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Appendix

to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 23, 2015 No. 78/25

REGULATIONS  

on licensing of credit unions 

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated February 5, 2016 No. 5/1, May 17, 2017 No. 19/14, June 15, 2017 No. 2017-P-12/25-11, February 27, 2019 No. 2019-P- 33/9-7, July 8, 2020 No. 2020-P-12/39-1, September 28, 2021 No. 2021-P-33/53-8) 

The Regulation on Licensing Credit Unions (hereinafter referred to as the Regulation) determines the procedure for licensing credit unions, including credit unions that carry out operations in accordance with the Islamic principles of banking and financing (taking into account the special terminology provided for by banking legislation), as well as the requirements for officials credit unions, the procedure for opening branches and making changes and additions to the charter of credit unions.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

Chapter 1. General Provisions 

1. A credit union is created in the form of a cooperative and operates on the basis of a license issued by the National Bank of the Kyrgyz Republic (hereinafter referred to as the National Bank) and constituent documents that comply with the legislation of the Kyrgyz Republic.

2. A credit union receives the status of a legal entity from the moment of its state registration in accordance with the legislation of the Kyrgyz Republic. Upon state registration/re-registration of a credit union, the written consent of the National Bank is required.

3. To start its activities, a credit union must obtain a license from the National Bank, which gives the right to carry out the following operations:

- attraction of funds from its participants by acquiring a savings share;

- provision of loans to members of a credit union on terms of urgency, repayment and payment.

4. A credit union may additionally carry out the following banking operations, provided that these operations are specified in an additional license obtained in accordance with the requirements of the National Bank:

1) attraction of contributions (deposits) from participants of a credit union in national and foreign currency;

2) implementation of retail banking services under an agency agreement with a bank - without opening accounts for clients in a credit union;

3) making settlements on behalf of participants in a credit union under an agreement with a bank or other authorized financial and credit organization without opening an account with a credit union;

4) purchase and sale of foreign currency on its own behalf;

5) provision of loans to participants of a credit union on terms of urgency, repayment and payment in foreign currency.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

5. If there is an appropriate license (indication in the license) of the National Bank, the credit union is entitled to carry out financial services (operations) specified in paragraphs 3 and 4 of these Regulations in accordance with the Islamic principles of banking and financing in accordance with the regulatory legal acts of the National Bank.

6. A credit union has the right to carry out the operations specified in paragraphs 3 and 4 of this Regulation only if its cash premises meet the minimum requirements of the National Bank for a credit union's cash premises (Appendix 1).

7. Prior to obtaining a license from the National Bank, a credit union is prohibited from engaging in any activity as a legal entity, with the exception of organizational activities related to the establishment of a credit union.

8. A credit union has the right to carry out only those operations that are specified in the license (additional license) of the credit union.

9. Documents of a credit union for obtaining a license (additional license) in accordance with the requirements of this Regulation are submitted to the National Bank at its location in the state and/or official languages of the Kyrgyz Republic:

- to the central office of the National Bank - by credit unions located in Bishkek and Chui region;

- to the regional departments of the National Bank - by credit unions located in the regions of the Kyrgyz Republic, except for the Chui and Batken regions;

- to the representative office of the National Bank in Batken region - by credit unions located in Batken region.

10. Each copy of the founding document of a credit union or other decision taken by a credit union, provided to the National Bank in accordance with this Regulation, containing more than one sheet, must be individually stitched, numbered and signed by the head of the credit union and sealed with the seal of the credit union (if availability).

Copies of the submitted documents must be certified in the prescribed manner.

11. The constituent agreement of a credit union must be signed by all participants (authorized representatives of participants) of the credit union. The signature of a participant - an individual must be notarized, the signature of an authorized person who is a representative of a participant - a legal entity, must be certified by the seal of the legal entity.

12. Issuance of a license (additional license) to a credit union is carried out on a paid basis. A license is issued upon submission by the applicant of a payment document confirming the payment of the state fee for issuing a license (reissuing a license, issuing a duplicate of a license) in the amount and in the manner established by the legislation of the Kyrgyz Republic.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 27, 2019 No. 2019-P-33/9-7) 

13. In case of submission to the National Bank of the documents established by this Regulation, not in full or if the documents do not comply with the requirements established by the legislation of the Kyrgyz Republic and this Regulation, the National Bank, within the period allotted for consideration of documents in accordance with the requirements of this Regulation, has the right to return documents for revision with a written statement of the reasons for the return.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

14. If the credit union submits revised documents to the National Bank on the grounds specified in paragraph 13 of these Regulations, or if additional documents are submitted during the period of consideration by the National Bank of documents, then the countdown for their consideration begins again, from the date of receipt of documents that meet the requirements of this Regulation.

15. In case of change during the period of consideration by the National Bank of the documents of the name, location, composition of the participants of the credit union, etc., requiring amendments and / or additions to the constituent documents of the credit union, the applicant must, within 3 (three) business days from the date adoption by the authorized management body of the credit union of such a decision to notify the National Bank and submit the constituent documents with the amendments and / or additions.

16. The Credit Union is responsible for the accuracy of the information specified in the submitted documents, in accordance with the legislation of the Kyrgyz Republic.

16-1. Decisions or information on the decisions made by the National Bank within the framework of these Regulations are brought to the attention of the applicants (credit union) in writing, within three working days from the date of such a decision, unless otherwise provided in this Regulation.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

16-2. Acts of the National Bank adopted within the framework of this Regulation (with the exception of licenses, resolutions of the Board of the National Bank and the Supervisory Committee of the National Bank) do not require certification with the seals of the National Bank.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

Chapter 2. Documents provided for obtaining a license 

17. To obtain a license, a credit union submits the following documents to the National Bank at its location:

1) an application for a license (Appendix 2);

2) minutes of the general meeting of participants of the credit union (two copies), containing decisions:

- on the creation of a credit union;

- on the election/appointment of members of the board, supervisory board (if any), credit committee, audit commission;

- on the election of the chairman and members of the Sharia Council (if the credit union intends to operate in accordance with the Islamic principles of banking and financing);

- (the paragraph became invalid in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated September 28, 2021 No. 2021-P-33/53-8) 

- on approval of the credit/financing policy in accordance with the Islamic principles of banking and financing;

- on other issues in accordance with the legislation of the Kyrgyz Republic;

3) a constituent agreement on the establishment of a credit union (two copies);

4) charter of the credit union, approved by the general meeting of participants (two copies);

5) questionnaires of officials (members of the board, chairman of the supervisory board (if any), (if the credit union intends to operate in accordance with Islamic principles of banking and financing, questionnaires of the chairman and members of the Shariah Council are also submitted) in the form and requirements specified in Appendix 3, as well as information and documents confirming their compliance with the minimum qualification requirements established by this Regulation and the regulatory legal acts of the National Bank (certificates and / or other similar documents, copies of a diploma, if necessary, copies of a work book);

6) credit policy/financing policy in accordance with Islamic principles of banking and financing (crediting/financing manual), approved by the general meeting of participants, developed in accordance with the regulatory legal acts of the National Bank and including the following:

- rules and procedures for the submission by the borrower of documents for obtaining a loan/financing;

- conditions and rules for granting a loan/financing;

- functions and powers of the credit committee/financing committee;

- rules for creating a reserve to cover potential losses and losses on lending/financing operations;

- procedure for monitoring loans/financing;

7) forecast calculations with the forecast balance in terms of the volume of attracted savings shares, the volume of loans / financing and the number of participants in the credit union;

8) copies of passports of participants of the credit union and officials specified in subparagraph 6 of this paragraph;

9) information about the participants of the credit union - legal entities (copies of constituent documents certified by the seal of this legal entity);

10) information about the general organizational structure of the credit union (governing bodies, structural subdivisions (departments, departments), their functional duties, the range of issues under consideration or a list of operations that they are authorized to perform, subordination);

11) a lease agreement for premises or a document establishing the ownership of the credit union to the occupied premises (a copy certified by the seal of the credit union).

In the constituent documents specified in subparagraphs 2 and 3 of this paragraph, the signatures of the founders - individuals must be notarized, the signature of an authorized person who is a representative of a participant - a legal entity, must be sealed by a legal entity.

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14. September 28, 2021 No. 2021-P-33/53-8) 

18. The National Bank considers the credit union's application for a license within 30 (thirty) calendar days from the date of submission of documents satisfying the requirements to the National Bank.

The term for consideration of the application may be extended by the Deputy Chairman/member of the Board of the National Bank in charge of supervision and licensing issues by 10 (ten) calendar days.

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated February 5, 2016 No. 5/1, May 17, 2017 No. 19/14) 

19. In case of completeness and compliance of the submitted documents with the established requirements and there are no grounds for refusal, the National Bank issues a letter of consent for the credit union to undergo state registration with one copy of the constituent documents specified in subparagraphs 2-4 of paragraph 17 of these Regulations.

Chapter 3. Requirements for officials 

20. The officials of a credit union are the chairman and members of the board, the chairman of the supervisory board (if any), the chairman and members of the Shariah Council (for credit unions operating in accordance with Islamic principles of banking and financing) and the chief accountant.

21. Officials of the credit union specified in paragraph 20 of these Regulations must meet the following minimum qualification requirements:

1) for the chairman and members of the board, chairman of the supervisory board (if any):

- higher education (preferably in economics) or 3 (three) years of experience in managerial positions (in the presence of secondary specialized economic education);

- knowledge of the legislation of the Kyrgyz Republic, including the regulatory legal acts of the National Bank regulating the activities of credit unions, as well as in the field of asset and liability management, lending and collection of collateral. Knowledge in these areas must be confirmed by appropriate certificates and / or other documents on training in these areas, in the absence of work experience in these areas.

The chairman and members of the board of a credit union carrying out operations in accordance with the Islamic principles of banking and financing, in addition to the requirements established by this paragraph, must have knowledge in the field of Islamic principles of banking and financing and the legislation of the Kyrgyz Republic (including regulatory legal acts National Bank) in this area. Knowledge in these areas must be confirmed by appropriate certificates and / or other documents confirming the completion of training in these areas.

2) for the chairman of the Sharia Council:

- having a diploma of higher education in the field of Sharia in the field of law and / or financial activity, or having a diploma of higher education and at least 1 (one) year of work experience in a senior position in a financial and credit organization that operates in accordance with Islamic principles banking and financing, including through the "Islamic window";

- availability of knowledge in the field of banking legislation on Islamic principles of banking and financing, including the main regulatory legal acts of the National Bank. Knowledge in this area must be confirmed by an appropriate certificate and / or other documents confirming the completion of training in this area.

3) for members of the Sharia Council:

- the presence of a diploma of higher education;

- availability of knowledge in the field of banking legislation on Islamic principles of banking and financing, including the main regulatory legal acts of the National Bank;

- availability of knowledge in the field of Islamic principles of banking and financing.

Knowledge in these areas must be confirmed by appropriate certificates and / or other documents on training in this area.

4) for the chief accountant:

- higher education in the field of economics and finance or 1 (one) year of work experience in the field of accounting (if you have a secondary professional education in the field of economics and finance, including successfully passing an accounting exam);

- knowledge of the basics of International Accounting and Reporting Standards, confirmed by a certificate and / or other documents on training in this area.

The chief accountant of a credit union that carries out operations in accordance with Islamic principles of banking and financing, in addition to the requirements of this subparagraph, must have knowledge of the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), confirmed by the appropriate certificate and / or other documents on passing learning in this direction.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

22. In case of election/re-election/appointment of the officials specified in paragraph 20 of these Regulations, as well as the chairman of the credit committee and the audit commission during the period when the National Bank considers the relevant documents, the credit union within 10 (ten) calendar days shall submit to the National Bank a letter notice with the following documents attached:

1) the decision of the authorized management body of the credit union on the election/re-election/appointment (a copy certified by the seal of the credit union);

2) questionnaires in the form and requirements established in Appendix 3 (only for officials);

3) information and documents confirming their compliance with the minimum qualification requirements established by this Regulation and the regulatory legal acts of the National Bank (only for officials).

23. The National Bank considers the documents specified in paragraph 22 of this Regulation within 30 (thirty) calendar days from the date of their submission and, if there are grounds for the submitted candidate specified in paragraph 24 of this Regulation, sends an appropriate letter to the credit union - notice requesting an alternative candidate for the relevant position.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

24. Officials of the credit union specified in paragraph 20 of these Regulations cannot be persons if:

- does not comply with the requirements of parts 1 and 2 of Article 18-1 of the Law "On Credit Unions";

- do not meet the minimum requirements established by this Regulation and the regulatory legal acts of the National Bank;

- there is a court decision prohibiting the candidate from engaging in this type of activity, and/or finding the candidate guilty of committing a crime in the field of economics and/or malfeasance;

- there is a decision, conclusion, materials of the inspection of the state bodies of the Kyrgyz Republic, indicating the candidate's improper business reputation;

- there is an earlier decision of the National Bank to remove and change the candidate as part of the enforcement measures applied by the National Bank to financial and credit organizations;

- there is a decision of the National Bank that finds the candidate guilty of violating the law, which resulted in the revocation of the license / certificate and / or led to the insolvency of the financial and credit organization.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

25. Consideration of candidates against whom a criminal case has been initiated is suspended from the moment the relevant supporting documents are received. A notice of this shall be sent to the credit union within 3 (three) business days from the date of suspension of the procedure for considering a candidate for compliance with the requirements of the National Bank.

Suspension of the procedure for consideration of the candidate's documents, provided for by this paragraph, suspends the period specified in paragraph 23 of these Regulations.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

26. In case of disputes or objections (disagreements) about the compliance/non-compliance of candidates with the minimum requirements of the National Bank, candidates may apply for reconsideration of the issue of compliance of the candidate with the minimum requirements to the Deputy Chairman/member of the Board of the National Bank in charge of supervision and licensing issues.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 5, 2016 No. 5/1) 

Chapter 4. Procedure for issuing a license for starting activities 

27. After state registration, a credit union, in order to obtain a license and start its activities, submits the following documents to the National Bank at its location:

1) an application for a license (Appendix 4);

2) notarized copies of the constituent documents of the credit union with a mark of state registration;

3) a copy of the certificate of state registration, certified by the seal of the credit union;

4) a written confirmation of a commercial bank on the availability of funds in the accumulative (deposit) account of the created credit union in full, equal to 100 (one hundred) percent of the amount of the declared authorized capital;

5) a receipt for payment of the state fee for the issuance of a license in the amount established by the legislation of the Kyrgyz Republic.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 27, 2019 No. 2019-P-33/9-7) 

28. The license (Appendices 5 and 6) is issued within 10 (ten) calendar days from the date of submission of documents to the National Bank in accordance with paragraph 27 of this Regulation.

29. Issuance of a license (additional license) is carried out to the head of the credit union upon presentation of a document proving his identity, or to an authorized person - if there is a power of attorney from the head of the credit union and presentation of a document proving his identity.

30. The National Bank maintains a unified register of licenses issued to credit unions.

31. The license (additional license) of a credit union is inalienable (registered). The rights arising from the license are not transferable to third parties. Such a transfer leads to the withdrawal of the license by the National Bank with the prohibition of the activity of the legal entity as a credit union. The term of the license (additional license) is unlimited. Copies of the license (additional license) are invalid.

32. In case of loss (damage) of the original copy of the license (additional license), the credit union submits an application to the National Bank for issuance of a duplicate with documents confirming the loss (damage) of the document (in case of damage - a damaged license; in case of loss - announcement in the mass media information about the loss indicating the details of the license and a certificate from the lost and found office). A duplicate license is issued within 5 (five) working days from the date of submission of the application and relevant documents to the National Bank with a receipt for payment of the state fee for issuing a license in the amount established by the legislation of the Kyrgyz Republic.

If an original copy of the license (additional license) is found, the credit union must submit an original copy of the license with clarifications to the National Bank within 3 (three) working days.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 27, 2019 No. 2019-P-33/9-7) 

Chapter 5. Procedure for granting an additional license for the right to attract contributions (deposits) from participants 

33. Issuance of an additional license to a credit union for the right to attract deposits (deposits) from members of a credit union, including for a credit union operating in accordance with Islamic principles of banking and finance, for the right to attract deposits (deposits) from members of a credit union on transactions "Mudaraba" and "Qard Al-Hassan", is carried out if the credit union meets the following minimum requirements:

1) profitable activity during the last 2 (two) years;

2) total capital in the amount of at least 2 (two) million soms;

3) institutional capital in the amount of at least 12 (twelve) percent of the total assets of the credit union;

4) the ratio of classified loans to the loan portfolio is not more than 5 (five) percent / the ratio of classified assets bearing credit risk to the financing portfolio is not more than 5 (five) percent for a credit union operating in accordance with Islamic banking principles and funding;

5) fulfillment of instructions, requirements and economic standards established by the regulatory legal acts of the National Bank (or execution of instructions based on the results of on-site inspections);

6) availability of deposit policy and liquidity management policy.

34. Compliance of the credit union with the requirements and standards of the National Bank is established on the basis of the results of external supervision and verification of the activities of the credit union by the National Bank, or the results of the verification conducted within the last 6 (six) months before the date of submission by the credit union to the National Bank applications for issuance of an additional license for the right to attract contributions (deposits) from its participants.

35. In order to obtain an additional license for the right to attract deposits (deposits) from participants, a credit union submits the following documents to the National Bank at its location:

1) an application for an additional license for the right to attract contributions (deposits) from its participants (Appendix 2);

2) minutes (a copy certified by the seal of the credit union) or an extract from the minutes of the general meeting of members of the credit union, containing a decision to obtain an additional license for the right to attract deposits (deposits) from participants and to approve the deposit policy, including liquidity management issues;

3) deposit policy approved by the decision of the general meeting of participants;

4) economic justification for the implementation of operations to attract deposits from members of the credit union with the forecast balance, the estimated volume and number of operations of the credit union to accept deposits;

5) a list of members of the credit union.

36. In the economic justification of the credit union for the implementation of operations to attract deposits (deposits) from participants, the following must be determined:

1) the main predicted balance sheet indicators of the credit union: total assets (including the loan portfolio), total liabilities (including the deposit base, debt on loans of the Open Joint Stock Company "Financial Company of Credit Unions" (hereinafter - JSC "FCCU ") and other financial and credit organizations), all capital (including institutional capital, equity capital) when carrying out operations to attract deposits (deposits) from participants and if this type of operations is not carried out (comparative analysis);

2) the main forecast indicators of the income statement of a credit union: interest income, non-interest income, interest expenses, operating expenses, when carrying out operations to attract deposits (deposits) from participants and if this type of operations is not carried out (comparative analysis);

3) the impact of the implementation of operations to accept deposits from members of a credit union on the implementation of the economic standards of the credit union and the change in the interest rate of the credit union on loans issued;

4) calculation of interest rates on deposits from participants with their justification, broken down by types and terms of deposits;

5) predictive calculation of cash flows, in the event that a credit union performs operations to accept deposits from members of a credit union for the term of obligations on loans from the FCCU and other financial and credit organizations or for 1 (one) year, in the absence of obligations on loans to the FCCU and other financial and credit organizations.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

37. If it is necessary to make changes and / or additions to the charter of a credit union in connection with the operation to attract deposits (deposits) from its participants, the introduction of such changes and / or additions is preliminarily agreed in the manner prescribed in Chapter 8 of these Regulations.

38. The National Bank considers an application for a license for the right to attract deposits (deposits) from members of a credit union within 30 (thirty) calendar days from the date of submission of documents satisfying the requirements to the National Bank.

The term for consideration of the application may be extended by the Deputy Chairman/member of the Board of the National Bank in charge of supervision and licensing issues by 10 (ten) calendar days.

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated February 5, 2016 No. 5/1, May 17, 2017 No. 19/14) 

39. In case of completeness and compliance of the submitted documents with the established requirements, there are no grounds for refusal and there is sufficient justification on the part of the credit union for obtaining an additional license, as well as when submitting a receipt for paying the state fee for issuing a license in the amount established by the legislation of the Kyrgyz Republic, the National the bank issues an additional license for the right to attract deposits (deposits) from members of the credit union (Appendices 7 and 8).

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 27, 2019 No. 2019-P-33/9-7) 

Chapter 6. Procedure for granting an additional license for the right to carry out additional financial services (operations) 

40. An additional license for the right to conduct operations specified in subparagraphs 2-5 of paragraph 4 of these Regulations is granted to a credit union if the credit union complies with the following minimum requirements at the time of application:

1) total capital in the amount of at least 2 (two) million soms;

2) availability of internal regulatory documents (policy or other documents) for the implementation of operations that require an additional license;

3) availability of a license to attract deposits (deposits) from members of a credit union in national and / or foreign currencies.

41. To obtain an additional license, a credit union submits the following documents to the National Bank at its location:

1) an application for an additional license (Appendix 2);

2) minutes (a copy certified by the seal of the credit union) or an extract from the minutes of the general meeting of members of the credit union, containing a decision to expand the range of operations carried out by the credit union;

3) economic justification with a predictive calculation of the volume of operations requiring an additional license;

4) normative documents (policy or other documents) regulating the procedure for carrying out operations of a credit union that require an additional license, with extracts from the decisions of the credit union's management bodies on the approval of these documents;

5) an act on the compliance of the premises with the requirements for technical strength and equipment, drawn up by the authorized body (upon obtaining an additional license for the right to purchase and sell foreign currency on its own behalf).

In case of obtaining an additional license to carry out operations for the purchase and sale of foreign currency on its own behalf, the credit union must be guided by the requirements of the Regulation "On the procedure for conducting exchange operations with foreign currency in cash in the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 42/1 November 30, 2000

42. If it is necessary to make changes and / or additions to the charter of a credit union in connection with the implementation of operations that require an additional license, the introduction of such changes and / or additions is preliminarily agreed in the manner prescribed in Chapter 8 of these Regulations.

43. The National Bank considers the application of the credit union for the issuance of an additional license within 30 (thirty) calendar days from the date of submission of documents satisfying the requirements to the National Bank.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

44. In case of completeness and compliance of the submitted documents with the established requirements, there are no grounds for refusal and there is sufficient justification for obtaining an additional license, as well as upon submission of a receipt for paying the state fee for issuing a license in the amount established by the legislation of the Kyrgyz Republic, the National Bank issues an additional license for the right to conduct transactions specified in subparagraphs 2-5 of paragraph 4 of these Regulations (Appendices 7 and 8 ).

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 27, 2019 No. 2019-P-33/9-7) 

Chapter 7. Procedure for opening a branch 

45. A credit union has the right to open branches in the territory of the Kyrgyz Republic, whose activities are carried out in accordance with the legislation of the Kyrgyz Republic. The decision to open a branch of a credit union is made by the general meeting of members of the credit union.

46. A branch of a credit union is its separate subdivision, which is not a legal entity, located outside the location of the credit union, carrying out all or part of the operations on the basis of the Regulations on the branch, acting within the powers granted to it by the credit union. Information about the branch of the credit union (including its location) must be contained in the charter of the credit union.

47. The branch has the same capital as the credit union, the balance sheet, as well as the name, which completely coincides with the name of the credit union, with the addition of the word "branch".

48. The head of the branch is appointed by the authorized management body of the credit union and acts on the basis of the issued power of attorney in the prescribed manner. The power of attorney must contain a list of transactions and other actions that the head of the branch is authorized to carry out on behalf of the credit union.

49. The Credit Union opens its branches in the territory of the Kyrgyz Republic on the basis of the consent of the National Bank to open a branch, subject to the following requirements:

1) the credit union is not under special supervision of the National Bank as a result of the deterioration of the condition of the credit union;

2) the National Bank has not imposed restrictions on the growth of the credit union, by restricting or prohibiting the opening of a branch;

3) the credit union fulfills the requirements of the National Bank for capital;

4) the recommendations and requirements of the National Bank following the results of the inspection and external supervision of the activities of the credit union have been implemented;

5) the premises for the location of the branch meet the minimum requirements of the National Bank (Appendix 1).

50. To open a branch, the credit union, within 30 (thirty) calendar days from the date of the decision to open a branch by the authorized management body of the credit union, submits the following documents to the National Bank at its location:

1) application for opening a branch (Appendix 9);

2) minutes (a copy certified by the seal of the credit union) or an extract from the minutes of the general meeting of participants of the credit union on opening a branch;

3) the charter with the amendments and/or additions about the branch and a copy of the charter (a copy certified by the seal of the credit union);

4) Regulations on the branch, approved by the decision of the general meeting of participants of the credit union, and a copy of the Regulations (a copy certified by the seal of the credit union), which must indicate:

- the name of the branch, fully coinciding with the name of the applicant credit union with the addition of the word "branch";

- name and location of the credit union that established the branch;

- legal address of the branch;

- the purpose of establishing a branch;

- a list of operations for which the branch is authorized;

- the scale and nature of the planned operations;

- powers and functions of the head of the branch, his rights and obligations, which should provide for effective control by the parent credit union;

- conditions for terminating the activities of the branch;

- other information provided for by the legislation of the Kyrgyz Republic;

5) information (full name, education, work experience) about the head and chief accountant of the branch with the decision of the authorized management body on the appointment (a copy certified by the seal of the credit union);

6) a power of attorney issued to the head of the branch, indicating the operations and transactions for which he is authorized (copy certified by the seal of the credit union);

7) assessment of the future activities of the branch in terms of the impact on the activities of the credit union and the forecast calculation of the profitability of the branch;

8) a lease agreement for premises or a document confirming the ownership of the occupied premises (a copy certified by the seal of the credit union).

51. The National Bank considers the application of the credit union to open a branch within 15 (fifteen) calendar days from the date of submission of documents satisfying the requirements to the National Bank. In case of completeness and compliance of the submitted documents with the established requirements and there are no grounds for refusal, the National Bank issues consent for the state registration of the branch and the state re-registration of the credit union in connection with the introduction of amendments and / or additions about the branch to the charter with the attachment of original copies of the documents specified in subparagraphs 3 and 4 paragraph 50 of this Regulation.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

52. If it is revealed that the requirements specified in paragraphs 49 and 50 of this Regulation are not met, the National Bank sends a letter to the credit union refusing to issue consent for the state registration of the branch and state re-registration of the credit union in connection with the introduction of changes and / or additions about the branch.

53. In the event of failure to notify the opening/closing of a branch of a credit union or a notification in violation of the deadline established by this Regulation, the National Bank has the right to apply enforcement measures against the credit union provided for by the regulatory legal acts of the National Bank.

54. The credit union within 5 (five) business days from the date of state registration of the branch and the state re-registration of the credit union is obliged to submit to the National Bank at its location a letter of notification with the following documents attached:

1) a copy of the certificate of state registration of the branch, certified by the seal of the credit union;

2) a copy of the Regulations on the branch with a mark of state registration, certified by the seal of the credit union;

3) a copy of the certificate of state re-registration of the credit union, certified by the seal of the credit union;

4) a copy of the charter of the credit union with the amendments and / or additions about the branch with a mark of state re-registration, certified by the seal of the credit union.

55. The decision to close a branch of a credit union is made by the general meeting of participants in the credit union. Within 10 (ten) working days from the date of termination of the branch specified in the relevant decision, the credit union is obliged to submit to the National Bank:

1) an application to close a branch (Appendix 9);

2) minutes (a copy certified by the seal of the credit union) or an extract from the minutes of the general meeting of participants of the credit union on the closing of the branch;

3) a copy of the registration application for registration of the termination of the branch, sent to the authorized state body that registers legal entities (a copy certified by the seal of the credit union).

Introduction of amendments and/or additions to the charter in connection with the closure of the branch is carried out by the credit union at the next regular introduction of amendments and/or additions to the charter.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

55-1. The credit union, within 10 (ten) working days after the state registration of the termination of the branch's activities, is obliged to submit to the National Bank an appropriate notification letter with a copy of the document of the authorized state body that registers legal entities, on registration of the termination of the branch's activities, certified by the seal of the credit union.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

56. The National Bank maintains a register of branches of credit unions.

Chapter 8 

57. Changes and / or additions made to the charter of a credit union are subject to agreement with the National Bank in cases provided for by the legislation of the Kyrgyz Republic.

58. The credit union, in order to agree with the National Bank of the amendments and / or additions to the charter, submits the following documents to the National Bank at its location:

1) a request for amendments and/or additions to the articles of association;

2) minutes (a copy certified by the seal of the credit union) or an extract from the minutes of the general meeting of members of the credit union containing the decision to amend and / or add to the charter;

3) the charter in the new edition and a copy of the charter (certified by the seal of the credit union);

4) a lease agreement for premises or a document establishing the right of ownership of the credit union to the occupied premises (a copy certified by the seal of the credit union) (in case of a change in the legal address of the credit union);

59. The documents specified in paragraph 58 of this Regulation shall be submitted by the credit union to the National Bank within 30 (thirty) calendar days from the date of the decision of the general meeting of participants to amend and / or add to the charter of the credit union.

60. The National Bank considers an application for amendments and / or additions to the charter within 30 (thirty) calendar days from the date of submission to the National Bank of documents that meet the requirements, and if the submitted documents are complete and comply with the established requirements and there are no grounds for refusal, issues consent to the state re-registration of the credit union in connection with the introduction of amendments and / or additions to the charter.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

61. The credit union is obliged, within 10 (ten) calendar days after passing the state re-registration procedure, to submit to the National Bank an appropriate notification letter with the following documents attached:

1) a copy of the charter of the credit union with a mark of state re-registration, certified by the seal of the credit union;

2) a copy of the certificate of state re-registration of the credit union, certified by the seal of the credit union.

62. In the event of amendments and / or additions to the charter that entail state re-registration, and changes in the information specified in the license (additional license) (change of name, legal address), the credit union, in addition to the documents submitted in accordance with paragraph 61 of this of the Regulations, is obliged to submit the following documents to the National Bank at its location:

1) an application for renewal of a license (additional license);

2) the decision of the authorized management body to reissue the license;

3) an original copy of the previously issued license (additional license) of the credit union;

4) a receipt for payment of the state fee for the issuance of a license in the amount established by the legislation of the Kyrgyz Republic.

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated February 27, 2019 No. 2019-P-33/9-7) 

63. The license is reissued within 10 (ten) calendar days from the date of submission of the relevant documents to the National Bank.

Chapter 9 

64. A credit union may be transformed into a credit union that carries out operations in accordance with the Islamic principles of banking and financing, in accordance with the requirements of the regulatory legal acts of the National Bank (hereinafter referred to as the Islamic credit union).

65. A credit union to be converted into an Islamic credit union must meet the following requirements:

- comply with capital requirements in accordance with the regulatory legal acts of the National Bank;

- have no restrictions on conducting transactions in national currency, as well as in foreign currency, if there is an additional license for conducting transactions in foreign currency;

- comply with economic standards and other requirements established by the National Bank;

- not have unfulfilled orders and/or requirements of the National Bank.

66. In a credit union that operates in accordance with Islamic principles of banking and financing, there must be a Shariah Council, which must consist of at least 3 (three) members elected for a period of 5 (five) years. At least one third of the composition of the Sharia Council must be made up of independent members of the Sharia Council. Independence criteria are determined by banking legislation. At least 1 (one) member of the Sharia Council must be a citizen of the Kyrgyz Republic who speaks the state and / or official language.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 8, 2020 No. 2020-P-12/39-1) 

67. A credit union has the right to apply to the services of the Sharia Council, created by associations (associations) of microfinance organizations / credit unions, if the members of this Sharia Council meet the requirements of this Regulation and the regulatory legal acts of the National Bank.

68. At least 6 (six) months before the expected date of transformation, the credit union must notify the National Bank and the creditors of the credit union about this and submit to the National Bank an original copy of the minutes of the general meeting of participants of the credit union with a decision on the transformation and an action plan for the transformation of the credit union to an Islamic credit union approved by the general meeting of members of the credit union.

The action plan should include, but not be limited to, the timing of the action plan, the procedure for converting / redeeming assets and liabilities that do not comply with Shariah standards, training staff on Islamic principles of banking and financing, and others.

69. After notifying the National Bank of the transformation of a credit union into an Islamic credit union, the National Bank, if necessary , conducts an inspection of the credit union, or the results of external supervision and inspections conducted within the last 6 (six) months before the date of such notification to the National Bank may be taken into account. jar.

70. After 6 (six) months from the date of notification of the National Bank of the intention to transform into an Islamic credit union, the credit union must submit the following documents to the National Bank at its location in order to obtain a license:

1) an application for a license to carry out operations in accordance with Islamic principles of banking and finance (Appendix 2);

2) information about the organizational structure of the credit union, revised in connection with the transformation of the credit union, approved by the decision of the general meeting of participants (governing bodies, structural divisions (departments, departments), their functional duties, the range of issues under consideration or the list of operations that they are authorized to perform, subordination);

3) the charter containing the issues of carrying out operations in accordance with the Islamic principles of banking and financing in the manner prescribed by the regulatory legal acts of the National Bank, and a copy of the charter (certified with the seal of the credit union);

4) forecast calculations with the forecast balance in terms of the volume of attracted savings shares, the volume of financing and the number of participants in the credit union;

5) minutes (a copy certified by the seal of the credit union) or an extract from the minutes of the general meeting of participants that a comprehensive analysis of the proposed transactions and their impact on the activities of the credit union was carried out, and that the participants identified the risks associated with the transformation;

6) the final action plan for the transformation of a credit union into an Islamic credit union in accordance with the requirements of paragraph 68 of this Regulation;

7) written consent of creditors - financial and credit organizations to the transformation (if any);

8) questionnaires of officials (chairman and members of the Sharia Council, chairman and one of the members of the board, chief accountant) in the form and requirements established in Appendix 3, as well as information and documents confirming their compliance with the minimum qualification requirements established by this Regulation and regulatory legal acts of the National Bank.

71. In case of completeness and compliance of the submitted documents with the established requirements, there are no grounds for refusal, including on the basis of the results of verification and consideration of the action plan for transformation, and there is sufficient justification from the credit union for transformation into an Islamic credit union, the National Bank within 30 (thirty) calendar days from the date of submission of the application gives consent to the credit union to transform into an Islamic credit union and undergo state re-registration.

72. After passing the state re-registration in connection with the transformation into an Islamic credit union, the credit union, within 10 (ten) calendar days from the date of state re-registration, must submit to the National Bank at its location:

1) an application for a license to carry out operations in accordance with Islamic principles of banking and financing (Appendix 4);

2) a copy of the charter of the credit union with a mark of state re-registration, certified by the seal of the credit union;

3) a copy of the certificate of state re-registration, certified by the seal of the credit union.

73. The license to carry out operations in accordance with the Islamic principles of banking and financing (Appendices 7 and 8) is issued by the National Bank within 30 (thirty) calendar days from the date of submission to the National Bank of the documents specified in paragraph 72 of this Regulation.

74. The Credit Union must submit to the National Bank a report on the implementation of the action plan specified in subparagraph 6 of paragraph 70, within a period not exceeding 30 (thirty) calendar days from the date of completion of its implementation.

Chapter 10. Refusal to issue a license (additional license) 

75. A credit union may be denied a license (additional license) or consent to state registration (re-registration) of a credit union or its branch in the following cases:

1) when a credit union carries out a type of activity prohibited by the legislation of the Kyrgyz Republic for credit unions;

2) if in relation to the credit union there is a court decision prohibiting it from engaging in this type of activity, and / or in relation to its founder I ( s) (major participant (s) there is a court decision that found him / them guilty (s) of committing a crime in the field of economics;

3) if the constituent and other documents submitted for consideration do not comply with the legislation of the Kyrgyz Republic, including the regulatory legal acts of the National Bank;

4) when the applicant submits false information;

5) in case of non-compliance of officials of the credit union with the minimum requirements established by this Regulation and the regulatory legal acts of the National Bank;

6) in case of a negative conclusion based on the results of external supervision and audit of the activities of the credit union, which poses risks for depositors and significant risks for the interests of shareholders and creditors of the credit union;

7) non-compliance by the credit union with the requirements for the minimum amount of capital;

8) the absence of a written consent of creditors (if any) to the transformation of a credit union (in case of state re-registration in connection with the transformation into a credit union carrying out operations in accordance with the Islamic principles of banking and financing);

9) in case of failure to pay the state fee for the issuance of a license.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 27, 2019 No. 2019-P-33/9-7) 

76. In case of refusal to issue a license/consent for state registration (re-registration), the applicant shall be sent a reasoned response in writing within the period established by these Regulations for consideration of the submitted documents.

In this case, one copy of the documents and copies of the documents of the credit union, submitted in accordance with the requirements of this Regulation, shall not be returned.

Chapter 11. Reorganization and/or liquidation 

77. A credit union may be reorganized (merger, accession, division, separation, transformation) subject to the requirements established by the legislation of the Kyrgyz Republic.

78. A credit union may be transformed into another financial and credit organization with the requirements of the legislation of the Kyrgyz Republic and with the consent of the National Bank.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

79. A credit union may be voluntarily liquidated. Liquidation of credit unions is carried out in accordance with the legislation of the Kyrgyz Republic, taking into account the following features:

- a credit union must submit a license (including an additional license) to the National Bank within 3 (three) working days from the date of the decision on liquidation;

- the credit union must stop issuing loans/financing, investing in the capital of organizations and fixed assets, accepting savings units and deposits from the moment the decision on liquidation is made.

80. It is not allowed to make a decision on liquidation on a voluntary basis if the credit union has not fulfilled all obligations to creditors, including financial and credit organizations.

81. The license (additional license) issued by the National Bank shall terminate in the following cases:

1) termination of the activities of a credit union in accordance with the legislation of the Kyrgyz Republic;

2) revocation of a license from a credit union;

3) other cases provided for by the legislation of the Kyrgyz Republic, including the regulatory legal acts of the National Bank.

82. The credit union must hand over the license (including an additional license) to the National Bank within 3 (three) business days from the date of receipt of the decision of the National Bank to revoke the license and within 30 (thirty) calendar days to begin the extrajudicial liquidation procedure (in case of if the credit union's assets cover its liabilities in full).

83. Responsibilities for the liquidation of a credit union are assigned to its participants or to the management body authorized for liquidation by the charter of the credit union.

84. In the event of insolvency (if the assets of a credit union do not cover its obligations), the credit union is subject to liquidation in accordance with the legislation of the Kyrgyz Republic on bankruptcy. At the same time, the features of the bankruptcy process of cooperatives do not apply to credit unions.

85. In case of forced liquidation of a credit union in a judicial proceeding, including in case of insolvency (if the assets of a credit union do not cover its obligations), a credit union that has a license to attract deposits from its participants is subject to liquidation in accordance with the banking legislation of the Kyrgyz Republic.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

86. (No longer valid in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

Chapter 12. Procedure for Appealing the Decisions of the National Bank 

(Chapter  

as amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

87. Decisions made by the National Bank within the framework of this Regulation may be appealed by applicants and/or other interested persons, in respect of whom decisions have been made or whose interests are affected by the decisions taken, in accordance with the banking legislation of the Kyrgyz Republic, including with mandatory observance of pre-trial appeal procedure.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

  

 

 

 

 

Appendix 1

to the Regulation "On Licensing of Credit Unions"

MINIMUM REQUIREMENTS  

of the National Bank of the Kyrgyz Republic for cash premises of a credit union (branches) 

1. The cash room of a credit union must be isolated from the staff and customers (members), and the servicing of customers (members) of the credit union should be carried out only through the cash window of the credit union.

2. The doors of the cash room during the performance of cash transactions must be locked from the inside.

3. In the cash room of a credit union, a fireproof metal cabinet (safe) is required to store money and documents of the credit union.

4. Cashiers' own money, outerwear and other items must be stored in a specially designated room or cabinets located outside the cash desks.

5. At the end of the working day, the doors to the cash desk of the credit union must be locked with a key and sealed with the seal of the credit union. Access to this room to persons who are not related to the work of the cash desk is prohibited.

 

 

 

Appendix 2

to the Regulation "On Licensing of Credit Unions"

 

 

 

National Bank of the

Kyrgyz Republic

SAMPLE APPLICATION 

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

I do hereby request to issue to the credit union

"____________________________________"

(full name),

registered at: ____________________________

(legal address of the credit union),

license/additional license for the following operations:

____________________________________________________________________________

____________________________________________________________________________

(the full and exact name of the operations is indicated)

Additional information: ___________________________________________________

____________________________________________________________________________

(Information about the founders, a list of executives (name of the head,

chief accountant, head of the credit department). For a credit union

intending to carry out activities in accordance with the Islamic principles of banking and financing - information about the head, Ch. accountant, Chairman and members of the Shariah Council, head of the division for financing in accordance with Islamic principles of banking and financing)

 

______________________________

(full name) Signature of the head, seal (if any)

"__" ______ __ ______ 20__

 

 

 

 

Appendix 3

to the Regulation "On Licensing of Credit Unions"

APPLICATION QUESTIONNAIRE  

for ____________________________________  

( proposed position)  

________________________________________________  

(name of the credit union

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

(place for photo)

 

 

 

1

Full name

 

 

Position

 

 

Name of the credit union

 

2

Date of Birth:

___________________________________________________________________________

Place of Birth:

the country: __________________________________________________________________

city: ___________________________________________________________________

mailing address: __________________________________________________________

 

Passport

Series:

Issued by :

Date of issue:

Valid until:

 

Citizenship

_____________________________________ _______ _________________________________

3

Home address:

(according to documents)

the country: ____________________________________________________

city: _____________________________________________________

mailing address: ____________________________________________

Phone number: _______________________________________________

 

Home address:

(real place of residence at the time of filling out the questionnaire):

the country: ____________________________________________________

city: _____________________________________________________

mailing address: ____________________________________________

Phone number: _______________________________________________

 

E- mail address

 

4

Family status

 

5

Education:

_____________________________________________________________________________

(higher, incomplete higher, secondary specialized, secondary)

 

Diploma No.: __________________ Date of issue: _____________________ Issued by: ____________________________

 

School name and location

Faculty or department

Year of admission

Year of ending

If not completed, how many courses did you complete?

Specialty according to the received diploma

 

 

 

 

 

 

6. Information about the availability of knowledge in the field:

1

 

Yes / No

- legislation regulating the activities of credit unions:

____ _ ____

- accounting and financial reporting:

_____ _ ___

- International Financial Reporting Standards:

______ _ __

- Islamic principles of banking and finance, including the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Council and ( I FSB):

_______ _ _

7. Training in courses:

Topic of the seminar or courses

Seminar organizer

Place of passage

Pass date

Availability of a certificate

 

 

 

 

 

8. Work performed since the beginning of employment:

Total work experience _______ including in the financial or economic sphere _______

Enrollment Date

Date of departure

Position held

Institution name, location

Reason for leaving

 

 

 

 

 

9. Specify all financial and credit organizations (FCOs), including commercial banks:

1) where you are a member/shareholder

Full name of FCO/Bank

Location of FCO/Bank

Number of shares held or other form of management (specify)

Share in authorized capital

 

 

 

 

2) where you exercise control or have significant influence (more than 5% interest/shares)

Full name of FCO/Bank

Location of FCO/Bank

Number of shares held

Share in authorized capital

 

 

 

 

3) where you are a member of the Board of Directors (supervisory body), a member of the management board (executive body) or other officer or employee

Full name of FCO/Bank

Location of FCO/Bank

Position held

 

 

 

10. Indicate existing family ties with employees of the credit union and members of the supervisory body, ties with persons or companies that control the credit union, all mutual obligations and agreements, etc.

_________________________________________________________________________________________________

11. List close relatives (parents, children over 16, spouse), brothers, sisters, grandparents) who are participants, shareholders, officials of any financial and credit organizations, including commercial banks:

Full name

family relations

Place of work

Position held

Home address, phone no.

 

 

 

 

 

12. Is there a court decision prohibiting you from engaging in this type of activity ______________________________________

13. Are you related to a bank or other financial and credit organizations that are in the process of bankruptcy or have terminated their activities due to the bankruptcy of ________________________ (if yes, please indicate the name of the bank or financial and credit organization, the position you held).

14. Have any measures of influence been applied to you by the National Bank

_________________________________________________________________________________________________

I, _______________________________________ (last name, first name, patronymic) confirm that the above information is true and complete and undertake to further submit to the National Bank information about all changes that have occurred in it. I acknowledge that if misrepresentations and omissions are made on my part, this may serve as a basis for denial of approval for the recommended position, as well as lead to further sanctions against me and the credit union in accordance with the legislation of the Kyrgyz Republic.

 

______________________

Signature

 

"__" _____ __ _______ 20__

 

 

 

Appendix 4

to the Regulation "On Licensing of Credit Unions"

 

 

 

National Bank of the

Kyrgyz Republic

SAMPLE APPLICATION 

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

I do hereby request to issue to the credit union "___________________"

(full name),

registered at: ___________________________

(legal address of the credit union),

license/additional license for the following operations

(including in accordance with Islamic principles of banking and finance):

_______________________________________________________________________________

_______________________________________________________________________________

(the exact and full name of the operations is indicated)

Additional information:

_______________________________________________________________________________

(Information about the participants, a list of executives (name of the head, chief accountant,

head of the credit department). For a credit union operating

in accordance with the Islamic principles of banking and financing - information from the head, Ch. Accountant, Chairman and members of the Shariah Council, Head of the Finance Department in accordance with the Islamic principles of banking and finance)

Data on state registration/re-registration of a credit union(*):

Registration number and date of state registration:

_______________________________________________________________________________

TIN: ______________________________ OKPO code: __________________________________

 

Service (contact) phone numbers, fax numbers and e-mail addresses of the credit

union:

_______________________________________________________________________________

_______________________________________________________________________________

 

Seal

"__" ______________ 20__

 

___________________ _________ ___

(Name) Signature of the head

 

 

 

(*) This information is provided during state registration/re-registration of a credit union.

 

 

 

Appendix 5

to the Regulation "On Licensing of Credit Unions"

NATIONAL BANK OF THE KYRGYZ REPUBLIC 

LICENSE No. ______ 

dated "__" ____________ 20__

Issued to the credit union "__________________________________________" (full name),

legal address of the credit union _________________________________________________________ (name of the city, district, settlement)

This license allows the following operations:

1) attracting funds from its participants by acquiring a savings share;

2) provision of loans to participants of a credit union on terms of urgency, repayment and

payment.

The license of the credit union is inalienable (registered). The rights arising from this

license are not transferable to third parties. Such a transfer leads to the withdrawal of the license with the prohibition of the activities of the credit union.

The term of the license is unlimited.

Copies of the license are invalid.

 

Seal

 

Person authorized by the order of the Chairman of the National Bank

(Head / director of the regional department / representative office of the National Bank)

 

 

 

Appendix 6

to the Regulation "On Licensing of Credit Unions"

NATIONAL BANK OF THE KYRGYZ REPUBLIC 

LICENSE No. ______ 

dated "__" ____________ 20__

Issued to the credit union "________________________________________________" (full name),

which carries out operations in accordance with Islamic principles of banking and financing, the legal address of the credit union is ________________________________________________________________________________________________________________________________ (name of the city, district, settlement)

This license allows the following operations:

1) attracting funds from its participants by acquiring a savings share;

2) providing participants of the credit union with financing in accordance with the Islamic

principles of banking and financing.

 

The license of the credit union is inalienable (registered). The rights arising from this

license are not transferable to third parties.

Such a transfer leads to the withdrawal of the license with the prohibition of the activities of the credit union.

The term of the license is unlimited.

Copies of the license are invalid.

 

Seal

 

Person authorized by the order of the Chairman of the National Bank

(Head / director of the regional department / representative office of the National Bank)

 

 

 

Appendix 7

to the Regulation "On Licensing of Credit Unions"

NATIONAL BANK OF THE KYRGYZ REPUBLIC 

LICENSE No. ______ 

dated "__" ______________ 20__

 

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

Issued to the credit union "________________________________________________" (full name),

the legal address of the credit union ________________________________________________________________________________________________________________________________________________ (name of the city, district, locality)

This license allows the following additional services (operations):

- attracting deposits (deposits) from members of a credit union in national and foreign

currencies;

- implementation of retail banking services under an agency agreement with a bank - without opening

accounts for clients in a credit union;

- making settlements on behalf of members of a credit union under an agreement with a bank or

other authorized financial and credit organization without opening an account with a credit union;

- provision of loans to members of a credit union on terms of urgency, repayment and

payment in foreign currency;

- purchase and sale of foreign currency on its own behalf.

The license of the credit union is inalienable (registered). The rights arising from this

license are not transferable to third parties. Such a transfer leads to the withdrawal of the license with the prohibition of the activities of the credit union.

The term of the license is unlimited.

Copies of the license are invalid.

 

Seal

 

Person authorized by the order of the Chairman of the National Bank

(Head / director of the regional department / representative office of the National Bank)

 

 

 

Appendix 8

to the Regulation "On Licensing of Credit Unions"

NATIONAL BANK OF THE KYRGYZ REPUBLIC 

LICENSE No. ______ 

dated "__" ____________ 20__

 

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-11) 

Issued to the credit union "_____________________________________" (full name),

carrying out operations in accordance with the Islamic principles of banking and financing, the legal address of the credit union is ______________________________________________

_________________________________________________________________________________________________

(name of the city, district, locality)

This license allows the following additional services (operations):

- attraction of funds from the participants of the credit union in national and foreign

currencies under the transactions "Mudaraba" and " Kard-Hasan ";

- implementation of retail banking services under an agency agreement with a bank - without opening accounts

for clients in a credit union;

- making settlements on behalf of members of a credit union under an agreement with a bank or

other authorized financial and credit organization without opening an account with a credit union;

- provision of financing to participants of the credit union in accordance with the Islamic

principles of banking and financing in foreign currency;

- purchase and sale of foreign currency on its own behalf.

The license of the credit union is inalienable (registered). The rights arising from this

license are not transferable to third parties. Such a transfer leads to the withdrawal of the license with the prohibition of the activities of the credit union.

The term of the license is unlimited.

Copies of the license are invalid.

 

Seal

 

Person authorized by the order of the Chairman of the National Bank

(Head / director of the regional department / representative office of the National Bank)

 

 

 

Appendix 9

to the Regulation "On Licensing of Credit Unions"

 

 

 

National Bank of the

Kyrgyz Republic

SAMPLE APPLICATION 

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 17, 2017 No. 19/14) 

Hereby "___________________"

(full name of the credit union),

registered at: ____________________________

(legal address of the credit union),

notifies of the intention to open/close a branch in

_______________________________________________________________________________

(name of the city, district, locality)

according to

_______________________________________________________________________________

(name of the governing body of the credit union that made the decision to open a branch in accordance with the charter)

and asks for a letter of consent to undergo state registration in a single

authorized state body that registers legal entities.

This branch is empowered to conduct the following operations and transactions(*):

_______________________________________________________________________________

_______________________________________________________________________________

(all operations and transactions are indicated, the right to perform which is delegated to the branch in accordance

with the regulation on the branch under the license issued to the credit union by the National Bank).

appointed as the head and chief accountant :

__________________________________

(full name)

 

Additional Information:

_______________________________________________________________________________

_______________________________________________________________________________

(name, passport details, education, work experience)

The credit union has no obligations(**):

- before the clients and creditors served in this branch;

- in front of the budget.

Assets and liabilities are transferred to the balance of the credit union.

The Credit Union is fully responsible for the accuracy of the information provided.

 

Seal ______________________________

"__" ______________ 20__

 

(Name) Signature of the head

 

 

 

(*) This information is given when opening a branch.

(**) This information is given when the branch is closed.