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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 2, 2019 No. 2019-P-14/46-1-(PS)

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

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 Payment Institutes and Operators of Payment Systems" it (is applied).

2. Recognize invalid:

- 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 December 12, 2018 No. 2018-P-14/53-8-(PS)";

- the paragraph of the 9th Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About introduction of amendments to some resolutions of Board of National Bank of the Kyrgyz Republic and recognition voided resolutions of Board of National Bank of the Kyrgyz Republic "About the amount of collection and payment for the licenses granted by National Bank of the Kyrgyz Republic" of June 8, 2017 No. 2017-P-12/23-4-(NPA)" of February 27, 2019 No. 2019-P-33/9-7-(NFKO);

- Item 9 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About introduction of amendments to some resolutions of Board of National Bank of the Kyrgyz Republic and recognition voided resolutions of Board of National Bank of the Kyrgyz Republic "About the amount of collection and payment for the licenses granted by National Bank of the Kyrgyz Republic" of June 8, 2017 No. 2017-P-12/23-4-(NPA)" of February 27, 2019 No. 2019-P-33/9-7-(NFKO).

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, except for the paragraph "p") the subitem 2 Items 19, which becomes effective since January 1, 2021.

5. To management of payment systems to bring this resolution to the attention of payment institutes and operators of payment systems, OYuL "Association of Operators of KG Payment Service Providers", OYuL "Association of Telecom Operators", Interbank Processing Center Ltd and commercial banks.

6. 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.

7. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of payment systems.

Acting as Chairman of the board of National Bank of the Kyrgyz Republic

N. Zhenish

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of September 2, 2019 No. 2019-P-14/46-1-(PS)

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

Section 1. Payment institutes and operators of payment systems and their shareholders (founders)/participants

Chapter 1. General provisions

1. This Provision "About Licensing of Activities of Payment Institutes and Operators of Payment Systems" (further - the Provision) determines procedure for issue by National Bank of the Kyrgyz Republic (further - National Bank) licenses to payment institutes and operators of payment systems on implementation of activities on:

1) 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;

2) 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.

This Provision also establishes requirements to payment institutes and operators of payment systems and to their officials.

2. The payment institute and the operator of payment system are created in form of business of joint-stock company or limited liability company, perform activities on the basis of the constituent documents conforming to requirements of the legislation of the Kyrgyz Republic based on the license of National Bank according to the legislation of the Kyrgyz Republic.

3. The license granted by National Bank is termless, inaliennable and is not subject to transfer to the third parties.

4. The amount of the state tax paid for licenses of payment institute and the operator of payment system is determined according to the legislation of the Kyrgyz Republic.

5. Licensees shall within 5 (five) working days from the date of decision making of management by the relevant authorized body notify National Bank on all changes, including change of the size of the authorized capital, acquisition/sale of shares/share in the organizations, liquidation or reorganization, changes of structure of executive body, supervisory body / Board of directors, founders, the actual and legal addresses (with application of copies of the statement / legal decisions and other supporting documents), and also opening of representations and/or branch in areas of the Kyrgyz Republic.

6. In case of violation of requirements of this provision the National Bank has the right to apply to the payment organization / operator of payment system and their officials corrective actions according to the legislation of the Kyrgyz Republic.

Chapter 2. Terms and determinations

7. Within this provision the following terms and determinations are used:

The applicant - the joint-stock society / limited liability company which addressed to National Bank for receipt of the license for the right of implementation of activities of payment institute and/or the operator of payment system according to this Provision.

The licensee - the payment institute and/or the operator of payment system who received the license of National Bank for the right of implementation of the related activity.

Officials - supervisory body (The board of directors in the presence), members of executive body (the head/director, the technical director, the chief accountant) the managements and/or persons equated to them on the functional obligations, performing management of the current activities of payment institute and/or the operator of payment system.

The faces tied with payment institutes and/or operators of payment systems:

1) officials of payment institute and/or operator of payment system (legal entity) and their close relatives;

2) other legal entities or physical persons which directly or indirectly have considerable equity participation of the payment organization / operator of payment system and/or exercise control;

3) members observant and executive body of the legal entities specified in subitem 2 of this term and their close relatives;

4) close relatives of the physical persons specified in subitem 2 of this term;

5) other legal entities in whom persons specified in subitem 2 of this term have considerable participation and/or exercise control.

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