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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 18, 2023 No. 2023-P-17/79-3-(NFKU)

About approval of the Provision "About Licensing of Activities of Credit Bureaus"

According to Articles 5, "About National Bank of the Kyrgyz Republic" and article 12 of the Law of the Kyrgyz Republic "About exchange of credit information" the Board of National Bank of the Kyrgyz Republic decides 9 and 64 constitutional Laws of the Kyrgyz Republic:

1. Approve the Provision "About Licensing of Activities of Credit Bureaus" it (is applied).

2. Recognize invalid:

1) the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing of Activities of Credit Bureaus" of August 24, 2016 No. 35/5;

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 May 17, 2017 No. 19/14:

- paragraph of the seventh of Item 1 of the resolution;

- Item 6 of Appendix to the above-stated resolution;

3) 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 June 15, 2017 No. 2017-P-12/25-11-(NPA):

- paragraph the fourth Item 1 of the resolution;

- Item 3 of Appendix to the above-stated resolution;

4) Item 8 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About introduction of amendments to some resolutions of Board of National Bank of the Kyrgyz Republic and recognition voided resolutions of Board of National Bank of the Kyrgyz Republic "About the amount of collection and payment for the licenses granted by National Bank of the Kyrgyz Republic" of June 8, 2017 No. 2017-P-12/23-4-(NPA)" of February 27, 2019 No. 2019-P-33/9-7-(NFKO);

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 September 28, 2021 No. 2021-P-33/53-8-(NFKU):

- paragraph of the eighth of Item 1 of the resolution;

- Item 7 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 on issue of allowing documents of National Bank of the Kyrgyz Republic to non-bank financial credit institutions" of August 17, 2022 No. 2022-P-33/52-3-(NFKU):

- paragraph of the seventh of Item 1 of the resolution;

- Item 6 of Appendix to the above-stated resolution.

3. The statements and document package for issue of consent of National Bank of the Kyrgyz Republic to passing of state registration of credit bureaus which arrived before entry into force of this resolution are subject to consideration according to the regulatory legal acts of National Bank of the Kyrgyz Republic operating at the time of submission of documents.

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

5. To legal management from the date of receipt of the relevant documents within 3 (three) working days:

- 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.

6. To department "Secretariat of Board" within 3 (three) working days to bring this resolution to the attention of the relevant structural divisions, regional managements and Representative office of National Bank of the Kyrgyz Republic in Batken Province.

7. To management of licensing within 3 (three) working days to bring this resolution to the attention of credit bureaus.

8. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of licensing.

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 18, 2023 No. 2023-P-17/79-3-(NFKU)

Regulations on licensing of activities of credit bureaus

This Provision determines procedure for licensing of activities of credit bureaus, renewals of the license, issue of consent to passing of state registration (re-registration), modification of constituent documents, establishes requirements to officials, participants/founders/shareholders of credit bureaus and procedure for their coordination, and also regulates questions of reorganization and liquidation of credit bureaus.

Chapter 1. General provisions

1. Credit bureau is the legal entity registered in the procedure established by the legislation as the commercial organization and rendering services in implementation of exchange of credit information.

2. Activities of credit bureau are performed based on the license granted by National Bank of the Kyrgyz Republic (further - National Bank).

3. The name of credit bureau shall contain the phrase "credit bureau". The legal entity who is not meeting the requirements of the Law of the Kyrgyz Republic "About exchange of credit information", having no right to use the phrase "credit bureau" in the name.

4. The credit bureau has the right to have stamps, forms with the trade name and own emblem (logo).

5. The authorized capital of credit bureau is created only in national currency of the Kyrgyz Republic at the expense of money of founders (participants, shareholders).

6. The minimum size of the authorized capital for credit bureaus is established by regulatory legal act of National Bank.

7. Participation of one user in the authorized capital of credit bureau cannot exceed 10 (ten) percent. At the same time the group of the interconnected faces shall be considered as one user and the share/share of these persons shall be summed up and be considered as shares/shares of one user.

8. The interconnected persons are understood as the legal entities and/or physical persons which jointly are owning shares/shares of credit bureau and/or having common interests among themselves.

1) Common interests between two and/or more physical persons and legal entity are recognized existing in the presence of any of the following conditions if:

a) one legal entity or physical person controls other legal entity or physical person;

b) these persons are the faces tied with credit bureau;

c) one of these persons is the dependent company of other person.

2) Persons are recognized jointly the owning shares/shares of credit bureau cases if they:

a) are close relatives (the spouse, parents, children, adoptive parents adopted full and not full brothers and sisters, the grandfather, the grandmother, grandsons);

b) are officials - shareholders of credit bureau;

c) are considerable participants separately or jointly;

d) jointly hold shares owing to the agreement or otherwise:

- about vote on management of credit bureau;

- about provision of shares in pledge with voting power;

- about transfer of voting power according to shares;

- about share transfer in trust management or about deposition otherwise with the right of management;

- when shares are acquired in own favor, but on behalf of other person;

- under representation by proxy or to other legal representation;

- with common interests.

9. Before receipt of the license occupation by any activities as credit bureau, except for is forbidden to the organizational activities connected with organization of credit bureau and coordination of officials.

10. Each copy of the constituent document or other decision of credit bureau provided in the National Bank according to this Provision containing more than one leaf shall be separately stitched, numbered and signed the head of credit bureau or other authorized person and is certified by seal of credit bureau (in the presence).

11. The foundation agreement of credit bureau shall be signed by all participants / founders / shareholders (authorized representatives participants/founders/shareholders) credit bureau. The signature of the participant/founder/shareholder - physical person shall be certified notarially, the authorized signature, the member of the founder/shareholder who is the representative - the legal entity, shall be under seal the legal entity or is certified notarially.

The constituent document of the credit bureau founded by one person is the charter.

12. Copies of the documents provided to credit bureaus in National Bank shall be certified in accordance with the established procedure.

The documents provided in foreign language shall be legalized in the procedure established by the legislation of the Kyrgyz Republic, including the international treaties which came in the procedure established by the law into force which participant is the Kyrgyz Republic.

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