The agreement between National Bank of the Kyrgyz Republic and National Bank of the Republic of Belarus on cooperation in the field of supervision of activities of credit institutions
of January 29, 2004
The National Bank of the Kyrgyz Republic (NBKR) and the National Bank of the Republic of Belarus (NBRB) which are hereinafter referred to as with the Parties or supervisory authorities, expressing mutual interest in establishment and development of bilateral ties in the field of banking supervision, for the purpose of achievement of mutual understanding concerning banking regulation and interaction in the field of supervision of activities of credit institutions according to the Fundamental principles of effective banking supervision of Basel Committee on Banking Supervision, and also within the current legislation of the Parties agreed as follows:
1. For the purposes of this agreement:
1.1. the countries are understood as the Kyrgyz Republic and the Republic of Belarus;
1.2. supervisory authorities are understood as National Bank of the Kyrgyz Republic and National Bank of the Republic of Belarus;
1.3. supervising information is understood as information obtained by any of supervisory authorities in the course of accomplishment of the supervising functions including by exchange of information and/or as a result of conducting inspection checks within this agreement. Supervising information does not include information on transactions, accounts and deposits of clients, and also other data relating to the state or bank secrecy;
1.4. credit institution:
1.4.1. in the Kyrgyz Republic - the legal entity who for generation of profit as main objective of the activities based on special permission (license) of National (Central) Bank of the Kyrgyz Republic has the right to perform the banking activities provided by the Law of the Kyrgyz Republic "About banks and banking activity".
The credit institution is formed on the basis of any pattern of ownership;
bank - the financial credit institute created for attraction of deposits of legal entities and physical persons and other money and placement them on its own behalf on the terms of recoverability, the paid nature, urgency and also for implementation of payment under the order of clients;
non-bank credit institutions - specialized financial credit institutes: credit unions, financial and credit corporations (the companies, loan cash desks, societies of mutual lending and others, in fact the similar to similar specialized credit institutes, acting on the basis of the licenses NBKR and competent to perform separate banking activities). Admissible combinations of banking activities for non-bank credit institutions are established by NBKR;
foreign bank - the bank registered outside the Kyrgyz Republic and having the right to implementation of banking activity by the legislation of that country where it is registered;
1.4.2. in the Republic of Belarus - the functioning unitary bank, bank as the joint-stock company, the non-bank credit and financial organization based on the license of National Bank of the Republic of Belarus having the right to perform the banking activities provided by the Bank code of the Republic of Belarus;
1.5. cross-border organizations:
1.5.1. in the territory of the Kyrgyz Republic foreign credit institutions can be effective only in the form of legal litsarezident of the Kyrgyz Republic, such as affiliated credit institution of foreign bank, or in other form to participate in the authorized capital of credit institution - resident of the Kyrgyz Republic, and also to open branches and representations. Activities of affiliated credit institutions and branches of foreign banks are subject to licensing according to requirements of the laws of the Kyrgyz Republic.
According to the legislation of the Kyrgyz Republic:
the bank is recognized affiliated if other bank (the main, main bank) owing to the prevailing participation in its authorized capital or according to the agreement signed between them, or otherwise has opportunity to determine the decisions made by this bank;
bank branch is its separate division, not being the legal entity and performing everything or part of banking activities from bank name based on the provision approved by bank, and acting within the powers conferred to it by bank;
representative office of credit institution is its separate division which performs protection and representation of interests of this organization, and also makes from her name transactions or other lawful actions, except for acceptance of deposits, issuance of credits, carrying out settlement transactions and making of other transactions requiring the banking license according to the legislation of the Kyrgyz Republic. The representative office of credit institution is not legal entity and performs the activities based on the provisions approved by the credit institution which created them;
1.5.2. in the Republic of Belarus - any branch, the affiliated organization, representative office of credit institution from the country of source located in the territory of the country of the location;
1.6. country of source - country of incorporation of credit institution which has cross-border organization in the territory of other country;
1.7. adoptive state - the country in the territory of which the cross-border organization is registered.
2. For the purpose of maintenance of reliability and efficiency of national bank systems of the Kyrgyz Republic and the Republic of Belarus the Parties perform cooperation in the field of banking supervision behind activities of credit institutions on the basis of provisions of this agreement with observance of the national legal system and the international obligations of the Kyrgyz Republic and the Republic of Belarus;
2.1. The parties communicate about condition and development of the bank systems at the request of one of the Parties;
2.2. The parties provide on mutual basis information on the operating national bank law, regulations and requirements of banking supervision, and also on their basic changes;
2.3. The parties hold in necessary cases meetings at the level of representatives of banking supervisor authorities for experience exchange and discussion of the questions which are of mutual interest and also questions of enhancement of supervision of activities of credit institutions;
2.4. the actions relating to subject of this agreement are performed at the initiative of one of the Parties based on its request about rendering assistance when implementing supervision;
2.5. the inquiry is sent for rendering assistance in writing. For transfer of request modern means of telecommunication can be used;
2.6. rendering assistance within this agreement it can be refused fully or partially if the required Party believes that accomplishment of request contradicts the legislation of the state of the required Party. At the same time the requesting Party is in writing notified with indication of causes of failure;
2.7. each Party takes all necessary measures for ensuring bystry and perhaps more complete reply to the request of other Party or notifies the last on the circumstances interfering or detaining execution of request;
2.8. each Party independently incurs expenses which will arise during implementation of this agreement if other procedure is not approved.
3. The parties will interact when implementing supervision of activities of credit institutions and cross-border organizations in the following areas:
3.1. in the course of licensing of banking activity:
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