Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2018-P-14/24-5-(PS) of June 20, 2018 on Amendments to the Regulation on Payment System Operators and Payment Organizations

LOST ITS FORCE in accordance with resolution of the Board of the National Bank of the Kyrgyz Republic of September 30, 2019 No. 2019-P-14/50-2-(PS)

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of June 20, 2018 No. 2018-P-14/24-5-(PS)

On the introduction of additions and amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the approval of the Regulation "On the regulation of the activities of payment system operators and payment organizations" dated March 25, 2015 No. 19/10

In accordance with Articles 20 and 68 of the Law "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To introduce additions and amendments (attached) to the resolution of the Board of the National Bank of the Kyrgyz Republic "On the approval of the Regulation "On the regulation of the activities of payment system operators and payment organizations" dated March 25, 2015 No. 19/10".

2. To the Legal Department:

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

• after official publication, 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.

3. This resolution shall enter into force upon the expiration of fifteen days from the date of its official publication.

4. To the Department for the Development of the State Language and Document Management to bring this resolution to the attention of the relevant structural subdivisions, regional departments, and the representative office of the National Bank in the Batken Region.

5. To the Payment Systems Department to bring this resolution to the attention of commercial banks, payment system operators, and payment organizations of the Kyrgyz Republic.

6. To entrust the control over the implementation of this resolution to the Deputy Chairman of the National Bank of the Kyrgyz Republic L.Dzh. Orozbaeva.

Chairman of the Board of the National Bank of the Kyrgyz Republic		T. Abdygulov

		Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 20, 2018 No. 2018-P-14/24-5-(PS)

ADDITIONS AND AMENDMENTS in the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the approval of the Regulation "On the regulation of the activities of payment system operators and payment organizations" dated March 25, 2015 No. 19/10"

To introduce the following additions and amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On the approval of the Regulation "On the regulation of the activities of payment system operators and payment organizations" dated March 25, 2015 No. 19/10":

in the Regulation "On the regulation of the activities of payment system operators and payment organizations", approved by the aforementioned resolution:

• to supplement Chapter 3 with paragraph 32-1 of the following content:

"32-1. For the purpose of accepting monetary funds from payers for the payment of taxes, fees, and payments subject to crediting to the Unified Treasury Account of the authorized state body for forecasting and execution of the budget at the National Bank of the Kyrgyz Republic, a payment organization must:

• have a authorized capital of not less than ten million som;

• provide 100% prepayment for the entire amount of accepted payments to the budgets of the budget system of the Kyrgyz Republic, establishing this requirement in the corresponding contractual relations with the authorized state body for forecasting and execution of the budget and implementing the necessary mechanisms for control and risk management.";

• to declare paragraph 71 invalid.