The National Bank of the Kyrgyz Republic has announced the adoption of a resolution that amends the regulation of the activities of the Open Joint Stock Company "Financial Company of Credit Unions" and credit unions. This decision will allow the FCCU to expand its powers, including the ability to provide loans not only to credit unions but also to individuals and legal entities.
The updated Regulation on Licensing of Specialized Financial and Credit Organizations states that the shareholders of the company can be both individuals and legal entities. At the same time, the share of the credit union in the company's capital must not exceed 20% of the voting shares, while the share of an individual or legal entity that is not a credit union is limited to 15% of the voting shares. It is important that the total share of voting shares owned by these entities does not exceed 49% of the company's charter capital.
The resolution also requires legal entities to provide financial statements for the last year, including the balance sheet and profit and loss statement, as well as tax returns or other documents regarding their financial condition. An auditor's opinion may be requested depending on the legislation.
Individuals must provide income tax returns, as well as documents confirming the right to inheritance or transactions with property, which may also be notarized.
Both types of entities may additionally submit other documents confirming the legality of the sources of funds used to form the company's capital, provided that this does not contradict the legislation of Kyrgyzstan.
These changes will come into effect 15 days after their official publication. More detailed information about the document can be found at the provided link.
It is worth noting that the draft resolution was submitted for public discussion in early December 2025 with the aim of expanding the capabilities of the FCCU and revising the minimum requirements for the executive officers of credit unions.
https://banks.kg/ky/news/new-licensing-rules-fkks-credit-unions
Source: banks.kg
