Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2019-P-14/50-2-(PS) on Approving the Regulation on the Regulation of Payment Organizations and Payment System Operators

RESOLUTION OF THE BOARD OF THE NATIONAL BANK OF THE KYRGYZ REPUBLIC

dated September 30, 2019 No. 2019-P-14/50-2-(PS)

On Approving the Regulation "On the Regulation of the Activities of Payment Organizations and Payment System Operators"

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

1. Approve the Regulation "On the Regulation of the Activities of Payment Organizations and Payment System Operators" (attached).

2. Recognize as invalid the following resolutions of the Board of the National Bank of the Kyrgyz Republic:

• "On Approval of the Regulation "On the Regulation of the Activities of Payment System Operators and Payment Organizations" dated March 25, 2015 No. 19/10";

• "On Amendments and Additions to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On the Regulation of the Activities of Payment System Operators and Payment Organizations" dated March 25, 2015 No. 19/10" dated December 27, 2017 No. 2017-P-14/54-10-(NPA)";

• "On Additions and Amendments to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On the Regulation of the Activities of Payment System Operators and Payment Organizations" dated March 25, 2015 No. 19/10" dated June 20, 2018 No. 2018-P-14/24-5".

3. 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 Legal Acts of the Kyrgyz Republic.

4. This resolution enters into force after the expiration of fifteen days from the date of official publication, except for paragraph 51 and sub-paragraph 2 of paragraph 98 of the Regulation "On the Regulation of the Activities of Payment Organizations and Payment System Operators" approved by this resolution, which enter into force in October 2020.

5. Payment organizations, payment system operators, and commercial banks must bring their activities into compliance with the requirements of this Regulation by January 1, 2020.

6. The Payment Systems Department must bring this resolution to the attention of payment organizations and payment system operators, the Non-State Joint Stock Company "Association of Payment System Operators of the Kyrgyz Republic", the Non-State Joint Stock Company "Association of Communication Operators", the Limited Liability Company "Interbank Processing Center", and commercial banks.

7. The Department for the Development of the State Language and Document Management must bring this resolution to the attention of the relevant structural subdivisions, regional departments, and the branch of the National Bank in the Batken Region.

8. Control over the implementation of this resolution is entrusted to the Member of the Board of the National Bank of the Kyrgyz Republic, who supervises the Payment Systems Department.

Chairman	T. Abdygulov

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