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The document ceased to be valid since  October 29, 2021 according to the Resolution of Board of National Bank of the Kyrgyz Republic of  October 13, 2021 No. 2021-P-14/56-1-(PS)

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 21, 2015 No. 77/4

About Rules of implementation of supervision (oversight) of payment system of the Kyrgyz Republic

(as amended on 08-06-2017)

According to Articles 3, 7 and 43 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" and, the Law of the Kyrgyz Republic "About payment system of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

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

2. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Rules of implementation of supervision of the Payment system of the Kyrgyz Republic" of May 28, 2008 No. 22/11.

3. This resolution becomes effective after fifteen days 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 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.

5. To management of payment systems 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, operators of payment systems and payment institutes, commercial banks of the Kyrgyz Republic.

6. To impose control of execution of this resolution on the corresponding board member of the National Bank of the Kyrgyz Republic supervising activities of Management of payment systems.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 21, 2015 No. 77/4

Rules of implementation of supervision (oversight) of payment system of the Kyrgyz Republic

Chapter 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-14/23-11-(PS)

2. Rules of implementation of supervision (oversight) of payment system of the Kyrgyz Republic (further - Rules) establish procedure National Bank of the Kyrgyz Republic (further - National Bank) supervision (oversight) of payment system of the Kyrgyz Republic, procedure, forms and rules of provision of the reporting by operators of the payment systems having the license or which were registered by National Bank and also providers of critical services and members of payment service providers which operators are the nonresidents of the Kyrgyz Republic necessary for the purposes of supervision (oversight) of payment system in the Kyrgyz Republic.

3. The commercial banks performing functions of the operator of payment systems represent the reporting according to these rules, and also within the Periodic regulating bank reporting (further - PRBO).

4. Operators of payment systems provide the reporting according to these rules, and also within the periodic regulating reporting (further - missile defense).

5. The National Bank is supervision body (oversight) behind payment system of the Kyrgyz Republic and performs permanent monitoring of functioning of payment systems in the territory of the Kyrgyz Republic, and also behind settlement systems on securities for the purpose of preserving reliability and safety of payment system of the Kyrgyz Republic as integral part of stable financial system, maintenance and protection of consumer interests of payment services, compliance with law of the Kyrgyz Republic.

Chapter 2. Procedure of supervision (oversight) of payment system

6. The National Bank exercises supervision (oversight) of payment system of the Kyrgyz Republic on continuous basis in the form of cyclically repeating process in the following main directions:

- monitoring of functioning of all payment systems in the territory of the Kyrgyz Republic on the basis of collection and the analysis of high-quality and quantitative information on work of payment systems, annual determination of the list of system and significant and significant payment systems;

- the analysis and assessment of functioning of system and significant and significant payment systems on compliance to the established standards and decision making about overall performance of separate payment systems, the analysis of providers of critical services. In case of emergence in the market of new payment systems the National Bank carries out assessment of their functioning at creation stage according to the requirements established by regulatory legal acts carries out studying and preparation of the conclusion on new payment services;

- taking measures, the payment systems directed to enhancement.

§1. Monitoring of functioning of payment system

7. Within monitoring of functioning of payment system operators of payment systems create and provide the reporting according to the criteria of the importance established by regulatory legal acts of National Bank.

8. Operators of system and significant payment systems on daily basis, except for days off and holidays, transfer the following information to National Bank:

- quantity of the entering and outgoing payments, and also about turnovers on each participant and in general on system according to the form installed in Appendix 1, of these rules;

- quantity and amounts of unexecuted payment documents and to the non-execution reasons (insufficiency of liquidity, rejected by system or withdrawn by the participant, etc.) on each participant and on system in general according to the form installed in Appendix of 2 these rules.

- about emergency situations in payment system.

9. Operators of payment systems, except for system and significant payment systems, and also members of payment service providers which operators are nonresidents of the Kyrgyz Republic on monthly basis, no later than the 15th following the accounting period provide the following information in National Bank:

- about quantity and amount of payments (translations) according to the form established in Appendix of 4 these rules;

- about quantity and amount of the payments which are not accepted in processing by payment service provider according to the form established in Appendix of 5 these rules;

- about fraudulent transactions in payment systems according to requirements of regulatory legal acts of the Kyrgyz Republic;

- about emergency situations in payment systems (technical failures, violation of regulations of system operation, etc.) according to requirements of regulatory legal acts of the Kyrgyz Republic;

- about the incidents connected with violation of smooth functioning of payment system and/or rules of payment system according to requirements of regulatory legal acts of the Kyrgyz Republic;

- about use of payment instruments and electronic money according to requirements of regulatory legal acts of the Kyrgyz Republic;

- about reputation risks according to the form established in Appendix of 6 these rules.

10. Operators of payment systems at the request of National Bank also shall provide the following documents in National Bank:

- self-assessment of functioning of the payment system according to the form established by Appendix of 8 these rules;

- official system documentation (the rule of system, the contract and agreement concerning functioning of payment system, the business plan of the operator, the business continuity plan, applicable fares, etc.);

- the conclusions of external and internal auditors, by results of the last check of activities of the operator of system;

- results of the last IT audit;

- other information.

11. Depending on request, documents can be submitted on the place when conducting check, or copies of the specified documents shall be transferred to National Bank.

12. Within implementation of supervision (oversight) the National Bank has the right to carry out:

- meetings with management of operators of payment systems or provider of critical services for discussion of current status of payment system, clarification of details of emergence of fraudulent transactions or emergency situations and/or to send the corresponding inquiries;

- multilateral negotiations, including negotiations in groups and participation in committees/councils;

- inspection checks of activities of the observed organizations on compliance of functioning of system to standards and the legislation of the Kyrgyz Republic.

13. The National Bank when implementing monitoring and assessment of functioning of payment system keeps confidentiality of information obtained from operators of payment systems.

§2. Analysis and assessment of functioning of payment system

14. Operators of payment systems at stage of registration/licensing of system shall provide in National Bank detailed information on system and its owner according to Appendices 8 and 12 of these rules.

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