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The document ceased to be valid since  June 22, 2017 according to Item 2 of the Order of the Government of the Kyrgyz Republic of  June 15, 2017 No. 2017-P-12/25-4

It is registered

Ministry of Justice

Kyrgyz Republic

On June 24, 2005 No. 78-05

RESOLUTION BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 19, 2005 No. 16/2

About approval of the Provision "About the Corrective Actions Applied to the Banks and Some Other Financial Credit Institutes Licensed by National Bank of the Kyrgyz Republic"

(as amended on 27-04-2016)

Having considered the project of the Provision "About the Corrective Actions Applied to the Banks and Some Other Financial Credit Institutes Licensed by National Bank of the Kyrgyz Republic", being guided by article 7 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 the Corrective Actions Applied to the Banks and Other Financial Credit Institutes Licensed by National Bank of the Kyrgyz Republic" 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. From the moment of enforcement of this resolution to declare invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic of NBKR No. 26/3 of December 24, 1997. "About new editions of some regulations of National Bank of the Kyrgyz Republic" (registration number MU of the KR No. 439 of 30.01.98) according to which the Provision "About the Preventive Measures and Sanctions Applied to the Commercial Banks and Financial Credit Institutes Licensed by National Bank of the Kyrgyz Republic" was approved;

- Item III of appendix to the resolution of Board of National Bank of the Kyrgyz Republic of November 17, 1998 No. 30/5 "About modification and amendments in some regulating documents NBKR" (registration number MU of the KR No. 40 of 02.12.98);

- Item II of appendix to the resolution of Board of National Bank of the Kyrgyz Republic of April 15, 1999 No. 31/9 "About modification and amendments in some regulating documents NBKR" (registration number MU of the KR No. 41 of 15.05.99);

- paragraph two of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic of September 10, 2003 No. 28/3 "About modification and amendments in some regulations NBKR";

- the resolution of Board of National Bank of the Kyrgyz Republic of November 20, 2003 No. 32/6 "About modification and amendments in the Provision "About the Preventive Measures and Sanctions Applied by National Bank of the Kyrgyz Republic" (registration number MU of the KR No. 120/1-03 of 10.12.03);

- the resolution of Board of National Bank of the Kyrgyz Republic of March 18, 2005 No. 5/4 "About approval of the Provision "About the Corrective Actions Applied to the Banks and Some Other Financial Credit Institutes Licensed by National Bank of the Kyrgyz Republic";

- the resolution of Board of National Bank of the Kyrgyz Republic of October 17, 2001 No. 40/11 "About the draft of the joint order of the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic "About Policy of regulating reaction".

5. To management of methodology of supervision and licensing of National Bank of the Kyrgyz Republic to bring this resolution to the attention of commercial banks, JSC Settlement and Savings Company and KSFK.

6. After publication of the registered regulatory legal act to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

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

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. 16/2

Regulations on the corrective actions applied to the banks and some other financial credit institutes licensed by National Bank of the Kyrgyz Republic

General provisions

This Provision is developed according to the Laws of 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", "About protection of bank deposits (deposits)" and other legal acts of the Kyrgyz Republic.

The purpose of this provision is establishment of procedure for application by National Bank of the Kyrgyz Republic (further National Bank) corrective actions to the commercial banks including performing transactions according to the Islamic principles of banking and financing, to the banks having "Islamic window", to OSOO "Specialized Fund of Refinancing of Banks" and specialized financial credit institute JSC Finance Company of Credit Unions (further - banks).

The purpose of application by National Bank of corrective actions concerning banks is maintenance of banking system stability, counteraction of legalization (washing) of the criminal income and to financing of terrorist or extremist activities, suppression of monopolistic activities in the market of banking services, depositor protection and the rights of consumers of banking services.

Corrective actions are applied by National Bank on the bases and according to the procedure, stipulated by the legislation the Kyrgyz Republic and this Provision. Corrective actions of National Bank can be applied, as in consecutive procedure, and selectively, depending on nature, type of the allowed violation and financial condition of bank.

In the Kyrgyz Republic the actions of banks and their considerable participants contradicting the legislation of the Kyrgyz Republic including the Laws of 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", "About protection of bank deposits (deposits)" and the regulatory legal acts of National Bank, and also action or failure to act of officials of bank leading to violations are considered as as violations of banking activity. "Officials of bank" are understood as the term specified in the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" and regulatory legal acts of National Bank.

The paragraph of the sixth is excluded according to the Resolution of Board of National Bank of the Kyrgyz Republic of 24.06.2015 No. 35/7

The paragraph of the seventh is excluded according to the Resolution of Board of National Bank of the Kyrgyz Republic of 24.06.2015 No. 35/7

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