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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of July 15, 2015 No. 38/4

About approval of "Policy on supervision (oversight) of payment system of the Kyrgyz Republic"

(The last edition from 08-06-2017)

1. Approve Policy on supervision (oversight) of payment system of the Kyrgyz Republic it (is applied).

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

4. 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.

5. 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.

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

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of July 15, 2015 No. 38/4

Policy on supervision (oversight) of payment system of the Kyrgyz Republic

1. General provisions

1.   No. 2017-P-14/23-13-(PS) voided according to the Resolution of Board of National Bank of the Kyrgyz Republic of 08.06.2017

2. This Policy on supervision (oversight) of payment system of the Kyrgyz Republic (further - Policy) is aimed at providing effective and smooth functioning of payment system by means of monitoring of work of payment systems in the territory of the Kyrgyz Republic for maintenance of stable functioning of national financial system and trust to national currency as to means of cash and clearing settlement.

3. This Policy determines the purpose, the principles of implementation of supervision (oversight) of payment system of the Kyrgyz Republic, objects and procedure of supervision (oversight) of the Kyrgyz Republic by National Bank (further - National Bank), and also the list of the tools used for these purposes.

4.   No. 2017-P-14/23-13-(PS) voided according to the Resolution of Board of National Bank of the Kyrgyz Republic of 08.06.2017

2. Terms and determinations

For the purposes of this Policy the terms and determinations established by the laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", "About payment system of the Kyrgyz Republic" and the Provision "About Clearing Settlements in the Kyrgyz Republic" approved by the order of the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic of September 9, 2005 No. 420/21/4 are used. In this Policy the following terms and determinations are also used:

New payment service providers are systems which are only created and/or begin to function in the territory of the Kyrgyz Republic and did not receive the license / yet were not registered by National Bank.

The significant payment system is system which promotes maintenance of trust of the population to national currency as to means of cash and cashless payment and calculation which corresponds to the criteria of the importance of payment systems established by National Bank.

Other payment systems - the payment systems, new and other systems which are not falling under category of system and significant, significant or national payment systems.

Interbank communication network (further - the ISS) - the part of technical infrastructure of payment system of the Kyrgyz Republic uniting National Bank and members of payment service providers which owner is the National Bank, intended for data exchange in real time on trade, payment and statistical systems between National Bank and members of the ISS.

Provider of critical services - the legal entity, the resident or the nonresident of the Kyrgyz Republic providing the services connected with information technologies in exchange of messages, acceptance and transfer of payments, failures in which work can negatively affect uninterruptedness of functioning of system and significant and significant payment systems.

System and significant payment system - payment system, in which:

3) in case of failures in functioning for the operational and technical reasons emergence of serious shocks in national bank system or in national financial system is possible;

If insolvency of one of participants can lead 4) to emergence of liquidity risk at other participants and payment systems, to creation of "domino effect" that can also lead to serious shocks in national financial system.

System of correspondence relations - the system allowing to make cross-border payments and to provide other services to users on the basis of contracts (agency agreements) on maintaining correspondent accounts between financial credit institutes of the different countries.

Effectively functioning payment system - system which rules and technical infrastructure promote development of business activity of users (legal entities and physical person) and which allows to reduce the size of costs of operators and by that to increase the level of investment appeal of rendering services in carrying out payments and calculations of users.

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