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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 17, 2017 No. 19/13

It is registered

Ministry of Justice

Kyrgyz Republic

On April 29, 2005 No. 59-05

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 18, 2005 No. 5/5

About approval of the Regulations on pre-judicial regulation of disputes between the KR National Bank and commercial banks, the organizations performing separate types of banking activities and their founders (participants), legal entities and physical persons

(as amended on 05-02-2016)

Having considered the project of the Provision "On pre-judicial regulation of disputes between the KR National Bank and commercial banks, the organizations performing separate types of banking activities and their founders (participants), legal entities and physical persons, being guided by article 7 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", Item 2 of article 39-2 of the Law of the Kyrgyz Republic "About banks and banking activity", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "On Pre-judicial Regulation of Disputes between the KR National Bank and Commercial Banks, the Organizations Performing Separate Types of Banking Activities and Their Founders (Participants), Legal Entities and Physical Persons" 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. This resolution becomes effective from the moment of official publication after state registration in the Ministry of Justice of the Kyrgyz Republic.

4. 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, KSFK and FKPRKS.

5. 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).

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 March 18, 2005 No. 5/5

Regulations on pre-judicial regulation of disputes between the National Bank of the Kyrgyz Republic and commercial banks, the organizations performing separate types of banking activities and their founders (participants), legal entities and physical persons

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", and regulates procedure for pre-judicial appeal by bank, including National bank of development of the Kyrgyz Republic, or other financial credit institute (further - bank), and also other legal entity or physical person, including appeal:

- decisions on application of corrective actions and/or on imposing of the penalties (further - corrective actions) accepted by the deputy the Chairman/board member of National Bank supervising the supervising block or Committee on supervision of National Bank (further - Committee on supervision);

- resolutions of Board of National Bank concerning application of corrective actions, except for corrective actions about introduction of preservation and revocation of license which are regulated according to the procedure, provided by the Law of the Kyrgyz Republic "About preservation, liquidation and bankruptcy of banks".

Other disputes between National Bank and banks or legal entities and physical persons are permitted judicially according to the legislation of the Kyrgyz Republic.

1. General provisions

1.1. This Provision is applied in all cases when bank, the legal entity or physical person according to this Provision, intends to appeal the decision of the Deputy Chairman/board member of the National Bank supervising the supervising block either Committee on supervision or the resolution of Board of National Bank concerning application of corrective actions and imposing of penalties.

1.2. The concepts used in this Provision:

"Appellant" - bank or other legal, or physical person which appeals the decision of the Deputy Chairman/board member of the National Bank supervising the supervising block or Committee on supervision, or board decision of National Bank according to the procedure established by this Provision.

"Bank" - commercial bank or other financial credit institute (FCI) licensed by National Bank, and/or which is subject to supervision from National Bank according to the legislation of the Kyrgyz Republic.

"National Bank" - National Bank of the Kyrgyz Republic.

"Responsible structural division of National Bank" - Management of external supervision, Management of inspection, the Management of methodology of supervision and licensing initiating consideration of question in the matter of the appellant.

"The decision on application of corrective actions" - the document accepted by the deputy the Chairman/board member of National Bank supervising the supervising block, or Committee on supervision of National Bank, or Board of National Bank concerning bank, other legal entity or physical person determining corrective actions and/or the certain actions obligatory to execution including the decision on imposing of penalty.

"Trial" - process of consideration of the application about the appeal on the decision of Committee on supervision or written objection on board decision of National Bank according to this Provision.

"Party" - bank and/or other legal, or physical person which can submit the appeal according to this Provision and any authorized representatives of National Bank.

1.3. The board of National Bank can review the terms provided by Items 3.3., 5.1., 7.2., 8.1., 8.5., 8.7. this provision, in cases of representation of one of the parties of motivated request for review of terms, but no more than for 10 working days, except for other terms, stipulated by the legislation the Kyrgyz Republic.

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