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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"

(as amended on 02-09-2019)

According to Articles 3, 7 and 43 Laws "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 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.

3. From coming into force of this resolution to declare invalid the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Policy on supervision of the Payment system of the Kyrgyz Republic" of March 23, 2006 No. 7/8.

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

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

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" 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 which are not falling under category of system and significant, significant or national payment systems.

Payment service - service in acceptance of payments, money transfer, carrying out calculations.

Payment infrastructure is set of the equipment, technologies and procedures for implementation of access and transactions with payment instruments, and also for the processing, clearing and the calculation for payments constituting and providing basis of functioning of system.

The provider of critical services - the legal entity, the resident or the nonresident of the Kyrgyz Republic providing the services connected with information and telecommunication technologies, exchange of messages, failures in which work can negatively affect uninterruptedness of functioning of system and significant and significant payment systems, entails "domino effect" for the payment service providers and banks functioning in the territory of the Kyrgyz Republic.

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

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