RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 16, 2016 No. 12/3

About approval of the Provision "About Licensing of Activities of Specialized Financial Institutions"

According to articles 7 and 43 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 Licensing of Activities of Specialized Financial Credit Institutes" it (is applied).

2. 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.

3. This resolution becomes effective after fifteen days from the moment of its official publication.

4. To management of methodology of supervision and licensing to bring this resolution to the attention of the relevant structural divisions of National Bank of the Kyrgyz Republic, the operating exchange bureaus of the Kyrgyz Republic and Association of exchange bureaus "Alyans".

5. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova T.Dzh.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 16, 2016 No. 12/3

About licensing of activities of specialized financial institutions

The provision "About Licensing of Activities of Specialized Financial Institutions" (further - the Provision) determines procedure for licensing of activities of the specialized financial institutions (further - SFU) performing the separate banking activities specified in this Provision.

This Provision does 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.

Chapter 1. General provisions

1. SFU is created only in the form of joint-stock company and performs the activities according to the legislation of the Kyrgyz Republic, this Provision and constituent documents SFU.

2. For implementation of the activities of SFU shall obtain the license of National Bank of the Kyrgyz Republic (further - National Bank) on the right of implementation of the transactions specified in Item 3 this provision (further - the license) according to the Laws of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" and "About licensed authorization system in the Kyrgyz Republic" and other regulatory legal acts of National Bank.

3. SFU can perform the following transactions taking into account the restrictions set by National Bank provided that such transactions are specified in the license:

- buy and sell cash and non-cash foreign currency on its own behalf and on behalf of the client;

- perform retail banking services by means of the conclusion of the agency agreement with bank;

- transactions with precious metals, in the form of the measuring ingots emitted by National Bank.

In the presence of the additional license of the SFU National Bank has the right to perform transactions on rendering services in acceptance and carrying out payments and calculations for the goods and services which are not result of the activities for benefit of the third parties by means of the payment systems based on information technologies and electronic means and methods of carrying out payments.

4. SFU is forbidden to participate in all "game" types of activity, including in the organization and holding draws and cash and prize lotteries, including carrying out cash and prize lotteries in premises of SFU or their advertizing.

5. SFU uses that which is written down in its charter as the trade name. SFU has no right to refer to as itself in any documents, announcements or advertizing differently, than the name which is written down in its charter.

6. As founders and shareholders of SFU physical persons and legal entities (only residents of the Kyrgyz Republic) which participation in SFU is not forbidden by the legislation of the Kyrgyz Republic can act.

7. Founders (shareholders) - members of SFU shall meet the following minimum requirements:

- have satisfactory financial position;

- not have obligations on tax payment and the payments equated to them;

- lack of the taken measures and sanctions or other decisions recognizing it allowed violations of the bank law including if their actions (failure to act) led to withdrawal of the license/certificate at financial credit institution.

Founders (shareholders) - legal entities shall be registered in the procedure established by the legislation.

8. Premises of SFU, including premises of its branches and exchange points shall conform to requirements for technical reinforcement and the equipment established by the legislation of the Kyrgyz Republic.

8-1. Decisions or information on the made decisions of National Bank within this provision are brought to the attention of applicants (SFU) in writing, within three working days from the date of adoption of such decision if other terms are not provided in this Provision.

8-2. The acts of National Bank adopted within this provision (except for licenses, resolutions of Board of National Bank and Committee on supervision of National Bank) do not require assurance by seals of National Bank.

Chapter 2. Authorized capital of SFU

9. The minimum size of the authorized capital of SFU shall constitute at least 50 million som.

10. The basis of the capital of SFU is constituted by the paid authorized capital. Only such authorized capital on which SFU has no obligations on return of investments made by shareholders is equity composition of SFU.

11. The authorized capital of SFU is created in national currency of the Kyrgyz Republic and only at the expense of money of founders (shareholders). Use for forming of the authorized capital of fixed assets and intangible assets is not allowed.

12. Founders of SFU shall bring the minimum size of the authorized capital on the accumulation account opened in commercial bank after passing of state registration. SFU has no right to use these means on the account before receipt of the license for the right of carrying out separate banking activities.

Chapter 3. The documents provided to SFU for receipt of the license

13. For receipt of the license for the right of carrying out separate banking activities of SFU shall submit the following documents to National Bank:

1) the petition for licensing for the right of implementation of the transactions specified in Item 3 this provision according to Appendix 1, signed by the chairman of the board, the containing detailed description of transaction types which SFU intends to perform;

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