Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

The document ceased to be valid since  June 22, 2017 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of  May 31, 2017 No. 21/5

It is registered

Ministry of Justice

Kyrgyz Republic

On January 5, 2004 No. 2-04

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 10, 2003 No. 34/10

About requirements to transactions with insiders and affiliates of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic

(as amended on 10-02-2016)

For the purpose of prevention of imprudent banking practice when implementing transactions with insiders and affiliates, having considered the draft of the Instruction "About requirements to transactions with insiders and affiliates of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Instruction "About requirements to transactions of banks with insiders and affiliates it (is applied).

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

3. From the moment of enforcement of the Instruction "About requirements to transactions with insiders and affiliates of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic" to recognize invalid:

- The instruction "About requirements to transactions with insiders", NBKR approved by the resolution of Board of August 30, 1995 No. 21/4 (in edition of resolutions of Board of NBKR of July 8, 1997 No. 14/1, of January 14, 1998 No. 1/5, of April 8, 1998 No. 5/4);

- The instruction "About requirements to transactions with the affiliated companies", NBKR approved by the resolution of Board of August 30, 1995 No. 21/5 (in edition of resolutions of Board of NBKR of July 8, 1997 No. 14/1, of January 14, 1998 No. 1/5, of April 8, 1998 No. 5/4);

- the resolution of Board of NBKR of October 22, 2003 No. 31/5 "About requirements to transactions with insiders and affiliates of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic".

4. To impose control of execution of this resolution on the Vice chairman of the board of National Bank of the Kyrgyz Republic - to Sharshekeev K. Sh.

Chairman of the board

Sarbanov U. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of December 10, 2003 No. 34/10

The instruction "About requirements to transactions of banks with insiders and affiliates"

This Instruction is developed according to the Laws of the Kyrgyz Republic "About banks and banking activity in Kyrgyz the Republics", "About National Bank of the Kyrgyz Republic" 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, specialized financial credit institute JSC Finance Company of Credit Unions, licensed by National Bank of the Kyrgyz Republic (further - National Bank), and National bank of development of the Kyrgyz Republic (further - banks), when implementing of transactions by them with insiders and affiliates.

1. Basic concepts

For the purposes of this Instruction the following determinations are used:

Insiders (internal persons) of bank - the board members, board members, members of Sharia council, other officials, considerable participants and any other physical persons connected with specified persons common interests.

In cases when the internal auditor, the risk manager and person designated for the purpose of the organization of internal control for counteraction of legalization (washing) of the criminal income and financing of terrorist or extremist activities do not fall under determination of "officials of bank" according to this Instruction, requirements of this Instruction do not extend to them.

Officials of bank - the chairman and other board members of bank, the chairman of the board, board members of bank, the main bank employees on finance, on the credits. "Officials of bank" are also understood as persons who determine policy of bank or have powers to participate or really participate in the main transactions of bank creating policy of bank irrespective of whether these persons on a grant basis work or earn reward.

The board member (or the member of similar body) - person who enters into the Board of directors of bank and/or the company controlling bank, person entering into the Board of directors of any company controlled by bank and also board members of the companies which are controlled by the same physical person or legal entity.

Owners of large blocks of shares - persons who directly or indirectly control (are authentic owners) more, than 5 percent of shares with voting power.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.