of October 15, 2016 No. 455-V
About the obligatory deposit guarantee of physical persons
This Law determines legal, economic and organizational bases of the deposit guarantee of physical persons in banks of Turkmenistan, participation of banks in system of the obligatory deposit guarantee, is directed to protection of the rights and legitimate interests of investors and stimulation of attraction of savings of the population and building confidence in bank system.
In this Law the following basic concepts are used:
1) contribution (deposit) (further - contribution) - the money in national and (or) foreign currency deposited by physical person or in its advantage the bank account based on bank deposit agreement or without that including the capitalized (ranked) deposit interest;
2) the guaranteed contribution - the contribution which is object of warranty compensation on system of the obligatory deposit guarantee;
3) warranty compensation - the money in national currency which is subject to payment to the investor;
4) participating bank - bank, including the branch of foreign bank registered in Turkmenistan, being the participant of system of the obligatory deposit guarantee whose obligations on return of the attracted deposits are guaranteed according to the legislation of Turkmenistan;
5) the investor - physical person addressed to which the contribution in participating bank is open;
6) system of the obligatory deposit guarantee - complex of the obligatory organization-legal measures provided by this Law, directed to protection of the rights and legitimate interests of investors of participating banks;
7) confirmation of participating bank - the document issued by the Central bank of Turkmenistan to participating bank, certifying its participation in system of the obligatory deposit guarantee.
1. The legislation of Turkmenistan on the obligatory deposit guarantee of physical persons is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.
2. If the international treaty of Turkmenistan establishes other rules than provided by this Law, then rules of the international treaty are applied.
1. Operation of this Law extends to the relations which arose from the bank deposit agreements signed by banks with investors.
2. Operation of this Law does not extend to cases:
1) reorganization of participating bank;
2) adoptions by authorized body of participating bank of the decision on the termination of its activities;
3) liquidations of branch of participating bank.
1. The purpose of system of the obligatory deposit guarantee is stimulation of attraction of savings of the population, depositor protection, building confidence in bank system of Turkmenistan by payment of warranty compensation in case of involuntary liquidation of participating bank.
2. The basic principles of system of the obligatory deposit guarantee are:
1) obligation of participation of the banks accepting household deposits;
2) transparency of system of the obligatory deposit guarantee;
3) accumulative nature of forming of fund of the obligatory deposit guarantee.
Subjects of system of the obligatory deposit guarantee are: investors, Central bank of Turkmenistan and participating banks.
1. Object of system of the obligatory deposit guarantee is the money of investors placed on the supplementary account (accounts) of participating bank.
2. According to this Law objects of system of the obligatory deposit guarantee are not:
1) the added deposit interest;
2) the money placed by physical persons in bank deposits to bearer, credit cards, securities, except for registered savings certificates of physical persons;
3) the money delivered to banks by physical persons in trust management;
4) the money placed in branches of the participating banks located in the territory of foreign states;
5) the money placed on accounts of the physical persons which are engaged in business activity without education of legal person individual entrepreneur if these accounts are opened for implementation of business activity;
6) the money placed on open accounts of participating banks as providing obligations to bank or the third parties.
Central Bank of Turkmenistan in system of the obligatory deposit guarantee of physical persons has the right:
1) to determine procedure:
a) forming, investments of funds of fund of the obligatory deposit guarantee and payments from it;
b) forming of warranty reserve;
2) to perform the choice of authorized bank for implementation of payments of warranty compensation;
3) to establish the sizes and payment procedure of compulsory and special contributions participating banks;
4) to pass the decision on entering of special fee by participating banks into warranty reserve;
5) to require compensation of means within the amounts of warranty compensation and expenses on their payment from implementable property and assets of the liquidated participating bank;
6) to require payment of compulsory contributions by participating banks;
7) to make write-off of sums of money in procedure without acceptance from correspondent accounts of participating banks in case of untimely transfer of compulsory contributions or their transfer in incomplete amount;
8) to request from participating banks of the data on the attracted deposits;
9) to demand representation from liquidation commission of participating bank of the list of investors, and also calculation of warranty compensation for the guaranteed deposits;
To apply 10) to participating bank of corrective action in case of violation of requirements of this Law by it.
Central Bank of Turkmenistan in system of the obligatory deposit guarantee of physical persons shall:
1) to control completeness and timeliness of payment by banks - participants of compulsory contributions;
2) to organize proper forming and maintaining the register of participating banks;
3) to make issue of confirmation of participating bank, the participation in system of the obligatory deposit guarantee of physical persons certifying it;
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