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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 12, 2020 No. 2020-P-12/45-3-(NPA)

About approval of the Provision "About the Special Regulating Mode"

(as amended on 13-12-2023)

According to Articles 20, 53-1, 53-2 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 the Special Regulating Mode" it (is applied).

2. This resolution becomes effective from the date of official publication.

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. To management of methodology of supervision and licensing of banks to bring this resolution to the attention of commercial banks, OYuL "Union of Banks of Kyrgyzstan", OYuL "Association of the Microfinancial Organizations", OYuL "National Association of Credit Unions and Cooperatives of Kyrgyzstan", OYuL "Association of Operators of KG Payment Service Providers", microfinance companies, the microcredit companies, the mikrocreditny agencies, credit unions, guarantee funds, credit bureaus, JSC Finance Company of Credit Unions, operators of payment systems and payment institutes, structural divisions, regional managements, representative offices of National Bank of the Kyrgyz Republic in Batken Province.

5. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of methodology of supervision and licensing of banks.

Chairman of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of August 12, 2020 No. 2020-P-12/45-3-(NPA)

Regulations on the special regulating mode

Chapter 1. General provisions

1. This Provision "About the Special Regulating Mode" (further - the Provision) determines procedure for creation of the special regulating mode for implementation of innovative banking activities and services/technologies, procedure for participation and the requirement to participants of the special regulating mode in the conditions of need of adaptation of new services and technologies which were not provided in bank and payment systems of the Kyrgyz Republic earlier. Requirements of regulatory legal acts of National Bank of the Kyrgyz Republic (further - National Bank) are applied to legal relationship on activities of the special regulating modes taking into account the features provided by this Provision and decisions of Committee on supervision/committee on payment system of National Bank (further - Committee).

Criteria of determination of compliance of the transactions and services relating to banking activities according to the legislation of the Kyrgyz Republic for participation in the special regulating mode:

- the technologies used when carrying out banking activities and (or) rendering banking services are new to the market;

- the paragraph the fourth ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 13.12.2023 No. 2023-P-12/77-1-(NPA)

- consumer properties of transactions and services are the available identical products improved in comparison with and significantly increase efficiency of carrying out transactions;

- transactions and services were not applied earlier by subjects in the banking market or were limited to regulatory legal acts of the Kyrgyz Republic;

- transactions and services are not regulated by regulatory legal acts of the Kyrgyz Republic and there is no direct prohibition on carrying out transactions.

Compliance to the transaction offered for testing and (or) service to the above criteria is obligatory for creation of the special regulating mode. 

2. The main objectives of the special regulating mode for implementation of innovative banking activities and services are:

- decrease in legal uncertainty and legal risks for participants of the market;

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