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LAW OF THE REPUBLIC OF ARMENIA

of December 21, 2004 No. ZR-150

About payment and settlement systems and the payment and settlement organizations

(The last edition from 11-07-2019)

Accepted by National Assembly of the Republic of Armenia on November 24, 2004

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

This Law regulates activities, licensing of payment and settlement systems and the payment and settlement organizations, procedure and conditions of implementation of supervision of their activities, establishes cases of violations of the laws and other legal acts from the parties of the payment and settlement organizations and payment and settlement systems, the responsibility measures applied in relation to payment and settlement systems and the organizations and also establishes rules of completeness of calculations.

This Law does not extend to the payment and settlement systems perfroming the calculations following from transactions, and also the derivative financial instruments concluded on the stock exchange, concluded with securities on the stock exchange (including determination and offsetting of cross liabilities (requirements) of the resulted stock exchange transactions).

Article 2. Legal regulation of activities of payment and settlement systems and payment and settlement organizations

1. Activities of payment and settlement systems and the payment and settlement organizations are regulated by the Civil code of the Republic of Armenia, this Law, the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia", other laws of the Republic of Armenia, international treaties of the Republic of Armenia, and in the cases and conditions provided by the law - regulatory legal acts of the Central bank of the Republic of Armenia (further - the Central bank) and other legal acts.

2. The procedure of insolvency and insolvency of the payment and settlement organizations is regulated by the Law of the Republic of Armenia "About insolvency (bankruptcy)", except as specified, provided by this Law.

3. Foundations for reorganization, liquidation of the payment and settlement organizations and their procedure are regulated by this Law, the Civil code of the Republic of Armenia and the laws and other legal acts regulating activities of the payment and settlement organization of this form of business.

Article 3. The basic concepts used in the Law

In sense of this Law and other legal acts adopted based on this Law:

a) the payment and settlement system is integrity (community) of payment instruments, general rules of implementation of clearing activities, money transfer and final calculation, procedures and other means technical and the software by means of which payment of money to the beneficiary is performed.

Rules of activities of payment and settlement system are component of regulations of activities of payment and settlement system which affirms authorized body on management of the operator of payment and settlement system;

b) the payment and settlement organizations are the persons specified in Item 2 of article 19 of this Law;

c) the payment and settlement document is the any paper or electronic document constituted and certified (certified) according to the procedure, established by the laws of the Republic of Armenia, regulatory legal acts of the Central bank, bank rules determined according to these acts, containing the instruction to the participant of payment and settlement system about transfer, write-off or money transfer;

d) the operator of payment and settlement system is participant of payment and settlement system who bears responsibility for activities of payment and settlement system, and for development, and establishes rules of system;

e) the payment instrument is paper, electronic, sound (or provided by different way) the message, the document or the agreement which, irrespective of type and method of its application or implementation, gives opportunity to its owner and (or) the user to make payments;

e) clearing is the process covering collection of payment and settlement documents, their sorting, exchange, and also calculation of line items of participants of payment and settlement system for making of final calculation or the process covering one part of the above;

g) final calculation is action as a result of which the monetary commitments which arose between two or more participants of payment and settlement system in connection with money transfer are settled;

h) offset is offsetting of the monetary claims or obligations following from the payment and settlement documents shown each other by two or more participants of payment and settlement system;

i) the resident and the nonresident are the concepts established by the Law of the Republic of Armenia "About currency control and currency exchange control";

j) processing is the process covering collection of payment and settlement documents, their storage, processing of information containing in them, transfer, in certain cases also identification of parties concerned, check of validity of the document (payment instrument), money transfer authorization;

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