of the Central Bank are not set.

General sub-account of the account of "depot" (general sub-account) - the Section of the account of the "depot" of the Working interest owner in depositary for accounting in total the Central Bank belonging to his clients - to owners of the Central Bank. Transfers of the Central Bank from this sub-account can be made only at the request of owners of the Central Bank.

Working interest owner - the commercial bank licensed by National Bank, having the correspondent/current account in National Bank, Social fund of the Kyrgyz Republic, the State accumulation pension fund under Social fund of the Kyrgyz Republic, Central Depositary Ltd and Agency on protection of the deposits of the Kyrgyz Republic which signed with National Bank the relevant agreement on work in the market of the Central Bank, placed through National Bank.

The authorized person - person having the appropriate authority fixed by the official letter, the power of attorney or the notice.

The managing director of pledge - the Working interest owner, not being the Pledger, acting based on the Agreement order as managing pledge on behalf of the Pawnbroker who does not have depot account in Depositary.

Chapter 3. Procedure registration of Pledge agreements

3. The pledge agreements signed between the Working interest owners having depot account in Depositary are provided in National Bank and are registered in National Bank in case of the conclusion of the transaction out of the Automated trade system (further - automatic telephone exchange).

4. The creditor (further - the Pawnbroker) cannot require realization of the rights, stipulated by the legislation, according to the unregistered Pledge agreement in National Bank according to these rules.

5. For the purpose of risk minimization Pledge agreements are registered in National Bank before money transfer into the account of the Borrower (further - the Pledger).

6. For registration of the Pledge agreement in National Bank by the Pledger submits the following documents:

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