Regulatory Alerts2021-10-13 | 130343Rules for the Supervision (Oversight) of the Payment System of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued these Rules to establish a comprehensive supervision (oversight) framework for the country's payment systems, mandating regulated operators and critical service providers to submit detailed periodic reporting, undergo triennial compliance assessments against international standards, and implement corrective measures for identified systemic risks. The framework requires daily, weekly, and monthly electronic reporting on payment volumes, concentrations, incidents, and infrastructure continuity, while empowering the regulator to issue binding recommendations, conduct multi-lateral negotiations, and apply enforcement actions or court petitions when deficiencies threaten system stability. By standardizing significance criteria, risk-based monitoring, and transparent publication of oversight results, the Rules ensure continuous alignment with financial market infrastructure principles and enhance consumer protection across national and international payment networks.