RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 25, 2015 No. 19/10

About approval of the Provision "On Regulation of Activities of Operators of Payment Systems and Payment Institutes"

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic", the Law "About Payment System of the Kyrgyz Republic", the Law "About Licensed Authorization System in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "On Regulation of Activities of Operators of Payment Systems and Payment Institutes" it (is applied);

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

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic.

- after official publication to direct this resolution Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

To management of payment systems to bring this resolution to the attention of structural divisions, regional managements and representative office of National Bank in Batken Province, operators of payment systems and payment institutes, commercial banks of the Kyrgyz Republic.

4. The legal entities getting under determinations "The operator of payment system" and "Payment institute" shall within 6 months, from the moment of the introduction of this resolution in force, bring the activities into accord with requirements of this provision.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Zheenbayeva B. Zh.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 25, 2015 No. 19/10

Provision "On Regulation of Activities of Operators of Payment Systems and Payment Institutes"

1. General provisions

1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 27.12.2017 No. 2017-P-14/54-10-(NPA)

2. This Regulations on regulation of activities of operators of payment systems and payment institutes (further - the Provision) determine the requirements obligatory for execution of payment systems by the operators and payment institutes having the license of National Bank of the Kyrgyz Republic (further by the text - National Bank) on rendering the following types of service:

- on acceptance and carrying out payments and calculations for the goods and services which are not result of the activities for benefit of the third parties by means of the payment systems based on information technologies and electronic means, and methods of carrying out payments;

- rendering services in acceptance, processing and issue of financial information (processing, clearing) on payments and calculations of the third parties to members of payment service provider, this processing, clearing center.

3. Action of this provision does not extend to payment systems as which operator the National Bank and on internal systems of the business entities performing acceptance, processing and issue of financial information (processing, clearing) on payments and calculations in the structure acts.

4. The National Bank is operator of the Grossovy settlement system in real time and Systems of package clearing which functioning is performed according to the legislation of the Kyrgyz Republic.

5. The National Bank regulates and exercises supervision of payment systems, operators of payment systems and payment institutes for ensuring stability, reliability and safety of payment system of the Kyrgyz Republic according to regulatory legal acts of the Kyrgyz Republic.

5-1. Anti-monopoly regulation of activities of operators of payment systems and payment institutes for consumer protection and protection of the competition in the market of payment services is performed within Policy and the basic principles of anti-monopoly regulation, development of the competition and consumer protection in the market of the banking services of the Kyrgyz Republic rendered by the commercial banks, other financial credit institutions, operators of payment systems and payment institutes licensed and regulated by National Bank of the Kyrgyz Republic approved by the resolution of Board of National Bank.

6. In case of violation of requirements of this provision the National Bank has the right to apply measures and sanctions against the operator of payment systems, payment institute and members of payment service provider according to the legislation of the Kyrgyz Republic.

2. The concepts used in this Provision

7. In this Provision concepts, according to their determinations provided in the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and "About payment system of the Kyrgyz Republic are used".

At the same time within this provision the following terms and determinations are used:

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