Appendix 1 to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 17, 2014 No. 45/1

REGULATIONS  

on the Periodic Regulatory Report of Microfinance Companies Carrying out Operations in Accordance with Islamic Principles of Banking and Finance 

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated January 20, 2016 No. 4/6, June 15, 2016 No. 25/2, June 15, 2017 No. 2017-P-12/25-12, December 13, 2017 No. 2017-P- 12/51-13, January 31, 2018 No. 2018-P-12/4-6, May 30, 2018 No. 2018-P-12/20-2, August 15, 2018 No. 2018-P-33/33-8 ) 

1. General Provisions 

1. This Regulation, in accordance with the Laws of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, banks and banking activities", "On microfinance organizations in the Kyrgyz Republic" and the Regulation "On registration of accounts and deposits of residents of the Kyrgyz Republic opened in foreign banks", approved Decree of the Board of the National Bank of the Kyrgyz Republic dated July 5, 2000 No. 26/2 (hereinafter referred to as legislation), defines a unified form of periodic regulatory reporting (hereinafter referred to as PRR) of microfinance companies(hereinafter referred to as MFC) carrying out operations in accordance with Islamic principles of banking and financing.

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

2. PRR is compiled on the basis of accounting data and off-system accounting.

3. (No longer valid in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2017 No. 2017-P-12/25-12) 

2. Goals and objectives 

4. PRR is compiled in order to analyze:

a) the financial condition of the MFC within the framework of the functions performed by the National Bank of the Kyrgyz Republic (hereinafter referred to as the National Bank), enshrined in legislation;

b) the activities of the MFC for making management decisions by the company's leaders, including decisions to ensure liquidity, solvency and profitability.

5. The main task of the PRR is to provide reliable and complete information on the economic and economic activities of the MFC to ensure the fulfillment of the goals specified in paragraph 4 of this provision.

3. Content and frequency of submission of PRR 

6. PRR is reporting on the activities of the MFC in the prescribed form for a certain period and submitted on time.

7. PRR consists of 13 sections. The composition of the PRR, a summary and the timing of its submission are given in Appendix 1 to this regulation.

8. PRR MFC for the 4th quarter of the current year is annual. For MFCs that raise funds, PRR for the month of December is annual. The annual PRR is submitted to the National Bank no later than February 1 of the year following the reporting one.

4. Procedure for submitting PRR 

9. Each MFC should appoint an officer responsible for the completeness of the content, the timing of submission and the correctness of the completion of the PRR. This officer is also responsible for interaction with the National Bank on all issues related to the information contained in the PRR.

10. PRR is submitted to the National Bank in the form in accordance with Appendix 2 to this Regulation within the time limits established for the report, on paper and electronic media. Electronic versions of PRR must be generated according to the templates established by the National Bank.

MFCs located in Chui oblast and Bishkek city must submit the PRR on paper to the National Bank in a sealed envelope.

12. Electronic versions of PRR should be sent by e-mail to the Department for Technical Support of the Statistical Base of the Financial Statistics and Review Department (hereinafter - FSO) of the National Bank. In the absence of e-mail, MFCs must submit reports on other electronic media (USB flash drive).

13. MFCs located in other regions of the republic must represent PRR to the relevant regional department/Batken representative office of the National Bank on paper and electronic media.

Regional departments and the Batken representative office of the National Bank send PRR to the FSO in an aggregated form.

14. In case of any inconsistencies, errors, incomplete provision or incorrect completion of the PRR forms, the relevant structural unit of the National Bank notifies the MFC of the need to adjust the report with reflection in the financial statements within 10 working days from the date of receipt of the report.

Corrected reports, together with MFC's cover letter, must be submitted to the National Bank within 5 working days after receiving notification of inconsistencies in the report.

15. If the National Bank does not have any comments on the PRR or after the report is brought into line with the National Bank's comments and the National Bank has been notified in writing about the correction of the PRR , the PRR is considered accepted by the National Bank.

16. MFC provides PRR for parent MFC and its affiliates on a consolidated basis.

17. The PRR must be submitted in the prescribed format: laced, numbered with the number of pages of the PRR sections, sealed and signed by the MFC staff responsible for compiling and submitting the RTP .

18. PRR must contain reliable information about the state of the MFC at the reporting date. The correctness of the reflection of the state of the MFC in the monthly , quarterly and annual PRR is certified by the Chairman of the Board of Directors of the MFC or a member of the Board of Directors replacing the Chairman in his absence, the Chairman of the Board of the MFC, the Chief Accountant of the MFC and a member of the Board of the MFC supervising the preparation of the PRR.

5. Final provisions 

19. For untimely and/or inaccurate submission of information, for failure to provide information, for incomplete and/or incorrect completion of the PRR, the MFC shall be liable in accordance with the regulatory legal acts of the Kyrgyz Republic.

20. MFCs must keep the second copies of the PRR submitted to the National Bank.

 

Appendix 1 to the Regulation "On the Periodic Regulatory Report of Microfinance Companies Carrying out Operations in Accordance with the Islamic Principles of Banking and Finance", approved by the Resolution of the Board of the National Bank dated October 17, 2014 No. 45/1

COMPOSITION  

of the periodic regulatory report of microfinance companies carrying out operations in accordance with Islamic principles of banking and finance 

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2016 No. 25/2) 

No.	Chapter	Name	Periodicity	Submission deadlines	Note or link to NLA
1		Title page	Annually	Until February 1 of the year following the reporting year/	attached to sections
			Quarterly For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
2		Information about the members of the Board of Directors of the bank, the Board, the Sharia Council and the main founders (shareholders) of the MFC	Annually	Until February 1 of the year following the reporting year .	attached to sections
			When changes	Within 12 calendar days after the adoption of the changes
3		Information about individual officers of the MFC	Annually	Until February 1 of the year following the reporting year .	attached to sections
			When changes	Within 12 calendar days after the adoption of the changes
4		Basic information about MFC	Annually	Until February 1 of the year following the reporting year .	attached to sections
			When changes	Within 12 calendar days after the adoption of the changes
5	Section 1	Regulatory statement of financial position A. Assets B. Commitments B. Capital D. Off-balance sheet liabilities E. Breakdown of other assets and other liabilities E. Breakdown of commitments G. Funding Portfolio Breakdown	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
6	Section 2	Statement of comprehensive income A. Income received from operations B. Costs incurred on operations B. Other operating income D. Other operating expenses E. Operating and administrative expenses	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
7	Section 3	Capital A. Changes in capital structure B. Reference information on shares and other securities of the MFC B. Changes in retained earnings	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
8	Section 4	Information on overdue assets, classification of assets and off-balance sheet liabilities by risk level A. Information on delinquent assets B. Classification of assets and off-balance sheet liabilities by degree of risk B. Information on provided funding D. Information on the provided financing by regions E. Methods of financing E. Gender composition of clients G. Classification of assets according to the degree of risk in the context of the regions of the Kyrgyz Republic H. Other information by regions of the Kyrgyz Republic I. Information on problem clients J. Information on Parallel Financing K. Restructured assets	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
9	Section 5	Customer accounts A. Accounts by amount B. Cash flow in accounts for the reporting period B. Accounts by maturity	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
10	Section 6	A. Sensitivity analysis of assets and liabilities to changes in rates of return (GAP analysis) B. Analysis of assets and liabilities by maturity	Annually	Until February 1 following the reporting year.
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
11	Section 7	Changes to the LRP A. Changes to the LRP B. Information on assets written off at the expense of LLP and returned (previously written off) assets and off-balance sheet liabilities	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
12	Section 8	A. Major Risk Information B. General information about transactions with affiliates B. Loans from founders/shareholders/ participants	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
13	Section 9	Information about transactions with employees	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
14	Section 10	Economic Compliance Information	Annually	Until February 1 of the year following the reporting year .	Rules for Regulating the Activities of Microfinance Organizations Carrying out Operations Based on Islamic Principles of Banking and Financing
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
15	Section 11	Information about financing provided to clients	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
16	Section 12	Disclosures A. Information on the provision of retail banking services under an agency agreement with a bank B. Breakdown of Placement Operations and Investments	Annually	Until February 1 of the year following the reporting year .
			Quarterly. For MFCs that raise funds, monthly	Within 12 calendar days following the reporting period
17	Section 13	Report on foreign assets and liabilities	Quarterly	Within 12 calendar days following the reporting period

 

Appendix 2 to the Regulation "On the Periodic Regulatory Report of Microfinance Companies Carrying out Operations in Accordance with the Islamic Principles of Banking and Finance", approved by the Resolution of the Board of the National Bank dated October 17, 2014 No. 45/1

 

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated January 20, 2016 No. 4/6, June 15, 2016 No. 25/2, December 13, 2017 No. 2017-P-12/51-13, January 31, 2018 No. 2018-P- 12/4-6, May 30, 2018 No. 2018-P-12/20-2, August 15, 2018 No. 2018-P-33/33-8) 

See attached file.