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Ministry of Justice

Republic of Tajikistan 

 On May 25, 2009 No. 153

LAW OF THE REPUBLIC OF TAJIKISTAN

of May 19, 2009 No. 524

About banking activity

(as amended on 07-08-2020)

This Law determines legal and organizational basis of banking activity for the purpose of creation of the corresponding conditions for conducting banking activity in the Republic of Tajikistan.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- banking activity - implementation by credit institutions of the banking activities and transactions provided by this Law;

- bank system of the Republic of Tajikistan - the National Bank of Tajikistan and other credit financial institutions functioning in the Republic of Tajikistan;

- the credit financial institutions - the credit institutions and Islamic credit institutions performing the activities provided by the law based on the license of National Bank of Tajikistan;

- credit institutions - the legal entities (banks, non-bank credit institutions including the microfinancial organizations) performing all or separate banking activities provided by this Law and other legal acts of the Republic of Tajikistan based on the license of National Bank of Tajikistan;

- the state credit institution - credit institution, the authorized capital (fund) of which completely belongs to the state;

- bank - credit institution which main objective is profit earning which has the authorized capital established by National Bank of Tajikistan and the right of accomplishment at least of three following transactions: attraction of deposits and savings, issuance of credits, opening and maintaining bank accounts;

- non-bank credit institutions - the credit institutions having the right to perform separate banking activities. The list of banking activities for non-bank credit institutions establishes the legislation of the Republic of Tajikistan and National Bank of Tajikistan;

- subsidiary bank - bank which is controlled by other credit institution or bank holding society;

- subsidiary - the legal entity, including subsidiary bank which is controlled by credit institution;

- leading employees - the chairman of credit institution and his deputies, the chairman of the board and other his members, the chief accountant of credit institution, and also the head and the chief accountant of branch of credit institution, including branch of foreign bank;

- bank holding society - the legal entity, not being credit institution which has supervising powers in credit institution;

- dependent society - the legal entity in whom the credit institution directly or indirectly has independently or by means of someone, or together with one or several persons share in the amount of more than 20 percent of voting shares (shares);

- affiliated society - the legal entity having in credit institution preferential share or supervising powers, and also any other legal entities in whom this legal entity has preferential share or supervising powers;

- supervising powers - one of the following powers of the person, which independently (individually) or by means of someone or together with one or several persons:

a) directly or indirectly more than 50 percent of voting shares (share) of the legal entity are the owner or the managing director;

b) has opportunity to elect most of members of the Supervisory board of the legal entity or the body equated to it;

c) irrespective of equity participation of the legal entity, has decisive opportunity to influence directly or indirectly decision making by the legal entity;

d) has other supervising powers determined by National Bank of Tajikistan;

- branch - the isolated structural division of credit institution which is outside its location and carrying out from her name fully or partially banking activity having the single authorized capital and single balance with credit institution;

- branch of foreign bank - the isolated structural division founded by foreign bank for implementation of banking activity in the Republic of Tajikistan;

- the representation - the isolated structural division of credit institution which is outside its location protects and represents its interests and does not carry out any banking activity;

- the credit - the money provided to the borrower by credit institution on the terms of interest payment and recoverability in certain time;

- the deposit - the money and other values of physical persons and legal entities transferred to storage of credit institution;

- saving - money which right of temporary use is granted to credit institutions on the terms of payment of certain percent;

- residents - the physical persons and legal entities recognized as those according to the Law of the Republic of Tajikistan "About currency control and currency exchange control";

- nonresidents - the physical persons and legal entities which are not residents;

- the face is considered professionally competent and reliable person if:

a) the physical person - the resident or the nonresident was not imprisoned according to the court verdict in making of intentional crimes (including having corruption nature);

b) involuntary liquidation, bankruptcy or actions, or failure to act of this person were not applied to physical person or legal entity - the resident or the nonresident as owner of preferential share, or member of governing body or executive body of the legal entity are not recognized as court the reason of involuntary liquidation, including bankruptcy;

c) the license of the credit financial institution during activities of the physical person - the resident or the nonresident as the chairman (his deputies), the board member or the chief accountant of the credit financial institution was not withdrawn in connection with application to it operational remedial measures and corrective actions;

d) the physical person - the resident or the nonresident was not deprived by court of the right to implementation of certain activities or the right to hold certain positions;

e) the physical person - the resident or the nonresident as the member of governing body or the leading employee of the credit financial institution, was not dismissed in connection with application of operational remedial measures and corrective actions from National Bank of Tajikistan or foreign banking supervisor authority;

e) legal entity or physical person - the resident or the nonresident the judgment, not having pending financial liabilities;

ё) the physical person - the resident or the nonresident not brought to trial for making of the intentional crimes having corruption nature;

- preferential share - share of participation of person having independently (individually) or by means of someone or together with one or several persons more than ten percent of voting shares (share) of credit institution, or the preferential share determined by regulatory legal acts of National Bank of Tajikistan;

- family members - the wife (husband), the children who are (adopted/adopted), the father and mother, brothers, sisters, grandsons, children of the wife (husband);

- the connected person - the following persons are implied:

a) members of the Supervisory board and auditing committee of credit institution;

b) leading employees of credit institution;

c) heads (their deputies) of economic, legal structural divisions and internal control of credit institution;

d) the physical person having preferential share in credit institution;

e) members of the family of persons specified in subitems and), b), c), d) this paragraph;

e) the legal entity having preferential share in credit institution and also members of the Supervisory board, executive body, heads (their deputies) of economic, legal structural divisions and internal control of such legal entity and members of their family;

ё) the legal entity in whom persons specified in subitems and), b), c), d), e) this paragraph, have preferential share;

g) the legal entity in whom the credit institution has preferential share, and also members of the Supervisory board, executive body, heads (their deputies) of economic, legal structural divisions and internal control of such legal entity and members of their family;

h) any other person who directly or indirectly can influence decision making by credit institution.

- prudential regulations - the economic regulations established by National Bank of Tajikistan for the purpose of regulation of activities of credit institution which observance is obligatory for execution by credit institutions;

- risk appetite - in advance determined levels and types of risks which the credit institution is ready (within admissible risk level) to accept for achievement of the purposes provided within the strategy and the business plan proceeding from scale and nature of its activities;

- payment services - receiving and delivery of cash, calculations and money transfers, including electronic money transfers, issue and (or) servicing of payment instruments and service in acceptance of payments;

- forfaiting - financing of commercial transactions by accounting of bills of exchange without obligations of the seller;

- factoring - financing under concession of monetary claim.

Article 2. Legislation of the Republic of Tajikistan on banking activity
Article 3. Banking activities and other transactions of credit institutions

1. Treat banking activities:

- attraction of deposits and savings;

- issuance of credits (secure and unsecured), including:

a) consumer, mortgage and interbank credits;

b) factoring;

c) forfaiting;

- opening and maintaining bank accounts;

- purchase and sale for or clients of the following means:

a) tools of the money market (including checks, bills of exchange, guaranty letters and deposit certificates);

b) foreign currency;

c) shares and other transferred securities;

d) forward contracts, swap agreements, futures, options and other derivatives concerning currencies, shares, bonds, precious metals and stones or rates and interest rates;

- provision of bank guarantees, accounting of contingent obligations, including guarantees and letters of credit for and clients;

- calculations and money transfers, including electronic money transfers, issue and/or servicing of payment instruments, except for postal orders;

- mediation in the money market;

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