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"

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.

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 payments for benefit of the third parties accepted by payment institutes and the large and retail payments registered on systems;

- to payments of the international 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 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 the international payment systems made in the territory of the Kyrgyz Republic through system of the correspondent accounts and based on the agreement on integration signed with international payment system and/or the operator of international payment system according to rules of 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. Operators of significant payment system (further - ZPS) and system and significant payment system (further - SZPS) shall have the main and reserve Clearing bank.

In case of change of criterion of the importance of the member of payment service provider on ZPS and SZPS, the member of payment service provider in time no later than 6 (six) months, from the moment of receipt of the notification of National Bank concerning criterion of the importance shall provide availability of reserve Clearing bank.

10. The clearing bank performs the activities according to this Provision, regulatory legal acts of National Bank, including requirements of the legislation for counteraction to financing of terrorism and legalization of income gained in the criminal way (further - PFTD/LPD), rules of payment system, and also agreements signed with the operator of payment system / payment institute and clearing bank of the international payment system / operator of international payment system.

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