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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. 21/7

It is registered

Ministry of Justice

Kyrgyz Republic

On June 27, 2005 No. 90-05

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 19, 2005 No. 16/3

About approval of the Provision "About the Preventive Measures and Sanctions Applied by National Bank of the Kyrgyz Republic to the Microfinancial Organizations"

(as amended on 20-01-2016)

Having considered the project of the Provision "About the Preventive Measures and Sanctions Applied by National Bank of the Kyrgyz Republic to the Microfinancial Organizations", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About the Preventive Measures and Sanctions Applied by National Bank of the Kyrgyz Republic to the Microfinancial Organizations" it (is applied).

2. To management of methodology of supervision and licensing together with 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. Enact this resolution after state registration in the Ministry of Justice of the Kyrgyz Republic and the subsequent official publication.

4. To management of methodology of supervision and licensing of National Bank of the Kyrgyz Republic to bring this resolution to the attention of regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

5. After publication of the registered regulation to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

6. To impose control of execution of this resolution on Omurzakova G. M., the vice-chairman of National Bank of the Kyrgyz Republic.

Chairman of the board

Sarbanov U. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of May 19, 2005 No. 16/3

Regulations on the precautionary measures and sanctions applied by National Bank of the Kyrgyz Republic to the microfinancial organizations

1. General provisions

1.1. This Provision is developed according to the Laws of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic", "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic", "About counteraction of legalization (washing) of the criminal income and to financing of terrorist or extremist activities" and other legal acts of the Kyrgyz Republic.

1.2. The purpose of this provision is establishment of procedure for application by National Bank of the Kyrgyz Republic (further in the text "National Bank") preventive measures and sanctions against the microfinancial organizations (further in the text of "IFI") which are acting on the basis of the licenses and/or certificates of National Bank on accounting registration according to the Law of the Kyrgyz Republic "About the microfinancial organizations in Kyrgyz the Republics" (further in the text "license"), and to officials of IFI.

1.3. Preventive measures and sanctions are applied by National Bank on the bases and according to the procedure, stipulated by the legislation the Kyrgyz Republic and this Provision.

1.4. The purpose of application of National Bank of preventive measures and sanctions against IFI and their officials is ensuring sustainable development of IFI, maintenance of trust of the population to their activities, depositor protection and consumers of the services rendered to IFI, counteraction of legalization (washing) of the criminal income and to financing of terrorist or extremist activities.

1.5. For the purpose of this provision as violations are considered: the non-executions by the microfinancial organizations and officials of IFI of requirements of the legislation of the Kyrgyz Republic, regulatory legal acts and instructions of National Bank, carrying out unhealthy and unsafe banking practice, and also action or the failure to act of officials of IFI leading to deterioration in financial condition and/or creating threat of solvency of IFI.

1.6. Officials of the mikrocreditny agencies (further in the text of MKA) and the microcredit companies (further in the text of MKK) are the head, the chief accountant (the accountant - in case of absence in the state of position of the chief accountant) and the chief of division on crediting, and also board members, in the presence of this body.

1.7. Officials of IFC are determined according to regulatory legal act of National Bank about the minimum qualification requirements to officials of IFC.

2. The preventive measures and sanctions applied to IFI

2.1. This Provision determines the following preventive measures and sanctions applied to MKA and MKK and to their officials:

- prevention;

- instruction;

- fine from officials;

- introduction of restriction for carrying out separate transaction types and transactions, including charge and dividend payouts;

- revocation of license on the right of banking operations on sale and purchase of debt obligations (factoring);

- withdrawal of the certificate on accounting registration.

2.2. This Provision determines the following preventive measures and sanctions applied to microfinance companies (further by the text of IFC):

- prevention;

- provision of IFC of the letter obligation on improvement of financial position;

- the conclusion with IFC of the written agreement about holding actions for improvement of financial condition of IFC;

- instruction;

- introduction of higher economic standard rates;

- the requirement about maintenance of the capital at the certain level;

- appointment of the skilled consultant;

- fine with IFC;

- fine from certain board members and officials of IFC;

- suspension, restriction or prohibition on carrying out separate transaction types, transactions, charges and payments, including charges and dividend payouts;

- requirement about change of all or some officials of IFC;

- preservation;

- revocation of license.

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