Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

The document ceased to be valid since  February 10, 2016 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of  December 23, 2015 No. 78/26

It is registered

Ministry of Justice

Kyrgyz Republic

On March 5, 2007 No. 27-07

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of January 31, 2007 No. 5/1

About Regulations on licensing, reorganization and liquidation of microfinance companies in the territory of the Kyrgyz Republic

(as amended on 05-02-2016)

Having considered the project of the Provision "About Licensing, Reorganization and Liquidation of Microfinance Companies in the territory of the Kyrgyz Republic", being guided by articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Licensing, Reorganization and Liquidation of Microfinance Companies in the territory of the Kyrgyz Republic" it (is applied).

2. To management of methodology of supervision and licensing together with Legal department to carry out in accordance with the established procedure state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic with the subsequent official publication.

3. This resolution becomes effective from the moment of official publication after state registration in the Ministry of Justice of the Kyrgyz Republic.

4. From coming into force of this resolution to recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic No. 42/1 of October 11, 2002 "About provisional regulations "About creation of microfinance companies in the territory of the Kyrgyz Republic", registration number of the Ministry of Justice of the Kyrgyz Republic 143-02 of November 14, 2002;

- the resolution of Board of National Bank of the Kyrgyz Republic No. 34/2 of November 13, 2006 "About the Provision "About Licensing of Activities of Microfinance Companies in the territory of the Kyrgyz Republic".

5. After publication of the registered regulation to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

Chairman of the board of National Bank of the Kyrgyz Republic

 M. Alapayev

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of January 31, 2007 No. 5/1

Regulations on licensing, reorganization and liquidation of microfinance companies in the territory of the Kyrgyz Republic

This Provision is developed according to the Civil code of the Kyrgyz Republic, the Laws of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic", "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic" and determines procedure for creation and licensing of microfinance companies.

1. General provisions

1.1. Microfinance company is the specialized financial credit institute created in the form of joint-stock company, which obtained the license of National Bank and performing microcredit of legal entities and physical persons, and other transaction types, including attraction of term deposits from the physical persons and legal entities provided by the Law of the Kyrgyz Republic "About the microfinancial organizations" (further in the text - the Law "About IFI"). Microfinance companies have the right to perform transactions according to the Islamic principles of banking and financing, according to regulatory legal acts of National Bank.

1.2. The microfinancial activities are activities of the microfinancial organizations for provision of microfinancial services according to the Law "About IFI".

1.3. The microcredit is the money provided by the microfinancial organization to physical persons or communities created by them, legal entities according to the charter of the microfinancial organization.

1.4. Microfinance companies which have the system importance for the microfinancial sector are considered backbone. Criteria of the system importance are determined by regulatory legal acts of National Bank. The special mode of regulation and supervision established by National Bank of the Kyrgyz Republic is applied to systemically important microfinance companies.

2. Procedure for creation of microfinance companies

2.1. The microfinance company (further in the text of IFC) is created as open or private company and performs the activities based on the charter and the license, according to requirements of the legislation of the Kyrgyz Republic.

2.2. The IFC receives the status of the legal entity from the moment of state registration in judicial authorities according to the legislation of the Kyrgyz Republic.

2.3. Physical persons and legal entities - residents or nonresidents of the Kyrgyz Republic provided that the share of the legal entity in total from shares of any other legal entity controlling him controlled by it or being under general with it control does not exceed 20 percent of voting shares of microfinance company can be founders and shareholders of microfinance company. The specified restriction does not extend to the legal entity who is engaged in banking and/or financial activities and also to foreign non-profit organization, in case of compliance to requirements of National Bank.

2.4. Founders - legal entities shall be registered in the procedure established by the legislation, have strong financial position and fulfill the obligations on tax payment and equated to them to payments, at least, in the last two years (for founders - the legal entities working over three years).

Are not allowed as founders or shareholders (participants) of microfinance company of person corresponding to one or several of the following signs:

1) insolvency (bankruptcy) of the founder or shareholder (participant);

2) criminal record availability in the sphere of financial or economic crimes at the founder or the shareholder (participant) who is not removed and not extinguished in the procedure established by the legislation;

3) availability of the judgment prohibiting to the founder or the shareholder (participant) to be engaged in banking activity;

4) the legal entities registered in offshore zones or having as members of persons and/or affiliates registered in offshore zones or the physical persons living in the territory of offshore zones which list is established by National Bank;

5) the physical persons which are residents of offshore zones, living in the territory of offshore zones which list is established by National Bank;

6) the legal entities registered or having as members of persons and/or affiliates registered in the states which do not apply the recommendation of the international organizations for development and deployment of international standards about anti-money laundering and financing of terrorism also do not participate in international cooperation in the sphere of counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way or the physical persons living in the territory of these states which list is established by the state authorized body of the Kyrgyz Republic in the field of counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way;

7) the physical persons which are residents and/or living in the territory of the states which do not apply the recommendation of the international organizations for development and deployment of international standards about anti-money laundering and financing of terrorism also do not participate in international cooperation in the sphere of counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way which list is established by the state authorized body of the Kyrgyz Republic in the field of counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way;

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.