RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 24, 2016 No. 10/8

About approval of the Provision "On Pre-judicial Regulation of Disputes between National Bank of the Kyrgyz Republic and Operators of Payment Systems / Payment Institutes"

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "On Pre-judicial Regulation of Disputes between National Bank of the Kyrgyz Republic and Operators of Payment Systems / Payment Institutes" it (is applied).

2. 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.

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

4. 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, the acting operators of payment systems and payment institutes of the Kyrgyz Republic.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic L.Dzh. To Orozbayev.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of February 24, 2016 No. 10/8

Regulations on pre-judicial regulation of disputes between National Bank of the Kyrgyz Republic and operators of payment systems / payment institutes

Chapter 1. General provisions

1. The regulations on pre-judicial regulation of disputes between National Bank of the Kyrgyz Republic and operators of payment systems / payment institutes (further - the Provision) are developed in compliance the laws "About National Bank of the Kyrgyz Republic", "About Banks and Banking Activity in the Kyrgyz Republic", "About Payment System of the Kyrgyz Republic" and regulate procedure for pre-judicial appeal of measures of impacts by the operator of payment system / payment institute.

2. This Provision is applied in all cases when the operator of payment system (except banks and other financial credit institutes) / payment institute according to this Provision intends to appeal the decision of Committee on payment system concerning application of corrective actions.

3. The concepts used in this Provision:

The appellant - the operator of payment system / payment institute which appeals the decision of Committee on payment system according to the procedure established by this Provision.

The decision of Committee on payment system on application of corrective actions - the document of National Bank determining corrective actions and/or the certain actions obligatory to execution of payment system by the operator / payment institute.

Trial - process of consideration of the application about the appeal on the decision of Committee on payment system concerning the operator of payment system / payment institute, according to this Provision.

The parties - Management of payment systems of National Bank and the appellant.

Chapter 2. Appeal of decisions of Committee on payment system

§1. The body performing trial and its powers

4. Trial is performed by Board of National Bank.

5. Decisions on trial are made by a simple majority vote.

6. The board of National Bank for the purpose of implementation of trial according to this Provision has the right:

To request 1) from the parties the documents having according to Board of National Bank, the relation to trial subject;

2) to invite any persons who, according to Board of National Bank, can provide the relevant information in trial subject;

3) to make decisions or to take actions which can promote trial goal achievement.

§2. Procedure for filing of application about the appeal

7. The procedure of trial begins with receipt of the written application about the appeal. The notice of appeal shall be submitted within 15 working days after receipt of the decision of Committee on payment system on application of corrective actions.

8. The notice of appeal shall contain:

- name and appellant's address;

- surname, name, middle name, place of employment, position of person which signed the appeal (the appeal the head, and also person with provision of the documents confirming powers for the signature of documents according to the legislation of the Kyrgyz Republic has the right to sign);

- specifying on the appealed decision on application of corrective actions;

- statement of the circumstances and arguments which served as the appeal reason;

- any objections of the appellant concerning the actual or legal reasons for the decision on application of corrective actions and/or contents of the decision;

- the complete list of persons, with indication of position, passport data, the address, contact telephone number who need to be called for giving explanations at meeting, including short generalization of the expected arguments of each person.

9. Within 5 (five) working days after receipt of the notice of appeal the Chairman of National Bank (in its absence - person fulfilling its duties) determines date of board meeting by appeal, but no later than one month from the moment of receipt of the notice of appeal.

§3. Procedure for provision of documents and information in the course of trial

10. The written information and/or documents connected with trial subject are represented at the same time to Board of National Bank and the appellant (or to his representative, told earlier National Bank).

11. Person directing written messages and documents shall hold the proof of the fact of sending the message. Sending the message on the Internet or e-mail is allowed only in the mutual written consent of the parties.

12. All information and documents which are in addition provided to Board of National Bank shall contain name, the address and phone number of person which represents them, content of trial and the subject considered in the submitted document.

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