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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of January 17, 2018 No. 2018-P-14/2-6-(PS)

About approval of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic"

(as amended on 10-08-2022)

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", article 26 of the Law of the Kyrgyz Republic "About payment system of the Kyrgyz Republic", the Law "About Licensed Authorization System in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic" it (is applied).

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic" of April 15, 2015 No. 22/4;

- 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 Committee on Payment System of National Bank of the Kyrgyz Republic" of April 15, 2015 No. 22/4" of February 24, 2016 No. 10/9;

- 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 Committee on Payment System of National Bank of the Kyrgyz Republic" of April 15, 2015 No. 22/4" of September 14, 2016 No. 37/5.

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 inclusion in 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 official 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 and operators of international payment systems.

7. To impose control of execution of this resolution on the vice-chairman of National Bank Kyrgyz Republics Orozbayeva L.Dzh.

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 January 17, 2018 No. 2018-P-14/2-6-(PS)

Regulations on Committee on payment system of National Bank of the Kyrgyz Republic

Chapter 1. General provisions

1. This Provision determines powers, the main objectives, functions, procedure for forming and activities of Committee on payment system of National Bank of the Kyrgyz Republic (further - Committee).

2. The committee is permanent collegiate organ which is authorized by Board of National Bank of the Kyrgyz Republic (further - National Bank) according to this Provision and other regulatory legal acts of National Bank to make decisions on questions in the sphere of methodology and development, regulation and supervision (oversight) of payment system of the Kyrgyz Republic, and also licensing, regulation and supervision of activities of operators of payment systems and payment institutes.

3. The decisions made by Committee are obligatory to execution for structural divisions of National Bank, and also operators of payment systems, payment institutes of the Kyrgyz Republic, members of payment service providers and other legal entities, persons under surveillance for National Bank. In case of need, the Committee can initiate introduction of question for consideration on board meetings of National Bank, Committee on supervision and other committees of National Bank.

4. In the activities the Committee is guided by regulatory legal acts of the Kyrgyz Republic, this Provision and the Regulations of Committee.

Chapter 2. Main objectives, tasks and functions of Committee

5. The committee determines the directions of development of payment system of the Kyrgyz Republic, the purpose and task by development, regulation and supervision (oversight) of functioning of payment system of the Kyrgyz Republic, licensing, regulation and supervision of activities of operators of payment systems and payment institutes, and also exercises control of realization/execution of decisions of Committee.

6. Main objective of Committee is coordination of work of payment system of the Kyrgyz Republic for ensuring its efficiency, reliability and safety.

7. Tasks of Committee on questions of smooth functioning and development of payment system of the Kyrgyz Republic are decision making, development and submission of recommendations (conclusions) on:

- to the directions of development of payment system of the Kyrgyz Republic to innovative payment technologies;;

- coordination of activities for providing and enhancement of the regulatory legal base on payment system of the Kyrgyz Republic;

- coordination of cooperation with national (central) banks of other countries concerning payment systems (development, regulation, supervision (oversight), integration, etc.);

- to the current questions of functioning of payment system;

- to supervision (oversight) of payment system of the Kyrgyz Republic;

- integration of payment system of the Kyrgyz Republic with international payment systems and national payment systems of other countries;

- to control of current status of payment system of the Kyrgyz Republic;

- to consideration and approval of regulations of work of system and significant payment systems and their separate components;

- to coordination and control of realization of the main directions and projects on development and enhancement of payment system of the Kyrgyz Republic;

- to consideration, approval, adjustment of plans and project deadlines on development and enhancement of payment system of the Kyrgyz Republic, innovative payment technologies;;

- to interaction of payment system with interbank trade systems and with foreign payment systems;

- to consideration of risks in payment system and offers on their decrease, decision making on decrease in risks in payment system;

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