RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of April 15, 2015 No. 22/4

About approval of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic"

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 "About Committee on Payment System of National Bank of the Kyrgyz Republic" it (is applied).

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

- "About approval of new edition of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic" of November 26, 2008 No. 42/7;

- "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of new edition of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic" of November 26, 2008 No. 42/7" of May 26, 2010 No. 36/8;

- "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of new edition of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic" of November 26, 2008 No. 42/7" of April 27, 2011 No. 26/1;

- "About entering of amendments into the resolution of Board of National Bank of the Kyrgyz Republic "About approval of new edition of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic" of November 26, 2008 No. 42/7" of March 27, 2013 No. 9/13;

- "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of new edition of the Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic" of November 26, 2008 No. 42/7" of March 26, 2014 No. 12/11.

1. To legal management:

- publish this resolution on the official site 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.

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

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

6. 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 April 15, 2015 No. 22/4

Provision "About Committee on Payment System of National Bank of the Kyrgyz Republic"

1. General provisions

1. This Provision determines powers, the main objectives, functions, procedure for forming and activities of Committee on payment system of National Bank of the Kyrgyz Republic (further - Committee).

2. The committee is permanent collegiate organ which is authorized by Board of National Bank of the Kyrgyz Republic (further National Bank) according to this Provision to make decisions concerning the competence of the sphere of development, regulation and supervision (oversight) of payment system of the Kyrgyz Republic, and also licensing, regulation and prudential supervision of activities of operators of payment systems and payment institutes (the non-bank organizations).

3. The decisions made by Committee are obligatory to execution for structural divisions of National Bank, operators of payment systems and payment institutes of the Kyrgyz Republic. In case of need the Committee can initiate introduction of question for consideration on committee meetings on supervision, Boards of National Bank.

4. In the activities the Committee is guided by regulatory legal acts of the Kyrgyz Republic and this Provision.

2. Main objectives, tasks and functions of Committee

5. The committee determines the purpose, tasks of functioning and the main directions of development of payment system.

6. Main objective of Committee is coordination of work of payment system of the Kyrgyz Republic for ensuring its efficiency, reliability and safety.

7. Tasks of Committee on questions of functioning and development of payment system of the Kyrgyz Republic are decision making, development and submission of recommendations (conclusions) on:

- to determination of the main directions of development of payment system of the Kyrgyz Republic;

- to supervision of activities of operators of payment systems and payment institutes on development of payment system;

- to control of adherence to deadlines and achievement of results of execution of actions according to the approved plans for development of payment system of the Kyrgyz Republic;

- coordination of activities for providing and enhancement of the regulatory legal base on payment system of the Kyrgyz Republic;

- to decision making on implementation of supervision (oversight) of payment system of the Kyrgyz Republic and control over their execution.

8. Tasks of Committee on questions of licensing, regulation and prudential supervision of activities of operators of payment systems and payment institutes are:

1) decision making on licensing for activities on:

- to rendering services in 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 components of the payment service providers based on use of information technologies and electronic means and methods of carrying out payments;

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

2) decision making by results of conducting inspection checks of operators of payment systems and payment institutes;

3) decision making on application of preventions and corrective actions concerning operators of payment systems and payment institutes in case of violations of the law of the Kyrgyz Republic.

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