On obligatory guarantees of individuals deposits * this law defines legal, economic and organizational foundations for guarantees of individuals deposits in banks of Turkmenistan, the participation of banks in the system of compulsory deposit guarantees aimed at protecting the rights and legitimate interests of investors and incentives to attract savings and confidence in the banking system.
 
Chapter i. General provisions article 1. The basic concepts used in this law are used in this law the following concepts: 1) deposit (deposit) (hereinafter contribution)-cash in national or foreign currency, natural person or on his behalf to the bank account on the basis of banking deposit contract or not, including capitalized (included) interest on the deposit amount;
2) guaranteed deposit is a contribution which is the subject of the warranty reimbursement system of compulsory deposit guarantee;
3) refund guarantee-cash in national currency to be paid to the depositor;
4) Bank-participant of the Bank, including a branch of a foreign bank, registered in Turkmenistan is a member of the system of obligatory deposit guarantees, commitments, which attracted deposits refund guaranteed in accordance with the legislation of Turkmenistan;
5) investor is physical person in whose name the deposit at the Bank opened party;
6) system of compulsory deposit guarantee-a set of binding legal measures provided for by this law, aimed at protecting the legitimate rights and interests of the depositors of banks-participants;
7) Bank's confirmation party-a document issued by the Central Bank of Turkmenistan the Bank party, confirming his participation in the mandatory deposit guarantee.
 
 Article 2. Turkmen legislation on obligatory guarantees of individuals deposits _ * translated from the official language of Turkmenistan.
1. the legislation of Turkmenistan on obligatory guarantees of individuals deposits based on the Constitution and consists of this law and other normative legal acts of Turkmenistan.
2. If an international treaty to which Turkmenistan stipulates other rules than those stipulated by this law, the rules of the international treaty shall apply.
    
Article 3. The scope of this law 1. This law shall apply to relations arising from bank deposit agreements by the banks of the prisoners with the investors.
2. This law shall not apply to: 1) reorganization of the Bank;
2) acceptance by the authorized body of the Bank is the participant of the decision to terminate its activities;
3) Elimination of branch party.
 
Article 4. The purposes and principles of the system of compulsory deposit guarantee 1. The purpose of the mandatory deposit guarantee system is to stimulate savings of the population, protection of depositors ' interests, strengthening of confidence in the banking system of Turkmenistan by the payment guarantee compensation in case of liquidation of the Bank.
2. the basic principles of the system of obligatory deposit guarantees are: 1) mandatory participation of banks that accept deposits from natural persons;
2) mandatory deposit guarantees the transparency of the system;
3) cumulative formation fund compulsory deposit guarantee.
 
        Article 5. The subjects of the system of obligatory deposit guarantee system deposit guarantee compulsory Subjects are: investors, the Central Bank of Turkmenistan and participating banks.
 
        Article 6. The mandatory deposit guarantee system objects 1. The object of the system of obligatory deposit guarantee depositors ' funds are placed on deposit account (accounts) of the Bank.
2. In accordance with this law the mandatory deposit guarantee system objects are not: 1) accrued interest on the deposit amount;
2) cash placed individuals in bank deposits, credit cards, securities, except for registered savings certificates of natural persons;
3) monies transferred by individuals in banks asset management;
4) cash placed in branches of member banks located on the territory of foreign States;
5) cash on accounts of natural persons carrying out business activity without establishment of legal entity is a sole proprietorship, if these accounts are open for business;
6) cash placed on public accounts member banks as security to the Bank or third parties.
 
CHAPTER II. The POWERS of the CENTRAL BANK of TURKMENISTAN in guaranteeing of DEPOSITS of NATURAL PERSONS Article 7. Law of the Central Bank of Turkmenistan Central Bank of Turkmenistan in the system of compulsory deposit guarantee individuals the right to: 1) determine the order: a) formation, placing the mandatory deposit guarantee fund and payments;
b) forming the warranty reserve;
2) to choose an authorized bank for payment of the guarantee for compensation;
3) set the dimensions and order of payment of mandatory and special contributions by banks;

4) make a decision about making a special contribution banks-participants in the guarantee reserve;
5) require reimbursement assets within the limits of the guarantee of reimbursement and payment of realizable property and assets of the liquidated Bank party;
6) require payment of banks-participants of mandatory contributions;
7) to produce the cancellation amounts without with the correspondent accounts of banks-participants in case of untimely enumeration of mandatory contributions or listing them in an incomplete volume;
8) ask the banks-participants information on attracted deposits;
9) require the submission of a liquidation Commission of Bank-party list of contributors, as well as calculate warranty reimbursement guaranteed deposits;
10) apply to Bank-party disciplinary measures in case of violation of the requirements of this Act.
 
Article 8. The responsibilities of the Central Bank of Turkmenistan Central Bank of Turkmenistan in the system of mandatory guarantees of individuals deposits must: 1) control the completeness and timeliness of payment of banks-participants of mandatory contributions;
2) to organize a proper formation and maintenance of the register of banks-participants;
3) produce certifying Bank party, confirming his participation in the obligatory guarantees of individuals deposits;
4) exercise control over payment refund guarantee to depositors of liquidated Bank forced party in the manner prescribed by the legislation of Turkmenistan;
5) use solely for official purposes all information obtained in the performance of his duties, information on participating banks and their depositors.
 
Article 9. The Central Bank of Turkmenistan guarantees 1. The Central Bank of Turkmenistan takes a commitment and is the guarantor of the payment guarantee reimbursement to depositors of the Bank-participant of the date of entry into force of the court verdict on its liquidation.
2. Payment warranty reimbursement may be: 1) refused in the following cases: a) If a natural person against a decision of the Court for foreclosure of the property or the confiscation of property, judgment (definition) body of the preliminary investigation and inquiry about seizure of account (contributions) as an interim measure;
(b)) If a natural person has information about involvement in the laundering of criminal proceeds and terrorism financing;
2) suspended in the following cases: (a) If a citizen of military passes) service in the armed forces of Turkmenistan, other troops and military organs of Turkmenistan on the call or obligation in the field of combat actions of the regime of emergency, epidemics and epizootics;
b) if the person is wanted or is serving a sentence of deprivation of liberty;
ç) if the reason is related to his severe illness;
(d)) if the depositor is declared dead by a court decision or is declared missing;
e) if there are counterclaims of the Bank to the depositor, including deposits, taken to ensure repayment of funds under the loan, bank guarantee;
ä) if the depositor is recognized incapable by court decision or of limited legal capacity;
(f)) if the depositor's heir is missing documents, confirming the right to contribution or share in the contribution;
(g)) if there are any deposits whose owners cannot be identified;
h) if depositors are outside the territory of Turkmenistan.
3. payment warranty reimbursement made after removing the circumstances giving grounds for the refusal or suspension of payment guaranteeing compensation, in the manner prescribed by the present law.
 
CHAPTER III. The MANDATORY DEPOSIT GUARANTEE FUND and GUARANTEE RESERVE of the CENTRAL BANK of TURKMENISTAN Article 10. The mandatory deposit guarantee fund 1. The mandatory deposit guarantee fund is created in the Central Bank of Turkmenistan and is designed to guarantee compensation payments to depositors.
2. compulsory deposit guarantees Fund formed by banks due to mandatory contributions from member banks under the special account.
3. Mandatory contributions are payments banks involved in the mandatory deposit guarantee fund, payable in accordance with the requirements of this Act.
4. Management of the fund compulsory deposit guarantee carries out the Central Bank of Turkmenistan.
5. compulsory deposit guarantee fund may be placed: 1) in securities;
2) deposits in the banks of Turkmenistan.
6. revenues obtained from placements of funds Fund of compulsory deposit guarantee, the guarantee reserve.
    
Article 11. Warranty reserve 1. The Central Bank of Turkmenistan forms the guarantee reserve of the proceeds from the placement of the mandatory deposit guarantee fund and special contributions by the participating banks.
2. Special contributions are payments banks involved in the guarantee reserve.
3. cash guarantee reserve designed to guarantee compensation in case of insufficient funds in the Fund of the mandatory deposit guarantee.
4. payment of depositors guarantee reimbursement may be deferred by the Central Bank of Turkmenistan for the period necessary to increase the guarantee reserve, but no more than forty-five calendar days from the date of entry into force of a court decision on liquidation of the Bank.
 

CHAPTER IV. BANKS ' PARTICIPATION IN THE SYSTEM OF COMPULSORY DEPOSIT GUARANTEE. PAYMENT GUARANTEE REIMBURSEMENT of Article 12. Banks ' participation in the system of compulsory deposit guarantee 1. Obligation to guarantee deposits in the Bank-participant of a license for carrying out banking activities in attracting deposits of natural persons, and by virtue of this Act.
Obligations arising from the bank deposit guarantee, do not require the conclusion of a contract between the Central Bank of Turkmenistan and Bank-participant.
2. The Central Bank of Turkmenistan, within seven working days from the date of issuance of a license for carrying out banking activities and entering information in the register of banks-participants gives the Bank's confirmation.
3. application to the Bank-party intervention provided for by the legislation of Turkmenistan does not exempt him from payment of compulsory or special contributions.
 
Article 13. Order of payment of mandatory and special contributions banks 1. Bank-participant must, in accordance with this Act, to pay the following contributions: 1) mandatory contributions-quarterly payments of banks-participants of the mandatory deposit guarantee fund;
2) special contributions-one-time payments of banks-participants of the guarantee reserve in the event of failure of the mandatory deposit guarantee fund.
2. The size and order of payment of mandatory and special contributions by the participant shall be established by the Central Bank of Turkmenistan.
The size of the Bank's Party's mandatory contribution should not exceed 0.25 per cent of the average balance of deposits in the Bank for the accounting quarter.
Banks ' mandatory contributions shall be made on a quarterly basis not later than the 15th day of the month following the quarter otchjotnym.
3. Bank-party diminution, with mandatory contribution or untimely funds transfer to the Fund of the mandatory deposit guarantee, must pay the mandatory deposit guarantee fund a fine in the amount of 0.1 per cent of the amount subject to mandatory contribution.
4. contributions paid by banks shall not be taken into account as own assets should not be produced at the expense of depositors and cannot be demanded by banks.
5. The liabilities of the Bank-participant contributions are suspended from the date of suspension or revocation of a license for carrying out banking activities.
6. The amount overpaid banks in fund compulsory deposit guarantee, subject to score in their assessments of future periods.
7. mandatory contributions to mandatory deposit guarantees are made in national currency. Mandatory contributions on deposits in foreign currency are also produced in national currency at the exchange rate established by the Central Bank of Turkmenistan on the date of payment.
    
Article 14. Rights and obligations of the Bank-party 1. The Bank has the right to: 1) to receive necessary information about mandatory deposit guarantees, with the exception of banking and other secrets protected by law;
2) require standings overpaid mandatory contributions in future periods;
3) to obtain confirmation of the Bank.
2. Bank-participant must: 1) timely and fully pay contributions in accordance with the present law;
2) to notify the Central Bank of Turkmenistan on the occurrence of the situation involving the impossibility of complete and timely fulfillment of obligations on repayment of guaranteed deposits, within three calendar days from the moment of occurrence of such a situation;
3) submit to the Central Bank of Turkmenistan information, confirming the correctness of the calculations on them paid contributions;
4) provide on request of the Central Bank of Turkmenistan other information on deposits.
 
Article 15. Implications of changing names and (or) legal form of the Bank-party 1. Bank-participant in writing notify the Central Bank of Turkmenistan about changing its name and (or) legal form within five working days from the date of receipt of the certificate about State re-registration.
2. In the event of a change in name and (or) legal form of the Bank-participant of the Central Bank of Turkmenistan, within five working days of receipt from the Bank-participant of supporting documents the Bank replaces the party with making appropriate changes in the register of banks-participants. While previously issued by the Bank's confirmation party shall be subject to cancellation.
 
Article 16. The exclusion of Bank-participant of the mandatory deposit guarantee 1. The exclusion of Bank-participant of the mandatory deposit guarantee system is carried out in the following cases: 1) cancellation of a license for carrying out banking activities;
2) liquidation of the Bank;
3) reorganization of the Bank.
2. the exclusion of Bank-participant of the mandatory deposit guarantee system by making the appropriate entry in the register of banks-participants and revocation issued by the Bank for him.
3. the Bank within five working days from the date of his exclusion from the system of compulsory deposit guarantee Bank party under paragraph 1 of this article, shall be obliged to return to the Central Bank of Turkmenistan the Bank's confirmation.
 

Article 17. Payment guarantee compensation 1. The mandatory deposit guarantee fund carries out guaranteed compensation on the deposit in the event that they cannot be repaid compulsorily liquidated Bank.
2. payment of the guaranteed compensation of deposits can be made on the application of the depositor both in cash and by transferring money to the bank account specified by the depositor.
The liquidation Commission of the Bank-participant is obliged within ten working days from the date of entry into force of a court decision on liquidation of the Bank-party to submit to the Central Bank of Turkmenistan, the list of contributors on guaranteed deposits, as well as the calculation of the guarantee of reimbursement.
3. The right to request the depositor upon payment to him of the guaranteed compensation goes to the mandatory deposit guarantee Fund within the paid amount.
4. requirements, mandatory deposit guarantee fund as a result of the payment of the guaranteed compensation for deposits in accordance with the legislation of Turkmenistan met in the first phase of the creditors force the liquidated Bank.
 
Chapter v. SIZE, order and PAYMENT GUARANTEE COMPENSATION Article 18. The right of depositors to guarantee compensation of 1. The investor is entitled to receive the guaranteed reimbursement guarantee deposit in the amount of 100 per cent of the Bank's deposit, regardless of the number of bank deposits by depositor in particular bank party.
Payment guarantee reimbursement of deposits of natural persons is established by the Central Bank of Turkmenistan.
2. In the case of opening a Bank participant in the investor Party several guaranteed deposits of various kinds and for the currency, the Central Bank of Turkmenistan pays on him cumulative guarantee refund.
3. When opening an investor deposits in several participating banks of Turkmenistan's Central Bank makes payment guarantee compensation separately on each bank party.
4. payment warranty reimbursement on guaranteed deposits in foreign currency shall be determined and paid in national currency at the exchange rate established by the Central Bank of Turkmenistan on the date of payment.
 
Article 19. Authorized bank 1. Payment guarantee compensation is made by the Central Bank of Turkmenistan through an authorized bank, selected from among the participating banks.
2. The authorized bank performing payment refund guarantee on deposits due to the mandatory deposit guarantee fund, is paid at the rate of 0.01 per cent of the amount paid to guarantee refunds.
Commissions rates, tariffs for banking services are established credit institutions independently in accordance with the legislation of Turkmenistan.
 
Article 20. Information on the payment of reimbursement guarantee 1. The Central Bank of Turkmenistan within fourteen working days from the date of entry into force of a court decision on liquidation of the Bank shall inform the party through the media.
For information on the liquidation of the Bank-participant payment warranty start date is specified with the name of an authorized bank performing payment guarantee reimbursement period and seat (s) payments or delayed payments reported guarantee of reimbursement.
In case of delaying the payment of reimbursement guarantee Central Bank of Turkmenistan Additionally informs investors through the media.
The information the depositor may also obtain directly from the Central Bank of Turkmenistan.
2. the depositor forcibly liquidated Bank party from the date of its publication in the media of the early payment of guarantee compensation may apply to an authorized bank.
   
Article 21. The conditions for payment of the refund guarantee 1. Payment guarantee reimbursement is made by an authorized bank only when submitting contributor of the following documents: 1) statement on a form prescribed by the Central Bank of Turkmenistan;
2) Investor identity document (passport or substituting document, birth certificate-for persons under the age of 16 years);
3) documents confirming the commitment of the Bank to the depositor.
2. in the case of an investor of a non-exhaustive list of documents, necessary for the implementation of the guarantee compensation in accordance with this Act, an authorized bank shall notify the depositor and suspends the application of such a contributor prior to the submission of the necessary documents, but no more than ten calendar days.
3. An authorized bank shall deny the application of the depositor and the implementation of compensation in cases of guarantee: 1) failure to submit the documents stipulated by paragraph 1 of this article;
2) detection of inaccurate information in the submitted documents.
4. in case of refusal of the application of the depositor an authorized bank shall, within ten calendar days from the date of adoption of the decision to send the applicant a notice stating the reasons for the refusal.
The decision authorized the Bank to reject statements of the depositor may be appealed before the courts.

5. In case of occurrence of circumstances referred to in part three of this article, the depositor, his legal representative, the heir is entitled to apply to the Central Bank of Turkmenistan on the recovery of contributions with the necessary documents and justification of the reasons the deadline passes for refundable deposit.
6. Upon confirmation of claim contributor to forcibly likvidiruemomu Bank-party authorized bank not later than five working days from the date of receipt of documents shall pay the refund guarantee.
7. If forcibly reassign the Bank party acted in relation to the depositor as a lender or guarantor, the size of the guarantee compensation is determined on the basis of the amount of the difference caused by the results of a test amount guaranteed contribution and the amount of the counter-claims of the specified bank.
 
CHAPTER VI. FINAL PROVISIONS Article 22. Settlement of disputes disputes arising in the relations between the mandatory guarantees of individuals deposits shall be settled in the manner prescribed by the legislation of Turkmenistan.
 
Article 23. Liability for violation of this law persons guilty of violating this law bear responsibility in accordance with the legislation of Turkmenistan.
 
Article 24. The entry into force of this Act, this Act shall enter into force on the day of its official publication.
 
     Turkmen President Gurbanguly Berdimuhamedov mountains. Ashgabat October 15, 2016 year no. 455-V.