RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 20, 2024 No. 2024-P-12/12-2-(NFKU)

About approval of Regulations of activities of JSC Finance Company of Credit Unions and modification of some regulatory legal acts of National Bank of the Kyrgyz Republic concerning regulation of activities of JSC Finance Company of Credit Unions

According to Articles 5, of 9, "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides 40 and 64 constitutional Laws of the Kyrgyz Republic:

1. Approve Regulations of activities of JSC Finance Company of Credit Unions (are applied).

2. Make changes to the following resolutions of Board of National Bank of the Kyrgyz Republic:

1) "About approval of the Instruction "About procedure for observance of limits of open foreign exchange position and open line item in precious metals commercial banks in the territory of the Kyrgyz Republic" of December 29, 2004 No. 36/13 the following change:

in the Instruction "About procedure for observance of limits of open foreign exchange position and open line item in precious metals commercial banks in the territory of the Kyrgyz Republic", approved by the above-stated resolution:

- to add preamble after the second paragraph with the paragraph third the following content:

"This Instruction extends to JSC Finance Company of Credit Unions regarding procedure of payments of open foreign exchange position (on each foreign currency and total) and control of observance of limits of open foreign exchange position.";

2) "About some regulatory legal acts of National Bank of the Kyrgyz Republic" of August 25, 2005 No. 26/5 the following change:

in Regulations on the Periodic regulating bank statement approved by the above-stated resolution:

- Item 1.2. state in the following edition:

"1.2. Action of the Regulations on PRBO extends to all commercial banks including having "Islamic window", licensed by National Bank of the Kyrgyz Republic (further - National Bank) (further - banks).";

3) "About approval of the Instruction "About requirements to transactions of bank with the affiliated and tied with bank faces" of May 31, 2017 No. 21/5 the following change:

in the Instruction "About requirements to transactions of bank with the affiliated and tied with bank faces", approved by the above-stated resolution:

- state Item 1 in the following edition:

"1. This Instruction is developed for the purpose of establishment of requirements to activities of the banks including performing activities according to the Islamic principles of banking and financing, the banks having Islamic window, and JSC Finance Company of Credit Unions (further - bank) when implementing transactions and transactions with the affiliated and tied with bank faces.

At the same time this Instruction extends to JSC Finance Company of Credit Unions taking into account features and in the part which is not contradicting the requirements specified in Regulations of activities of JSC Finance Company of Credit Unions.";

4) "About approval of the Procedure for determination of level of the capital necessary for covering of operational risks of banks" of December 27, 2019 No. 2019-P-12/68-1-(NPA) the following change:

according to the procedure of determination of level of the capital necessary for covering of operational risks of banks, the approved above the resolution:

- state Item 1 in the following edition:

"1. The procedure determines method of calculation of the capital necessary for covering of operational risks of the commercial banks including performing transactions according to the Islamic principles of banking and financing, and JSC Finance Company of Credit Unions (further - banks).".

3. Recognize invalid:

1) the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Regulations of activities of JSC Finance Company of Credit Unions of September 12, 2012 No. 37/3;

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 and recognition voided some regulatory legal acts of National Bank of the Kyrgyz Republic" of June 15, 2017 No. 2017-P-12/25-12-(NPA):

- subitem 13) Item 1;

- Item 13 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 August 15, 2018 No. 2018-P-33/33-8-(NFKU):

- Item 1 paragraph two;

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