Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2017-P-19/24-7 on Amendments to Certain Regulatory Legal Acts

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Date of creation: 2017-06-22

Resolution of the Board of the National Bank of the Kyrgyz Republic

of June 14, 2017

No. 2017-P-19\24-7-(NPA)

On Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

In accordance with Articles 7 and 43 of the Law "On the National Bank of the Kyrgyz Republic," the Board of the National Bank of the Kyrgyz Republic resolves:

1. Make amendments and additions to the following regulatory legal acts of the National Bank of the Kyrgyz Republic (attached):

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction 'On the Procedure for Conducting Payments and Settlements in the Gross Real-Time Settlement System in the Kyrgyz Republic' dated May 27, 2009 No. 25/11;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On the Gross Real-Time Settlement System in the Kyrgyz Republic' dated December 9, 2015 No. 76/6.

2. The Legal Department:

• publish this resolution on the official website of the National Bank of the Kyrgyz Republic;

• after official publication, 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 enters into force on June 22, 2017.

4. The Department for the Development of the State Language and Document Management of the National Bank shall bring this resolution to the attention of the corresponding structural subdivisions, regional departments, and the representation of the National Bank in the Batken Region.

5. The Banking Settlements Department shall bring this resolution to the attention of commercial banks, the Interstate Bank, the Central Treasury of the Ministry of Finance of the Kyrgyz Republic, the Social Fund of the Kyrgyz Republic, the State Accumulative Pension Fund under the Social Fund of the Kyrgyz Republic, the Agency for the Protection of Deposits of the Kyrgyz Republic, and CJSC "Central Depository."

6. Control over the implementation of this resolution is entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic L.Dz. Orozbayeva.

Chairman T. Abdygulov

Appendix
to the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 14, 2017 No. 2017-P-19\24-7-(NPA)

Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

1. Make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction 'On the Procedure for Conducting Payments and Settlements in the Gross Real-Time Settlement System in the Kyrgyz Republic' dated May 27, 2009 No. 25/11":

in the Instruction on the procedure for conducting payments and settlements in the gross real-time settlement system in the Kyrgyz Republic, approved by the aforementioned resolution:

• paragraph 1.1 is recognized as having lost force;

• in paragraph 1.3, the words "financial and credit institutions, licensed by the National Bank" are replaced with the words "financial and credit organizations, licensed by the National Bank of the Kyrgyz Republic (hereinafter - the National Bank)";

• in paragraph 1.4:

the words and figures "May 19, 2005 No. 16/4" are replaced with the words and figures "June 15, 2016 No. 25/8";

the words and figures "June 1, 2007 No. 29/3" are replaced with the words and figures "December 9, 2015 No. 76/6";

• in paragraph 1.6, the words ", specified in paragraph 1.1 of this Instruction" are replaced with the words "of the National Bank";

• paragraph 7.1 is supplemented after the words "in the Kyrgyz Republic" with the words ", approved by the Resolution of the Board of the National Bank dated December 9, 2015 No. 76/6".

2. Make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On the Gross Real-Time Settlement System in the Kyrgyz Republic' dated December 9, 2015 No. 76/6":

in the Regulation on the gross real-time settlement system in the Kyrgyz Republic, approved by the aforementioned resolution:

• throughout the text, the words "financial and credit institutions" in various cases are replaced with the words "financial and credit organizations" in the corresponding cases;

• paragraph 1 is recognized as having lost force;

• paragraph 4 is presented in the following edition:

"4. Payments and settlements are conducted in the system in accordance with this Regulation, the Instruction 'On the Procedure for Conducting Payments and Settlements in the Gross Real-Time Settlement System in the Kyrgyz Republic', approved by the Resolution of the Board of the National Bank dated May 27, 2009 No. 25/11, Formats of electronic messages in the Gross Real-Time Settlement System (GRTSS) and rules for their completion, approved by the Resolution of the Board of the National Bank dated September 25, 2007 No. 43/5, the Agreement on establishing correspondent relations between the National Bank and the correspondent, and the General Agreement. ";

• paragraph 5 is supplemented after the second paragraph with a paragraph of the following content:

"Final settlement

– settlement conducted on accounts of financial and credit organizations opened at the National Bank. Final settlement is unconditional and irrevocable.";

• paragraph 28 is supplemented after the words "paragraph 26" with the words "of this Regulation";

• in sub-item 2 of paragraph 37, the word "current" is excluded;

• in paragraph 51, after the words "of the Kyrgyz Republic"", the words ", approved by the Resolution of the Board of the National Bank dated May 27, 2009 No. 25/11." are added;

• in paragraph 62, after the words "of the Kyrgyz Republic"", the words ", approved by the Resolution of the Board of the National Bank dated May 27, 2009 No. 25/11." are added.

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