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LAW OF THE REPUBLIC OF BELARUS

of April 19, 2022 No. 164-Z

About payment systems and payment services

Accepted by the House of Representatives on March 25, 2022

Approved by Council of the Republic on April 1, 2022

Chapter 1. Basic provisions

Article 1. Coverage of this Law

1. This Law determines legal and organizational basis of functioning of payment systems in the Republic of Belarus, governs the relations arising when rendering payment services, other related relations (further - payment legal relationship).

2. Operation of this Law does not extend on:

2.1. the banking activities regulated by the Bank code of the Republic of Belarus, except for settlement transactions in the part which is not settled by the Bank code of the Republic of Belarus;

2.2. the services in collection and transfer of money which are not connected with business activity in the list established by National Bank;

2.3. postal money transfers.

Article 2. The main terms applied in this Law and their determinations

1. For the purposes of this Law the following main terms and their determinations are applied:

1.1. authorization - provision to certain person (certain persons) of the rights to accomplishment of certain actions in the field of implementation of payments, and also verification process (confirmations) of such rights in attempt of accomplishment of such actions;

1.2. authentication data - unique data (the personalized signs) told by the payment service provider to the identified user (created by the identified user or in the course of identification of the user) payment services;

1.3. authentication - the procedure of verification of the data with earlier fixed authentication data provided by the user for the purpose of confirmation of person which undergoes such procedure as the user who is earlier identified by the payment service provider or correctness of use of the specific payment instrument;

1.4. outsourcing of payment services - transfer of the organization by settlement center of trade (service), to the national operator of mail service based on the services agreement of the right of cash disbursement of money to the user of payment services of settlement center from the account opened by the user of payment services in settlement center;

1.5. outsourcing of technological services - transfer by the payment service provider of third party or to the individual entrepreneur (outsourcer) based on the services agreement of accomplishment of the technological functions necessary for ensuring rendering payment services with the payment service provider (the agreement of outsourcing);

1.6. irrevocability of payment - the characteristic of payment designating absence or the termination of possibility of withdrawal of payment at a given time;

1.7. the claimant - the subject of payment legal relationship performing money recovery from the bank account or the account on accounting of deposits (deposits) of the payer opened in bank, the non-bank credit and financial organization, the account, opened in other financial organization, except for National Bank (further, unless otherwise specified, - the account of the payer) (electronic money from e-wallet), in indisputable procedure according to legal acts;

1.8. completeness of calculation - the timepoint established by rules of payment system in which obligations of settlement center on write-off and (or) transfer of money on the accounts opened in the financial organizations (further, unless otherwise specified, - the account), members of payment service provider and users of their payment services, to the direction of the confirmations concerning execution of payment instructions of members of payment service provider and users of their payment services are considered as performed;

1.9. identification of the subject of payment legal relationship - establishment of identity of the unknown subject of payment legal relationship to the famous subject of payment legal relationship based on coincidence of data;

1.10. the initiator of payment (money transfer, electronic money) - the subject of payment legal relationship who showed payment specifying for transfer on execution (the payment instruction on execution) for implementation of payment and (or) acceptance of money (electronic money) on payment;

1.11. clearing - process of transfer, collection, reconciliation, calculation of mutual monetary claims and obligations of participants of this process, including by means of calculation of net line items;

1.12. clearing center - the payment service provider providing within payment system or according to rules of clearing acceptance to processing (execution) of payment instructions (payment instructions) of members of payment service provider about implementation of money transfer, clearing (further - clearing services) and accomplishment of other actions provided by this Law;

1.13. oversight of payment systems (further - oversight) - the activities of National Bank performed for the purpose of ensuring effective, reliable and safe functioning of payment systems. Subject of oversight are payment systems, and also systems and technologies of payment service providers by means of which their activities are provided;

1.14. finality of payment - timepoint in which obligations on payment (further - payment obligations) the payer and payment service providers performing payment transactions are considered as performed;

1.15. the operator of payment system - the payment service provider on the organization of payment system establishing rules of payment system;

1.16. the organization of trade (service) - the subject of payment legal relationship realizing goods (performing works, rendering services) and accepting payments in payment of goods (works, services) or accepting according to the legislation other payments by means of use of payment instruments and (or) instruments of payment;

1.17. money transfer (electronic money) - consecutive execution of payment specifying (payment instruction) of the user of payment services on money transfer (electronic money);

1.18. payment - process of execution by the initiator of payment, the payment service provider, the receiver of payment of monetary commitments with use of payment instruments and (or) instruments of payment. The payment includes information transfer, the containing payment detail, and money transfer (electronic money). These processes shall be interconnected and can be implemented by different methods and have discrepancies in time;

1.19. payment transaction - action or set of the actions providing payment implementation, including payment initiation, payment acceptance, transfer on execution of payment specifying (payment instruction), money transfer (electronic money), write-off of necessary cash amount from the account of the payer, transfer of money into the account of the receiver opened in the financial organization (further, unless otherwise specified, - the account of the receiver), write-off of electronic money from e-wallet, transfer of electronic money in e-wallet, money transfer without opening of the account to the payer, the direction of information on the specified actions (payment details);

1.20. payment system - set of members of payment service provider, operator of payment system, payment instruments and (or) instruments of payment, rules of payment system, the program and technical and telecommunication means providing implementation of money transfer (electronic money);

1.21. payment service - the service rendered by the supplier of payment service according to article 9 of this Law;

1.22. the payment aggregator - the supplier of payment service of acquiring of payment transactions performing activities for acceptance of payments from initiators of payments (money transfers, electronic money) to the third parties, providing information necessary for implementation of the specified payments, and performing transfer (transfer) of money (electronic money) for benefit of their receivers;

1.23. the payment instrument - the means on electronic, paper or other type of the data carrier allowing the user of payment services to create and transfer payment instructions (payment instructions) by means of program and (or) program technical means on the basis or when using which is initiated payment;

1.24. the payment courier - the payment aggregator rendering service in acceptance, processing, storage, transportation (to the organization of transportation within forwarding activities), to delivery (delivery) of goods from the sender to the receiver (except for transfers of goods by means of mailings) and performing activities for acceptance of payments for the specified goods from receivers to senders within rendering payment service of acquiring of payment transactions;

1.25. the payment market of the Republic of Belarus (further - the payment market) - set of the relations connected with implementation of payments, rendering payment services and also with issue (creation, release into the stream of commerce) and use of the payment instruments and (or) instruments of payment accepted by the payment service provider for the purpose of execution of payment obligations and set of the payment systems functioning in the territory of the Republic of Belarus, providing money transfer (electronic money) within the country and interaction with foreign payment systems;

1.26. the payer - the subject of payment legal relationship at the expense of whose money (electronic money) including with him attracted the payment is made;

1.27. the receiver of payment (beneficiary) (further - the receiver of payment) - subject of payment legal relationship for benefit of which the payment is made;

1.28. the user of payment service (further, unless otherwise specified, - the user) - the subject of payment legal relationship receiving payment service, including being the initiator of payment and (or) money transfer (electronic money);

1.29. the supplier of the payment instrument - the payment service provider on issue (creation) or distribution of payment instruments;

1.30. the payment service provider - the subject of payment legal relationship rendering payment services and included in the register of payment service providers and types of the payment services rendered by them (further, unless otherwise specified, - the register), the state body rendering payment services based on acts of the legislation, the organization having according to this Law the right to rendering payment services of issue and (or) distribution of pre-paid financial payment product without inclusion in the register;

1.31. processing - activities for the data collection and processing containing in payment instructions (payment instructions), and transfer of the processed information for carrying out settlement transactions;

1.32. recognition (identification) of the account, the payment instrument - establishment of identity of unknown object to the known object based on coincidence of these (signs);

1.33. settlement transactions - the payment transactions connected with management of accounts and money transfer;

1.34. settlement center - the financial organization performing settlement transactions between members of payment service provider and (or) settlement servicing of users;

1.35. risk in payment system - potential possibility (probability) of loss of money (electronic money), operability of the main software and hardware complexes on which the payment system, trust to payment system, other quantitative and (or) high-quality losses (losses) and additional costs, short-reception of the planned income functions;

1.36. risk of the participant of the payment market - potential possibility (probability) of loss of money (electronic money), operability of the main software and hardware complexes of the participant of the payment market, trust to the payment transactions and (or) payment (technological) services rendered to them performed by it, other quantitative and (or) high-quality losses (losses) and additional costs, short-reception of the planned income;

1.37. instruments of payment - cash and non-cash, electronic money;

1.38. technological services - services in realization of technological functions in the payment market and critical for payment system (the payment market);

1.39. technological functions in the payment market (further - technological functions) - ensuring functioning of infrastructure of payment system, observance of measures of protection of information and going concern in the field of payment systems and payment services (further - payment activities), simultaneous connection of objects of payment infrastructure to objects of the supplier of payment service of acquiring of payment transactions and the processing center providing processing of such payment transactions, rendering service in ensuring money transfer when carrying out settlement transactions;

1.40. management of payment risks - the coordinated activities of subjects of payment legal relationship directed to reduction of negative impact of payment risks which include risks in payment system and risks of participants of the payment market;

1.41. service, critical for payment system (the payment market), - the service influencing reliability and safety of functioning of payment system (the payment market);

1.42. the participant of clearing - subject of payment legal relationship to which the clearing center renders services of clearing based on the agreement signed with it;

1.43. the member of payment service provider - the subject of payment legal relationship which signed with the operator of payment system the contribution agreement in payment system or if operator of payment system is the National Bank which received the decision about readiness of participation in payment system of National Bank, performing separate types of payment transactions in payment system and (or) rendering payment services and (or) the operator of payment system;

1.44. acquiring of payment transactions - the payment service on acceptance of payments to the third parties rendered by the payment aggregator based on the agreement signed with the receiver of payment by results of which rendering transfer to the receiver of payment of money by settlement center or electronic money by the corresponding payment service provider is made;

1.45. issue (creation) of the payment instrument - the payment service rendered by the supplier of the payment instrument which is his issuer, for the purpose of forming and processing (transfer on processing) payment instructions (payment instructions) of the payer.

2. For the purposes of this Law:

2.1. the National Bank, banks, the non-bank credit and financial organizations, other organizations having the right according to legal acts to perform separate banking activities without receipt of special permission (license) (further - the license) to implementation of banking activity treat the financial organizations;

2.2. state bodies, other organizations and physical persons, including the individual entrepreneurs participating in payment legal relationship treat subjects of payment legal relationship;

2.3. payment services belong to cross-border payment services, suppliers and (or) users of which are (are registered, perform payment activities, receive payment services) in the different states;

2.4. the members of payment service provider, payment service providers who are not members of payment service provider, suppliers of technological services treat participants of the payment market;

2.5. the beneficial owner of the payment service provider is understood as physical person which directly or indirectly (through the third parties) finally has the right or opportunity to give instructions, obligatory for the payment service provider, to influence the decisions made by it or to otherwise control its actions, including is owner of property of the payment service provider or owns at least than 10 percent of shares (share in authorized fund, shares) the payment service provider.

Other owner of the payment service provider is understood as physical person or the organization which indirectly (through the third parties) hold the shares (shares in authorized fund, shares) the payment service provider which are in ownership (direct or indirect) the beneficial owner, and provide to such owner (including on cumulative basis) the bases for rendering influence on the decisions made by the payment service provider or control of its actions otherwise.

The bases for recognition of availability indirect (through the third parties) holding of shares of the payment service provider, procedure of payments of share of the shares which are in such ownership, the size of share in authorized capital of society, and also criteria for recognition of the state, the organization or physical person as beneficial or other owner are established by National Bank;

2.6. the terms "resident" and "nonresident" are used in this Law in the values determined by article 1 of the Law of the Republic of Belarus of July 22, 2003 No. 226-Z "About currency control and currency exchange control".

Article 3. Legal regulation in the field of payment systems and payment services

1. Payment legal relationship are regulated by the legislation in the field of payment systems and payment services, international treaties of the Republic of Belarus, and also the international legal acts constituting the right of the Eurasian Economic Union.

2. The legislation in the field of payment systems and payment services is based on the Constitution of the Republic of Belarus and consists of this Law and other acts of the legislation.

3. If the international treaty of the Republic of Belarus establishes other rules, than those which are provided by this Law then are applied rules of the international treaty.

Article 4. State regulation in the field of payment systems and payment services

1. State regulation in the field of payment systems and payment services is performed by the President of the Republic of Belarus, National Bank, Council of Ministers of the Republic of Belarus, republican state bodies within their powers according to the legislation.

2. The president of the Republic of Belarus in the field of payment systems and payment services:

2.1. determines single state policy;

2.2. establishes features of creation and functioning of payment systems, and also systems and technologies of payment service providers by means of which their activities, rendering payment services, regulation of activities of participants of the payment market are provided;

2.3. performs other powers according to the Constitution of the Republic of Belarus, this Law and other legal acts.

3. National Bank in the field of payment systems and payment services:

3.1. pursues single state policy;

3.2. will organize technical regulation and standardization in the field of financial services and technologies, develops and claims (enacts) standards of carrying out calculations in the form of technical regulatory legal acts, obligatory for observance, determines procedure for maintaining the register of program (program and technical) means of participants of the payment market and payment software applications of payment service providers;

3.3. establishes requirements to procedure for the organization and functioning of payment systems and rendering payment services in the territory of the Republic of Belarus, including requirements to content of payment services, payment service providers, payment instruments and instruments of payment;

3.4. has the right to establish compulsory provisions of the contracts signed with users for payment service providers;

3.5. establishes procedure for initiation of the credit and debit translations;

3.6. establishes requirements to the organization of issue and procedure for issue of trade (service) by the organizations via the cash equipment of cash used by them to holders of bank payment cards;

3.7. determines the list of services, critical for payment system (the payment market), and suppliers of such services;

3.8. establishes additional criteria and procedure for reference of payment systems to types of the importance, the requirement to significant payment systems depending on their type of the importance and to their operators, procedure for recognition of payment system significant, procedure and terms of the analysis of compliance of rules of significant payment system to requirements to significant payment system;

3.9. determines the strategy of management of payment risks, establishes procedure for ensuring (the organization of providing) uninterruptedness of functioning of payment system, informing National Bank and (or) members of payment service provider about cases and causes of infringement of functioning of payment system (suspension (termination) of rendering payment services);

3.10. determines the list of information about the participants of clearing who are subject to accounting by clearing center;

3.11. determines the list, amount, methods, procedure and terms of provision by payment service providers, members of payment service providers of information in National Bank;

3.12. establishes standard rates of safe functioning, financial standard rates and their sizes and (or) other criteria for payment service providers, not being state bodies;

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