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It is registered

Ministry of Justice

Kyrgyz Republic

On July 14, 2009 No. 74-09

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 10, 2009 No. 26/3

About approval of "Rules of creation and/or acquisition of the subsidiary or dependent companies by commercial banks of the Kyrgyz Republic"

(as amended on 15-09-2021)

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" and article 18 of the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve "Rules of creation and/or acquisition of the subsidiary or dependent companies by commercial banks of the Kyrgyz Republic" according to appendix to this resolution.

2. In accordance with the established procedure to direct to management of methodology of supervision and licensing together with Legal department this resolution to state registration in the Ministry of Justice of the Kyrgyz Republic.

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

4. After publication of the registered regulatory legal act 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).

5. 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

M. Alapayev

 

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of June 10, 2009 No. 26/3

Rules of creation and/or acquisition of the subsidiary or dependent companies by commercial banks of the Kyrgyz Republic

1. General provisions

1.1. These rules of creation and/or acquisition of the subsidiary or dependent companies by commercial banks of the Kyrgyz Republic extend to all commercial banks, including the banks performing transactions according to the Islamic principles of banking and financing (further - banks), and National bank of development of the Kyrgyz Republic taking into account the features provided by the Law of the Kyrgyz Republic "About National bank of development of the Kyrgyz Republic".

1.2. These rules establish procedure for creation and/or acquisition by bank of the subsidiary or dependent company which is not bank (1).

1.3. Creation or acquisition of the subsidiary or dependent company by bank is performed based on the written permission of National Bank of the Kyrgyz Republic (further - National Bank).

1.4. Banks have no right to create and/or acquire the subsidiary or dependent companies if:

1) registration and/or implementation of activities of such companies is supposed in offshore zones which list is determined by authorized state body of the Kyrgyz Republic in the sphere of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income, and also in the states and in the territories concerning which there are international sanctions accepted by the UN Security Council obligatory for the Kyrgyz Republic; 

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