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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 31, 2023 No. 2023-P-14/21-2-(PS)

About approval of the Provision "About the Minimum Requirements to Clearing Bank"

(as amended on 27-03-2024)

According to Articles 5, "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides 9 and 64 constitutional Laws of the Kyrgyz Republic:

1. Approve the Provision "About the Minimum Requirements to Clearing Bank" it (is applied).

2. Recognize invalid the following resolutions of Board of National Bank of the Kyrgyz Republic:

- "About approval of Provisional Regulations "About criteria for the choice of the calculating agent for the project of integration of the National settlement system the Elkart payment cards with national / international payment systems of other countries" of August 16, 2017 No. 2017-P-14/34-2-(NPA);

- "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Provisional regulations "About criteria for the choice of the calculating agent for the project of integration of the National settlement system the Elkart payment cards with national / international payment systems of other countries" of August 16, 2017 No. 2017-P-14/34-2-(NPA)" of February 26, 2018 No. 2018-P-14/6-3-(PS);

- "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Provisional Regulations "About criteria for the choice of the calculating agent for the project of integration of the National settlement system the Elkart payment cards with national / international payment systems of other countries" of August 16, 2017 No. 2017-P-14/34-2-(NPA)" of December 7, 2022 No. 2022-P-14/76-5-(PS).

3. This resolution becomes effective after 15 (fifteen) days from the date of official publication.

4. To legal management:

- from the date of receipt of the relevant documents within 3 (three) working days to 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.

5. To management of payment systems from the date of receipt of the relevant documents within 3 (three) working days to bring this resolution to the attention of commercial banks, operators of payment systems, payment institutes, Consolidation of legal entities "The union of banks of Kyrgyzstan" and Associations of legal entities "Association of operators of KG (KEY-DZHI) payment service providers".

6. To department "Secretariat of Board" within 3 (three) working days to bring this resolution to the attention of the relevant structural divisions of National Bank of the Kyrgyz Republic, regional managements and Representative office of National Bank of the Kyrgyz Republic 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.

Chairman of National Bank of the Kyrgyz Republic

K. Bokontayev

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 31, 2023 No. 2023-P-14/21-2-(PS)

Regulations on the minimum requirements to clearing bank

Chapter 1. General provisions

1. This Provision "About the Minimum Requirements to Clearing Bank" (further - the Provision) determines the minimum requirements to commercial bank for implementation of activities as clearing bank of the operator of payment system / payment institute (further - Clearing bank), the acting on the basis of the licenses of National Bank of the Kyrgyz Republic (further - National Bank).

2. The purpose of this Provision is the guaranteed carrying out final settlements by clearing banks on:

- to the payments for benefit of the third parties accepted by payment institutes and which are carried out on systems of large and retail payments;

- to the payments of international/local payment systems made in the territory of the Kyrgyz Republic with settlement banks / data centers of international payment systems.

3. This Provision extends to operators of payment systems, payment institutes - residents of the Kyrgyz Republic, and also the commercial banks connected to local / to international payment system.

Carrying out final settlements on electronic payment systems is regulated by the provision "About Electronic Money in the Kyrgyz Republic".

4. The decision on the choice of Clearing bank is made by the operator of payment system / payment institute according to the requirements established by this Provision, and also internal documents.

5. Based on the signed contract between Clearing bank and the operator of payment system / payment institute Clearing bank, being participant of interbank systems, provides timely calculations for the payments registered in system of large or retail payments of the payment organization / operator of payment system.

6. The clearing bank, in the cases provided in contractual relations provides carrying out final settlement in any currencies on payments within local / international payment systems of other countries, made in the territory of the Kyrgyz Republic, through system of the correspondent accounts and based on the agreement on carrying out settlement signed with clearing bank local / international payment system of other country and/or the operator local / international payment system of other country according to rules local / international payment system.

7. The bank has the right to render services of Clearing bank to several operators of payment systems / to payment institutes based on the signed agreements.

8. The operator of payment system / payment institute has the right to choose several clearing banks and to bear independent responsibility on liquidity management on accounts in clearing banks for execution of the obligations on payments for benefit of the third parties.

9. The operator of significant payment system (further - ZPS) and system and significant payment system (further - SZPS) in addition to the main Clearing bank is recommended to have one or two reserve clearing banks for the purpose of providing continuity and uninterruptedness of calculations. Criteria on availability of one or two reserve clearing banks shall be established by the operator of ZPS/SZPS in the internal documents approved by the board of directors (in the absence of the board of directors - executive body) the operator of ZPS/SZPS, proceeding from internal risk assessment for smooth functioning of system. The risks assessment shall be approved by the risk manager (in the presence) and is approved by the board of directors (in the absence of the board of directors – executive body).

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