RESOLUTION OF THE BOARD OF DIRECTORS OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 23, 2007 No. 108

About approval of Rules of implementation of supervision of functioning of payment systems

For the purpose of determination of procedure of supervision of functioning of payment systems the Board of directors of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of implementation of supervision of functioning of payment systems.

2. This resolution becomes effective since July 1, 2007, except for subitems 4) and 5) of Item 22, of the subitem 3) of Item 23, of subitems 7), 8) and 10) of Item 29 of Rules of implementation of supervision of functioning of payment systems which become effective since August 1, 2007.

3. From the date of enforcement of this resolution to recognize invalid:

1) the resolution of the Board of directors of National Bank of the Republic of Kazakhstan of August 26, 2005 No. 204 "About approval of Rules of carrying out monitoring of payment systems and the market of payment cards by National Bank of the Republic of Kazakhstan";

2) the resolution of the Board of directors of National Bank of the Republic of Kazakhstan of January 5, 2006 No. 5 "About modification and amendments in the resolution of the Board of directors of National Bank of the Republic of Kazakhstan of August 26, 2005 No. 204 "About approval of Rules of carrying out monitoring of payment systems of the Republic of Kazakhstan".

4. To department of payment systems (Musayev R. N.) in seven-day time from the date of adoption of this resolution to bring it to the attention of the interested divisions of central office, territorial branches of National Bank of the Republic of Kazakhstan and the Republican state company on the right of economic maintaining "The Kazakhstan center of interbank calculations of National Bank of the Republic of Kazakhstan".

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Sartbayev M. M.

Approved by the resolution of the Board of directors of National Bank of the Republic of Kazakhstan of May 23, 2007 No. 108

Rules of implementation of supervision of functioning of payment systems

Section 1. Concept, objects, purpose and tasks of supervision of functioning of payment systems

1. These rules are developed according to the Laws of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", "About banks and banking activity in the Republic of Kazakhstan", "About payments and money transfers", resolutions of Board of National Bank of the Republic of Kazakhstan of November 21, 1998 No. 242 "About approval of Rules of money transfers in interbank money transfer system", No. 157 registered in the Register of state registration of regulatory legal acts at No. 711, of July 3, 1999 "About approval of Rules of carrying out transactions in clearing system of the Republican state company on the right of economic maintaining "The Kazakhstan center of interbank calculations of National Bank of the Republic of Kazakhstan", registered in the Register of state registration of regulatory legal acts at No. 905, and other regulatory legal acts of National Bank of the Republic of Kazakhstan (further - National Bank).

2. These rules are developed for the purpose of determination of procedure of supervision of functioning of payment systems by division of payment systems of National Bank (daleepodrazdeleniye of payment systems), and also for the purpose of determination of objects of supervision.

3. Supervision of functioning of payment systems - the activities of division of payment systems performed for the purpose of ensuring effective, safe and smooth functioning of payment systems, and also effective functioning, use and development of other objects of supervision.

Chapter 1. Basic concepts

4. In these rules the following concepts are used:

1) interbank money transfer system (further - interbank system) - system of gross calculations in real time which operator is the Republican state company on the right of economic maintaining "The Kazakhstan center of interbank calculations of National Bank of the Republic of Kazakhstan" (further - the Center), intended for implementation of priority payments with guarantee of payments with money of National Bank during the operational day. The interbank system is systemically significant payment system of the Republic of Kazakhstan, that is payment system which smooth operation promotes stable functioning of the national financial markets and stops (failures) in which work can lead to emergence of financial risks in the Republic of Kazakhstan;

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