Legal environment

Presence of a system of collecting and sharing credible and reliable credit information about customers of financial institutions is one of the essential factors required to reduce the risk of credit activities, and thus affecting the stability of the whole financial system. Currently, the activities in the field of credit information sharing within the framework of the credit bureau are regulated by the following normative legal acts of the Kyrgyz Republic and internal documents of the credit bureau.

Constitution of the Kyrgyz Republic

Defines basic principles, as well as human rights and freedoms, duties of a citizen. The Constitution protects the rights and interests of a person and a citizen, including the right to integrity and confidential information about him/her.

Civil Code of the Kyrgyz Republic dated May 8, 1996 No. 15

Defines legal status of participants in civil law relations, grounds and procedure for the execution of property rights and other proprietary rights, rights of intellectual property and similar means of individualization (intellectual property), regulates contractual and other obligations, as well as other property and related personal non-property relations. Special mention should go to the Code’s position regarding the credit information sharing between financial and credit institutions on unscrupulous borrowers.

Law of the Kyrgyz Republic "On credit information sharing" dated November 25, 2014 No. 160 (has not yet come into force)

This law regulates relations in the field of credit information sharing. The law establishes a procedure and order for sharing of information between users, suppliers, credit bureaus and public authorities. The law regulates the rights and duties of credit information sharing participants, as well as a public authority.

Law of the Kyrgyz Republic "On Bank Secrecy" dated July 23, 2002 No. 122

This law defines information that falls under the definition of bank secrecy, defines a procedure of storage, protection, publication, and also provides for liability for breach of bank secrecy legislation. Provisions of this law specify cases on the disclosures of information about bank clients to third parties, including public authorities.

Law of the Kyrgyz Republic "On the information of a personal nature" from April 14, 2008 №58

The law regulates relations regarding the information of a personal nature, regardless of the means of processing this information, except of working with personal data for a purpose excluding their transfer to third parties. The law contains provisions aimed at protecting the rights and freedoms of an individual while using the information of a personal nature, and the protection of this information, determination of working conditions with information of a personal nature, and also sets the forms of state regulation and order of work with information of a personal nature.

Regulation on making decision regarding the conclusion of contracts with legal entities intending to cooperate with CB "Ishenim" CJSC as business partners

The regulation determines the order of cooperation of the Credit Bureau and financial and credit organization in terms of the credit information sharing, starting from the date of submission of documents till signing an agreement on the credit information sharing.