Temporary Regulation on Activities of Micro Credit Companies and Micro Credit Agencies

This paper discusses the regulation developed in compliance with the civil code of the Kyrgyz Republic that sets out an order for comprising and presenting reports by micro credit companies and agencies.The paper discusses the:

• General provisions of the regulation defining the important terms in the regulation;
• Process of consideration for documents of companies and agencies for obtaining a certificate; also the process to be followed in case of any change in the company's name or location;
• Procedure for opening a branch and the need to notify the National Bank of the country when a new branch is registered;
• Reasons why a company or an agency may be denied consideration of establishment documents and issuance of license;
• Relationship of the companies and agencies with the National Bank, which supervises their activities by collecting and analyzing reports issued by the companies themselves;
• Accounting and reporting in companies and agencies, which are carried out in compliance with standards of accounting for commercial banks and other financial institutions;
• Reorganization and liquidation of companies and agencies, according to the order set out by legislation of the Kyrgyz Republic.