Resolution of the Board of the National Bank of Kyrgyz Republic No. 20/7 on Amendments to Resolution No. 25/11 Regarding the Procedure for Electronic Payments Through the RTGS Gross Settlement System

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of March 30, 2011 No. 20/7

On making amendments and additions to the Resolution of the Board of the NBKR dated May 27, 2009 No. 25/11 on the Instruction "On the procedure for passing electronic messages through the Gross Settlement System in real-time mode in the Kyrgyz Republic"

Having considered the draft amendment to the Resolution of the Board of the NBKR on the Instruction "On the procedure for passing electronic messages through the Gross Settlement System in real-time mode in the Kyrgyz Republic" No. 25/11 dated May 27, 2009 (Registration number of the Ministry of Justice of the Kyrgyz Republic No. 65-09 dated July 1, 2009), guided by Articles 7 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. Approve the proposed amendments and additions to the Resolution of the Board of the NBKR on the Instruction "On the procedure for passing electronic messages through the Gross Settlement System in real-time mode in the Kyrgyz Republic" No. 25/11 dated May 27, 2009 (Registration number of the Ministry of Justice of the Kyrgyz Republic No. 65-09 dated July 1, 2009), (attached).

2. This Resolution shall enter into force upon the expiration of one month from the moment of official publication.

3. After official publication, direct the Legal Department 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.

4. Direct the Banking Settlements Department to bring this Resolution to the attention of commercial banks, the Central Treasury of the Ministry of Finance of the Kyrgyz Republic, the Interstate Bank, regional departments, and the representation of the National Bank of the Kyrgyz Republic in the Batken region.

5. Entrust control over the execution of this Resolution to the Deputy Chairman of the National Bank of the Kyrgyz Republic Z.M. Asankozhoeva.

Acting Chairman of the Board of the National Bank of the Kyrgyz Republic	B. Jeenbaeva

	Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated March 30, 2011 No. 20/7

AMENDMENTS AND ADDITIONS to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 27, 2009 No. 25/11 on the Instruction "On the procedure for passing electronic messages through the Gross Settlement System in real-time mode in the Kyrgyz Republic", registered in the Ministry of Justice of KR on July 1, 2009, registration number 65-09

Make the following amendments and additions to the Instruction "On the procedure for passing electronic messages through the Gross Settlement System in real-time mode in the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated May 27, 2009 No. 25/11 on the Instruction "On the procedure for passing electronic messages through the Gross Settlement System in real-time mode in the Kyrgyz Republic", registered in the Ministry of Justice of KR on July 1, 2009, registration number 65-09 (hereinafter - the Instruction):

1. Make the following changes to paragraph 3.1, subparagraph 3.1.1:

1.1. Period of processing electronic payment documents:

• establish the formation of the calculation limit for the debit net position (hereinafter - calculation limit) in the period from 8:35 to 8:40 instead of the period from 9:00 to 9:15;

• establish the operator's transmission of the calculation limit for the debit net position to the Package Clearing System in the period from 8:40 to 8:45 instead of the period from 9:15 to 9:30;

• establish the transmission by participants of the Gross Settlement System in Real-Time Mode (GSSRTM) of the reserve of funds to the debit net position in the PCS in the period from 8:45 to 13:30 instead of the period from 13:00 to 13:30.

1.2. Guided by Article 96 of the Labor Code of the KR regarding the duration of the working day immediately preceding a non-working holiday day, the GSSRTM work schedule is reduced by one hour, and the following start times for GSSRTM regulation periods are established:

┌──────────────────────────────────┬──────────────────────────────────┐ │ Name of processing period │ Time of occurrence of periods │ ├──────────────────────────────────┼──────────────────────────────────┤ │Initial disconnection │ 15:30 │ ├──────────────────────────────────┼──────────────────────────────────┤ │Final disconnection │ 16:00 │ ├──────────────────────────────────┼──────────────────────────────────┤ │Completion of settlements │ 16:20 │ ├──────────────────────────────────┼──────────────────────────────────┤ │Closing of the operational day │ 16:30 │ └──────────────────────────────────┴──────────────────────────────────┘

2. Supplement paragraph 3.4 with subparagraph 3.4.4 of the following content:

"An electronic payment document is processed in accordance with the status of each Participant established in the system based on decisions (adopted by resolution) of the Board of the NBKR or the Supervisory Committee of the NBKR. The rules for processing payments in accordance with the status are provided in Appendix 2 to this Instruction."

3. In the title and throughout the text of the document, replace the words "electronic messages" with the words "electronic payments".

4. In paragraph 3.4, consider subparagraphs 3.4.4, 3.4.5, 3.4.6, and 3.4.7 as subparagraphs 3.4.5, 3.4.6, 3.4.7, and 3.4.8 respectively.

	Appendix No. 2 to the Instruction "On the procedure for passing electronic payments through the Gross Settlement System in real-time mode in the Kyrgyz Republic"

RULES

for processing payments in accordance

with the Participant's Status

The Participant's status is established by the GSSRTM operator based on decisions (adopted by resolution) of the Board of the NBKR or the Supervisory Committee of the NBKR on the withdrawal of a license, introduction of special administration regime, direct banking supervision, bankruptcy, etc.

The following Participant statuses are defined in the system:

1. Statuses relating to the Participant's system account:

ACTIVE - the Participant's account is active, both debit and credit payments can be conducted;

BLOCKED INCOMING - the Participant's account has a prohibition on executing credit payments (account replenishment);

BLOCKED OUTGOING - the Participant's account has a prohibition on conducting debit payments (withdrawal from the account), including establishing a reserve of funds to the debit net position;

BLOCKED ALL - the Participant's account has a prohibition on conducting both debit and credit payments.

2. Statuses relating to Participants in the system:

ACTIVE - payments can be conducted to and on behalf of the Participant;

APPROVE - any change in the Participant's status is pending confirmation;

DISABLED - the participant cannot conduct payments.

3. Payment and reserve statuses relating to payments (client MT 103 and interbank MT 202):

COMPLETE - the payment has been successfully paid and is final;

CANCELLED - the payment has been cancelled by the user or the system;

APPROVE - the payment or reserve of funds is pending confirmation;

REPAIR - the payment or reserve of funds is pending additional adjustment;

PENDING - in the absence of sufficient funds to conduct the payment or reserve of funds, the payment is placed in the queue;

DEFERRED - the payment is placed in the queue of payments with a future settlement time within the current operational day;

FUTURE - the payment is placed in the queue of payments with a future settlement date across several future operational days;

STOPRECV - the payment is placed in the queue of payments awaiting the removal of the prohibition on conducting credit operations from the recipient's account;

STOPSEND - the payment is placed in the queue of payments awaiting the removal of the prohibition on conducting debit operations from the sender's account.

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