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The memorandum between National Bank of the Republic of Belarus and National Bank of Tajikistan of mutual understanding in the field of banking supervision

of June 7, 2007

The National Bank of the Republic of Belarus and National Bank of Tajikistan as the banking supervisor authorities which are hereinafter referred to as "Party" reached mutual understanding in question of need of exchange of information for effective implementation of the functions and stable functioning of bank systems of both countries. This mutual understanding also corresponds to recommendations of Basel Committee on Banking Supervision of the principles of implementation of the consolidated and comprehensive supervision and cooperation between banking supervisor authorities.

Article 1. General provisions

For the purposes of this Memorandum the following basic concepts and their determinations are used.

1. Credit institution - the legal entity having the right to perform banking activity which is subject to licensing and banking supervision by banking supervisor authorities.

1.1. In the territory of the Republic of Belarus the credit institution is understood as bank and the non-bank credit and financial organization.

Bank - the legal entity having exclusive right to perform in total the following banking activities: attraction of money of physical and (or) legal entities in deposits (deposits); placement of borrowed funds on its own behalf and at own expense on the terms of recoverability, the paid nature and urgency; opening and maintaining bank accounts of physical and (or) legal entities.

The non-bank credit and financial organization - the legal entity having the right to perform the separate banking activities and types of activity provided by the Bank code of the Republic of Belarus, except for implementation in total of the following banking activities: attraction of money of physical and (or) legal entities in deposits (deposits); placements of borrowed funds on its own behalf and at own expense on the terms of recoverability, the paid nature and urgency; opening and maintaining bank accounts of physical and (or) legal entities.

1.2. In the territory of the Republic of Tajikistan the credit institution is understood as bank, the non-bank financial organization and the microfinancial organization.

Bank in the Republic of Tajikistan is the commercial organization created for attraction of deposits and other money for the purpose of use for crediting on the terms of recoverability, the paid nature, urgency and also for implementation of payment under the order of clients.

The non-bank financial organization - the legal entity, not being bank which based on the license of National Bank of Tajikistan is competent to perform separate banking activities, to perform financial servicing of physical persons and companies.

The microfinancial organization - the microcredit deposit institution, the microloan organization and microloan fund.

The microloan organization - the commercial microfinancial organization performing activities based on the license granted by National Bank of Tajikistan, and providing microloans and other services. The microloan organization is created in the form of closed joint stock company or limited liability company.

Microloan fund - the non-profit microfinancial organization performing the activities based on the certificate granted by National Bank of Tajikistan, and providing microloans and other services. The microloan fund is created in the form of public fund.

2. Parent credit institution - the credit institution having cross-border organization in the territory of the country of other Party.

3. Cross-border organizations.

3.1. In the territory of the Republic of Belarus foreign credit institutions have the right to create (to participate in creation) affiliated credit institutions and to open representations.

Affiliated credit institution - credit institution on which decisions accepted by its governing bodies, the parent credit institution is capable to render directly or indirectly (through the third parties) significant effect. The bases of recognition of influence by essential are determined by the legislation of the Republic of Belarus.

Representative office of credit institution is its separate division located out of the location of credit institution, representing its interests and performing their protection. The representative office of credit institution is not legal entity and has no right to perform banking activities. The representative office of credit institution performs the activities based on the provision approved by the credit institution which created it.

3.2. In the territory of the Republic of Tajikistan foreign credit institutions have the right to create (to participate in creation) affiliated credit institutions and to open representations.

The affiliated credit institution is credit institution on which decisions accepted by its governing bodies, the parent credit institution is capable to render directly or indirectly (through the third parties) significant effect owing to possession of controlling stock (share) in its authorized fund and (or) availability of other bases.

Affiliated credit institutions are created in the territory of the Republic of Tajikistan according to the national legal system.

Representative office of credit institution - division of credit institution, not being the legal entity, located out of the location of credit institution, acting for and on behalf of credit institution and not performing for and on behalf of credit institution of any banking activities.

4. Country of source - country of incorporation (state registration) of parent credit institution.

5. Adoptive state - country of incorporation (state registration) and (or) opening of cross-border organization.

6. Affiliates - physical persons and legal entities which relations with credit institution, her participants, employees and persons holding executive positions are specially regulated by the national legal system.

Article 2. Exchange of information

1. For the purpose of providing and increase in efficiency and effectiveness of supervision of credit institutions and their cross-border organizations of the Party express intention to cooperate, including to communicate, in the following areas: creation (opening) and licensing of activities of cross-border organizations, supervision of the current activities of cross-border organizations, conducting checks, decision making about issue of permission (consent) to share acquisition (shares) of credit institution.

The parties communicate about condition and development of banking sector, about requirements of national legal systems in the field of banking supervision, and also about their changes. In case of modification of the national legal system of this Memorandum corresponding changes shall be made.

2. According to the Bank code of the Republic of Belarus the National Bank of the Republic of Belarus has the right to sign agreements with the Central (national) Banks and credit institutions of foreign states and to communicate within these agreements.

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