Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2017-P-19/24-8-(NPA) of June 14, 2017 on Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

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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\24-8-(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, Banks and Banking Activity," the Board of the National Bank resolves:

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

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic'" dated December 15, 2005 No. 37/8;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Instruction on the Procedure for Conducting Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic" dated August 22, 2007 No. 38/11;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Conducting Payments in the Form of Direct Debit in the Batch Clearing System" dated July 30, 2008 No. 30/6.

2. The Department of Banking Settlements shall bring this Resolution to the attention of commercial banks, regional departments, and the representation of the National Bank of the Kyrgyz Republic in the Batken Region.

3. This Resolution enters into force on June 22, 2017.

4. The Legal Department shall:

• 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.

5. Control over the execution 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\24-8-(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 Regulation 'On the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic'" dated December 15, 2005 No. 37/8:

in the Regulation "On the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic," approved by the aforementioned Resolution:

1) throughout the text, after the word "correspondent" in various cases, add the word "/current" in the corresponding cases;

2) in Chapter 1:

• paragraph 1.1. is recognized as having lost force;

3) in Chapter 2:

• in the thirteenth paragraph, replace the words "financial-credit institutions" with "financial-credit organizations"; after the words "in the National Bank," add the words "of the Kyrgyz Republic (hereinafter - the National Bank)";

• paragraphs fourteenth, twenty-eighth, and twenty-ninth are recognized as having lost force;

4) in Chapter 5:

• paragraph 5.2. is redacted as follows:

"5.2. The clearing center may be the National Bank or, by decision of the National Bank, a legal entity (resident) in the form of a joint-stock company, operating based on a license of the National Bank and regulatory legal acts of the National Bank.";

5) in Chapter 6:

• paragraph 6.1. is recognized as having lost force;

• in paragraph 6.2., after the words "direct connection with the system," add the words ", having concluded a contract for participation in the system with the clearing center";

• in paragraph 6.4., exclude the words "(companies, organizations providing regular services to the population, etc.)";

• paragraph 6.5. is redacted as follows:

"6.5. A special participant of the system is a participant who does not have a correspondent/current account in the National Bank, but has a direct connection with the system and the ability to transmit/receive system messages, having concluded a contract for participation in the system with the clearing center";

• in paragraph 6.6., replace the words "System Participant" with "Direct Participant";

6) in Chapter 9:

• paragraphs 9.4 and 9.5. are recognized as having lost force;

• paragraph 9.8. is redacted as follows:

"9.8. In order to minimize operational risks and ensure uninterrupted functioning of the system, the work of the main clearing center is duplicated in a backup center. In case of failures (power supply, hardware, communication channels, etc.) in the main center, if necessary, the system is switched to the backup center within 2 hours.";

• in paragraph 9.9., exclude the words ", SWIFT channel";

• in paragraph 9.10., exclude the words ", based on the use of public key infrastructure (PKI)".

2.

Make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Instruction on the Procedure for Conducting Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic" dated August 22, 2007 No. 38/11:

in the Instruction on the Procedure for Conducting Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic, approved by the aforementioned Resolution:

1) in Chapter 1:

• paragraph 1.1. is recognized as having lost force;

• in paragraph 1.3., replace the numbers and words "No. 37/8 dated 15.12.2005 and registered in the Ministry of Justice of the Kyrgyz Republic No. 8-06 dated 18.01.2006" with the numbers and words "dated December 15, 2005 No. 37/8 and registered in the Ministry of Justice of the Kyrgyz Republic on January 18, 2006 No. 8-06".

• in paragraph 1.4., replace the numbers and words "No. 16/4 dated 19.05.2005 and registered in the Ministry of Justice of the Kyrgyz Republic No. 91-05 dated 27.06.2005," with the words and numbers "dated June 15, 2016 No. 25/8";

• in paragraph 1.5., replace the numbers and words "No. 5/10 dated 02.03.06 and registered in the Ministry of Justice of the Kyrgyz Republic No. 25-06 dated 23.03.06" with the words and numbers "of the Kyrgyz Republic dated March 2, 2006 No. 5/10 and registered in the Ministry of Justice of the Kyrgyz Republic on March 23, 2006 No. 25-06";

• in paragraph 1.6., after the words "of the National Bank," add the words "of the Kyrgyz Republic";

2) in Chapter 2:

in paragraph 2.2.:

• paragraphs third, fifth, sixth, ninth, tenth, eleventh, fifteenth, eighteenth, and nineteenth are recognized as having lost force;

• in paragraph 8, replace the word "GSRRV" with "gross settlement system in real-time mode (hereinafter - GSRRV)";

• in paragraph sixteenth, replace the words "hardware and software complex at the CC" with "hardware and software complex installed in the Unified Service Center of the National Bank";

3) in Chapter 3:

• paragraph 3.1. is recognized as having lost force;

• paragraph 3.2. is redacted as follows:

"3.2. The primary payment document in paper or electronic form is formed by the bank client and transferred to the sending bank in accordance with the terms of the contract between the client and the sending bank.";

4) in Chapter 4:

• in paragraph 4.1., the first sentence is redacted as follows:

"4.1. The sending bank accepts the paper payment document from the client in at least two copies.";

• in paragraph 4.2., replace the numbers and words "No. 36/5 dated July 25, 2007" with the words and numbers "of the Kyrgyz Republic dated July 25, 2007 No. 36/5";

5) in Chapter 5:

• in paragraph 5.1., exclude the words "; or summary payment orders, in which the sub-account and personal account fields are mandatory, for full disclosure of payments in the BCS";

6) in Chapter 6:

in paragraph 6.3.:

in sub-paragraph 6.3.2.:

• the first sentence is redacted as follows:

"The CC may accept a file with a batch of net positions from the Unified Interbank Processing Center (hereinafter - UIPC).";

• in the sixth sentence, exclude the word "two-sided";

in sub-paragraph 6.3.4.:

• exclude the words "based on resolutions of the Board or the Supervisory Committee of the National Bank";

• sub-paragraphs 6.3.8 and 6.3.9. are recognized as having lost force;

in sub-paragraph 6.3.13., exclude the words ", and payment documents accepted by the system and included in the current net position are considered irrevocable for the paying bank (requests for cancellation of these payments are not accepted)";

in paragraph 6.4.:

• in sub-paragraph 6.4.3., exclude the second sentence;

• in sub-paragraph 6.4.4., exclude the second and third sentences;

in paragraph 6.5.:

• paragraph 6.5.2. is redacted as follows:

"6.5.2. Reserves are established for participants in the system based on the file received from the GSRRV.";

in paragraph 6.7.:

• sub-paragraph 6.7.3. is recognized as having lost force;

7) in Chapter 8:

paragraphs 8.2. and 8.4. are recognized as having lost force;

8) throughout the text of the document, replace the abbreviation "NBKR" with the words "National Bank" in the corresponding cases.

3. Make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Conducting Payments in the Form of Direct Debit in the Batch Clearing System" dated July 30, 2008 No. 30/6:

in the Rules for Conducting Payments in the Form of Direct Debit in the Batch Clearing System, approved by the aforementioned Resolution:

1) in Chapter 1:

• paragraph 1.1. is redacted as follows:

"1.1. These Rules for Conducting Payments in the Form of Direct Debit (hereinafter - the Rules) define the procedure for conducting payments in the form of direct debit in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic (hereinafter - the System), as well as the relationship and obligations of the payer, paying bank, payee, and receiving bank (hereinafter collectively - participants) and the System in accordance with the Civil Code of the Kyrgyz Republic, the laws of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic, Banks and Banking Activity', 'On the Payment System of the Kyrgyz Republic', 'On Electronic Digital Signature', and other regulatory legal acts on payment systems:

• Regulation 'On Non-Cash Settlements in the Kyrgyz Republic', approved by the Resolution of the Government of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic dated 09.09.2005 No. 420/21/4;

• Regulation 'On the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated 15.12.2005 No. 37/8 and registered in the Ministry of Justice of the Kyrgyz Republic on 18.01.2006 No. 8-06;

• Instruction 'On the Procedure for Conducting Payments in the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated 22.08.2007 No. 38/11 and registered in the Ministry of Justice of the Kyrgyz Republic on 4.10.2007 No. 88-07 (hereinafter - Instruction on BCS);

• Instruction 'On the Procedure for Filling Out Payment Documents', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 25, 2007 No. 36/5 and registered in the Ministry of Justice of the Kyrgyz Republic on 3.09.2007 No. 82-07;

• Rules for Filling Out Formats of Electronic Payment Documents and Messages of the Batch Clearing System for Small Retail and Regular Payments in the Kyrgyz Republic', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated 02.03.06 No. 5/10 and registered in the Ministry of Justice of the Kyrgyz Republic on 23.03.06 No. 25-06 (hereinafter - Rules for Filling Out Formats).";

• paragraph 1.2. is redacted as follows:

"1.2. The list of commercial banks providing direct debit payment services is posted on the official website of the National Bank of the Kyrgyz Republic (hereinafter - the National Bank).";

• paragraph 1.4. is supplemented with the seventh paragraph as follows:

"Black List ('BlackList') - a list of system client-participants who have exceeded the parameter of the number of rejected payments for direct debit in cases of violation of the condition regarding the provision of sufficient funds in the account on the settlement date for the payment according to the direct debit contract.".

2) in Chapter 2:

• sub-paragraph 2.1.1. of paragraph 2.1. is redacted as follows:

"2.1.1. The payee forms an electronic statement for payments in the form of direct debit of the payer's bank account in Excel or Dbf formats, in accordance with the Instruction 'On the Procedure for Filling Out Payment Documents', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 25, 2007 No. 36/5, and transfers it to the receiving bank via available communication channels or on external media (floppy disks, flash drives, CD, etc.).";

• in sub-paragraph 2.2.3. of paragraph 2.2., replace the words "Instruction 'On the Procedure for Filling Out Payment Documents'" with the words "Rules for Filling Out Formats";

• in the second sentence of sub-paragraph 2.4.3. of paragraph 2.4., replace the words "from the date of processing" with the words "from the date following the date of processing";

3) in Chapter 6:

• in paragraphs 6.5. and 6.9., replace the words "from the date of processing" with the words "from the date following the date of processing";

4) in Chapter 8:

• in the first sentence of paragraph 8.4. and in paragraph 8.5., replace the words "from the date of processing" with the words "from the date following the date of processing";

5) throughout the text of the document, replace the abbreviation "NBKR" with the words "National Bank" in various cases.

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