of March 16, 2016 No. 12/4
About approval of Regulations of activities of specialized financial institutions
According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:
1. Approve Regulations of activities of specialized financial institutions (are applied).
2. This resolution becomes effective after 15 days from the date of official publication. Section 3 and Appendices of 1-7 Regulations of activities of specialized financial institutions become effective since July 1, 2016.
3. To legal management:
- publish this resolution on the official site of National Bank of the Kyrgyz Republic;
- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.
4. To management of methodology of supervision and licensing to bring this resolution to the attention of Association of exchange bureaus "Alyans" of the Kyrgyz Republic, exchange bureaus, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.
5. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic T. Dzhusupov.
to the Resolution of Board of National Bank of the Kyrgyz Republic of March 16, 2016 No. 12/4
1. Ceased to be valid
2. The National Bank of the Kyrgyz Republic (further - National Bank) exercises supervision of activities of the specialized financial institutions (further - SFU) performing activities for exchange of foreign currency for the purpose of preserving stability of financial system and compliance of their activities to requirements of the legislation and to regulatory legal acts of the Kyrgyz Republic.
These rules do not extend to commercial banks, the microfinancial organizations, credit unions, JSC Finance Company of Credit Unions, financial and credit corporations (companies), loan cash desks, societies of mutual lending which are acting on the basis of the licenses of National Bank of the Kyrgyz Republic and competent to perform separate banking activities.
3. The National Bank establishes the economic standard rates, requirements and restrictions obligatory for accomplishment of SFU, for the purpose of preserving stability of financial system and sustainable development of SFU. For goal achievement and accomplishment of tasks of National Bank, the Board of National Bank the separate resolution can change values of the economic standard rates and requirements of limited term established in these rules.
4. The National Bank has the right to apply corrective actions to SFU according to the legislation of the Kyrgyz Republic and these rules.
5. SFU can establish higher requirements for economic standard rates and requirements for the purpose of additional decrease in risks, without violating at the same time values of the economic standard rates and requirements established by these rules and other regulatory legal acts of National Bank.
6. Transportation of cash will be organized by SFU independently or with involvement of collector service / organization with which the relevant agreement is signed. At the same time the conditions ensuring safety and safety of values of SFU in case of their transportation and also question of compensation of values in case of their loss shall be provided in agreements.
7. SFU shall observe economic standard rates, the requirements and restrictions set by National Bank for SFU.
8. Standard rate of the minimum size of equity.
8.1. The standard rate of the minimum size of equity of SFU shall be supported at the level of at least 100% of the minimum authorized capital.
8.2. The norm of the minimum size of equity of SFU is determined on formula:
H1 = (SK / UK) * 100%, where:
SK - equity of SFU for date of assessment;
UK - the minimum authorized capital established for SFU by National Bank.
8.3. SFU shall make calculation of equity (for date of assessment) on the basis of the following indicators:
- the paid authorized capital (cost of common and preferred shares);
- the capital brought over nominal;
- the supplementary capital brought by physical persons and legal entities;
- unallotted profit / losses of last years;
- losses of the current year.
9. Standard rate (indicator) of liquidity
9.1. Value of the standard rate (indicator) of liquidity H2 needs to be maintained at the level of not lower than 100%.
9.2. The norm (indicator) of liquidity is determined on formula:
H2 = (LA / OB) * 100%, where:
LA - quick assets to which cash in national and foreign currency belongs (cash desk), means on settlement (current) accounts of SFU and deposits in banks in national and foreign currency, and also the state treasurer bills of exchange and other highly liquid securities issued by the Government of the Kyrgyz Republic and National Bank (further - highly liquid securities), including the highly liquid securities purchased under the repo-agreement. These securities in case of calculation of the standard rate (indicator) of liquidity are considered minus award (discount) and unrealized profit (losses);
ABOUT - obligations of SFU to which obligations to banks, dividends which are subject to payment to shareholders, obligations to clients on exchange of foreign currency, other obligations except obligations on the taxes which are subject to budget contribution belong.
10. For implementation of settlings with clients of SFU shall open settlement (current) accounts in national and foreign currencies in several commercial banks performing activities based on the license granted by National Bank.
11. The size of the means placed on settlement (current) accounts of SFU in one commercial bank shall be no more than 20% of the size of the paid authorized capital of SKU.
12. The obligation of SFU on the money of the client enlisted on the settlement (current) account of SFU for exchange shall be performed no later than two working days.
13. Counting of the term specified in Item 12 of these rules is calculated since date of transfer of funds of clients for the settlement (current) account of SFU and before acceptance date to execution of the payment document SFU by commercial bank during the day specified as date of its registration if other is not stipulated by the legislation the Kyrgyz Republic and (or) bilateral agreements between commercial bank and SFU.
14. Determine that in case of untimely transfer of funds for settlement (current) customer account the client has the right to require from SFU interest payment for non-execution of monetary commitment in the amount of the double operating discount rate of National Bank from the amount of overdue payment for each day of delay if other, higher size of percent is not stipulated by the legislation the Kyrgyz Republic or bilateral agreements between SFU and the client.
15. SFU shall be developed and approved by Board of SFU risk management policy which in subsequent shall be approved by the Board of directors of SFU.
16. The board of directors of SFU periodically makes the overview of adequacy the politician and if necessary makes changes and additions which are also subject to preliminary approval by Board of SFU.
17. In case of sharp change in the exchange rate of national currency in the market for the purpose of maintenance of its stability the National Bank has the right to establish the margin size.
18. SFU has no right:
- grant the loans and loans to legal entities and physical persons,
- borrow means from legal entities and physical persons, except shareholders legal entities and commercial banks.
19. SFU shall have the automated systems of accounting and provision of the reporting which shall conform to requirements of the Provision "About Requirements for Ensuring Information Security in Commercial Banks of the Kyrgyz Republic" approved by the resolution of Board of National Bank of 14.09.2011 No. 52/12. SFU shall have Internet access for submission of the reporting in electronic form to National Bank.
20. For the purpose of ensuring adequate regulation of activities head SFU and their branches / exchange points shall submit independently and timely in National Bank the authentic periodic regulating report in shape, procedure and terms according to Appendices of 1-7 these rules, and also the other additional information according to the written request of National Bank.
21. Head SFU and their branches / exchange points shall provide the report on purchase and sale of cash foreign currency by means of the portal twice a day:
- from 7:00 to 11:00 o'clock in the afternoon, following the reporting working day - the detailed report with indication of currency rates and amounts, and also the report on currency rates without amounts.
- from 13:00 to 15:00 o'clock in the afternoon - the report on the foreign exchange rates without specifying of amounts. At the same time at the end of the working day head SFU and their branches / exchange points independently create the report on purchase and sale of cash foreign currency (count results on the operations performed in day remove remaining balance for the end of the working day) and represent it to National Bank by means of the portal by each branch / exchange point. The balance in cash for the end of day shall be equal to balance in cash for the beginning of the next day.
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