of September 14, 2011 No. 52/4
About some regulatory legal acts of National Bank of the Kyrgyz Republic
According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:
1. Approve the Provision "About Work of Banks with Securities" it (is applied).
2. Bring in the Provision "About the Economic Standard Rates and Requirements Obligatory for Accomplishment by the Commercial Banks and Financial Credit Institutes Licensed by National Bank of the Kyrgyz Republic" approved by the resolution of Board of National Bank of the Kyrgyz Republic of July 21, 2004 No. 18/1, registered in the Ministry of Justice of the Kyrgyz Republic on August 23, 2004 registration number 93-04, of change and amendment it (is applied).
3. Bring in the Provisional rules of regulation of activities of microfinance companies in the territory of the Kyrgyz Republic approved by the resolution of Board of National Bank of the Kyrgyz Republic of February 19, 2003 No. 4/2, registered in the Ministry of Justice of the Kyrgyz Republic on March 25, 2003 registration number 29-03, of amendment it (is applied).
4. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic No. 6/5 of March 27, 2004 "About Requirements to banks on work with securities", registered in the Ministry of Justice of the Kyrgyz Republic on April 27, 2004, registration number 53-04.
6. After official publication to send to Legal management this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.
7. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks and microfinance companies.
8. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Zheenbayeva B. Zh.
Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of September 14, 2011 No. 52/4
1. This Provision extends to the commercial banks of the Kyrgyz Republic, National bank of development of the Kyrgyz Republic and microfinance companies attracting deposits, including banks and microfinance companies attracting deposits, performing transactions according to the Islamic principles of banking and financing (further - banks).
2. The basic concepts applied within this provision:
- government securities are the securities issued by the Government of the Kyrgyz Republic (the state treasurer bills of exchange (STBE), and the government treasury bonds (GTB)) and National Bank of the Kyrgyz Republic (further - National Bank) (notes);
- marketable securities are securities which are traded on the developed, effective, transparent securities market allowing to determine fair value of these securities;
- securities portfolio - set of different types of the securities which are in property or management of bank;
- the broker - the professional participant of the security market, including the bank having the license for implementation of professional activity in the security market, making security transactions according to the order, for the account and for the benefit of clients, based on the relevant agreement;
- the dealer - the professional participant of the security market, including the bank having the license for implementation of professional activity in the security market, making security transactions on its own behalf and at own expense for the purpose of profit earning as a result of the subsequent resale of securities or making of other transactions with them;
- securities depository - the professional participant of the security market, including the bank having the license for implementation of professional activity in the security market, performing registration of the rights and (or) transition of the rights to securities and accounting, and (or) storage of these securities and money intended for implementation of transactions, and also obtained from transactions based on the contract with the owner or the nominee holder of these securities (the depositary agreement);
Islamic securities - the securities issued on the basis of the Islamic principles of financing (standards of Sharia), certifying the property right to indivisible share in the established property or business of the issuer.
3. The provision determines operating procedure of banks with securities, the minimum requirements to the reporting and internal control system during the work with securities, requirements to broker/dealer/depositary with which the bank performs transactions and security transactions are determined by responsibility of officials and bank employees during the work with securities, and also establishes the basic rules of development of investment policy.
The bank has the right to perform operations and security transactions in case of observance of the conditions and requirements stated in this Provision.
4. The board of directors and Bank board bear responsibility for observance by bank of the requirements and restrictions set by this Provision. In the banks performing transactions according to the Islamic principles of banking and financing, Sharia council bears responsibility for compliance of Policy of bank on work with securities to standards of Sharia.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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