Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 12, 2018 No. 2018-P-14/53-8

About the Provision "About Licensing of Activities of Operators of Payment Systems and Payment Institutes"

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Licensing of Activities of Operators of Payment Systems and Payment Institutes" it (is applied).

2. Recognize invalid:

- The resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the Resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Licensing of Activities of Operators of Payment Systems and Payment Institutes" of November 25, 2015 No. 71/11" of December 27, 2017 No. 2017-P-14/54-11-(NPA)".

3. To legal management:

- publish this Resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this Resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. This Resolution becomes effective after fifteen days from the date of official publication.

5. To department of development of state language and document flow to bring this Resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank in Batken Province.

6. To management of payment systems to bring this Resolution to the attention of commercial banks, operators of payment systems and payment institutes of the Kyrgyz Republic.

7. To impose control of execution of this Resolution on the vice-chairman of the National Bank of the Kyrgyz Republic supervising questions of payment systems.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 12, 2018 No. 2018-P-14/53-8

Regulations on licensing of activities of operators of payment systems and payment institutes

Chapter 1. General provisions

1. This Regulations on licensing of activities of operators of payment systems and payment institutes (further - the Provision) determine procedure for licensing by National Bank of the Kyrgyz Republic (further - National Bank) activities on:

a) to rendering services in acceptance and carrying out payments and calculations for the goods and services which are not result of the activities for benefit of the third parties by means of the payment systems based on information technologies and electronic means, and methods of carrying out payments;

b) to rendering services in acceptance, processing and issue of financial information (processing, clearing) on payments and calculations of the third parties to members of payment service provider, this processing, clearing center.

2. This Provision does not extend to the relations on provision by agents of retail banking services to the population based on the agency agreement with commercial bank, to activities of the non-bank financial credit institutions performing the activities based on the license of National Bank.

3. In case of violation of requirements of this provision the National Bank has the right to apply corrective actions to the operator of payment system and/or payment institute according to the legislation of the Kyrgyz Republic.

4. In this Provision the following concepts, according to their determinations provided in the laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and "About payment system of the Kyrgyz Republic are used".

Also within this provision the following terms and determinations are used:

The agent - the legal entity or the individual entrepreneur who concluded with payment institute the agency agreement about implementation of activities for payment acceptance of physical persons and legal entities for benefit of suppliers.

The agency agreement - the agreement signed between payment institute and the agent about provision of services, specified in this Provision, for the purpose of execution of the agency agreement. At the same time responsibility for actions of the agent to the supplier is born by payment institute.

Officials - the members of executive body performing management of the current activities of payment institute, board members, the general director / the technical director / director (the head who is responsible for technical functioning of payment system), the deputy general director / the technical director / director, the chief accountant / accountant.

The applicant - the legal entity who addressed to National Bank for receipt of the license for implementation of activities of the operator of payment system and/or payment institute.

The client - person using services of payment institutes when implementing payments for benefit of the third parties.

Clearing - process of collection, processing, payment confirmation and calculation of cross liabilities of participants of system.

Clearing center - the organization in which clearing is performed.

The licensee - the operator of payment systems and/or the payment institute which obtained the license of National Bank for the right of implementation of the related activity.

The supplier of goods, works and services (further - the supplier) - the legal entity or the individual entrepreneur receiving money of the client for implementable goods (the performed works, services).

Connected persons:

1) officials of this legal entity and their close relatives;

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