Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2020-P-19\16-5-(NPA) of 25 March 2020 on Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic of 27 May 2009 No. 25/11 on Approval of the Instruction on the Procedure for Making Payments and Settlements in the Real-Time Gross Settlement System in the Kyrgyz Republic

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Date of creation: 2020-03-26

Resolution of the Board

of the National Bank

of the Kyrgyz Republic

No. 2020-P-19\16-5-(NPA)

dated 25 March 2020

On Amendments to the Resolution

of the Board of the National Bank of the Kyrgyz Republic

"On Approval of the Instruction "On the Procedure for Making Payments and Settlements

in the Real-Time Gross Settlement System in the Kyrgyz Republic"

dated 27 May 2009 No. 25/11

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 Activities", the Board of the National Bank of the Kyrgyz Republic resolves:

1. To introduce into the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction "On the Procedure for Making Payments and Settlements in the Real-Time Gross Settlement System in the Kyrgyz Republic" dated 27 May 2009 No. 25/11 the attached amendments.

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 Normative Legal Acts of the Kyrgyz Republic.

3. This resolution enters into force upon the expiry of fifteen days from the day of its official publication.

4. To the Banking Settlements Department to bring this resolution to the attention of commercial banks, the Interstate Bank, the Eurasian Development 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 Deposit Protection Agency of the Kyrgyz Republic, CJSC "Central Depository" and the relevant structural subdivisions of the National Bank of the Kyrgyz Republic.

5. To assign control over the execution of this resolution to the member of the Board of the National Bank of the Kyrgyz Republic supervising the Banking Settlements Department.

Chairman T. Abdygulov

Annex

to the Resolution of the Board

of the National Bank

of the Kyrgyz Republic

dated 25 March 2020

No.

2020-P-19\16-5-(NPA)

Amendments

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

"On Approval of the Instruction "On the Procedure for Making Payments and Settlements

in the Real-Time Gross Settlement System in the Kyrgyz Republic"

dated 27 May 2009 No. 25/11

To introduce into the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Instruction "On the Procedure for Making Payments and Settlements in the Real-Time Gross Settlement System in the Kyrgyz Republic" dated 27 May 2009 No. 25/11 the following amendments:

in paragraph 1 of the resolution, in the state language, the words "айкын убакыт ыргагында Эсептешүүлөрдүн гросстук системасы аркылуу электрондук билдирүүлөрдү өткөрүү" shall be replaced by the words "Эсептешүүлөрдүн гросстук системасы аркылуу айкын убакыт ыргагында төлөмдөрдү өткөрүү жана эсептешүүлөрдү жүргүзүү";

in the Instruction "On the Procedure for Making Payments and Settlements in the Real-Time Gross Settlement System in the Kyrgyz Republic" approved by the above-mentioned resolution:

• the title of the Instruction in the state language shall be set out in the following wording:

"Кыргыз Республикасында Эсептешүүлөрдүн гросстук системасы аркылуу айкын убакыт ыргагында төлөмдөрдү өткөрүү жана эсептешүүлөрдү жүргүзүү тартиби жөнүндө нускоо";

• clause 1.4 shall be set out in the following wording:

"1.4. The principles and methods of risk management in the RTGS are set out in the Policy on Risk Management in the Payment System of the Kyrgyz Republic and the Regulation "On the Real-Time Gross Settlement System in the Kyrgyz Republic", approved by resolution of the Board of the National Bank.";

• clause 1.5 shall be set out in the following wording:

"1.5. The formats of electronic payment documents and system messages are defined in the document "Formats of Electronic Messages in the Real-Time Gross Settlement System (RTGS) and the Rules for Completing Them" (hereinafter referred to as the Rules for Completing Formats).";

• in clause 1.8, the words "electronic digital signature" shall be replaced by the words "electronic signature";

• clause 2.1 shall be set out in the following wording:

"2.1. The payer participant accepts the primary payment document from the payer client in two copies. One copy of the primary payment document remains with the payer participant. The other copy of the primary payment document is returned to the payer client with a mark confirming its acceptance for execution.

In the event that the exchange of primary payment documents between the payer client and the payer participant is carried out in electronic form, the payer participant confirms to the payer client the receipt of the electronic document in accordance with the terms of the agreement between the payer participant and the payer client, as well as in accordance with the internal normative documents and procedures of the payer participant.

From the moment the payer client receives a copy of the primary payment document with the payer participant's mark confirming its acceptance for execution, this payment is irrevocable for the payer client, and from the moment funds are debited from the payer client's account, this payment becomes final for the payer client.";

• sub-clause 3.1.1 of clause 3.1 shall be set out in the following wording:

"3.1.1. Processing of EPD is carried out in accordance with the operating schedule of the RTGS, which is divided into the following periods:

Name of period	Duration of period
Start of day
Open for business	8:30 – 8:40
	8:40 – 9:00
Final settlement of net positions of participants in international card payment settlement systems (VISA, MasterCard)	9:00 – 17:00
Acceptance and processing of EPD and messages in the RTGS	9:00 – 17:20
Transfer by RTGS participants of the reserve of funds to the debit net position in the CCP	8:45 – 13:30
Formation of the reserve for the debit net position and its transfer to the CCP	13:30 – 13:50
Final settlement of net positions of participants based on the results of the CCP clearing session	13:50 – 14:20
Initial disconnection (settlement window)	16:30
Final disconnection	17:00
Completion of settlements	17:20

Guided by Article 96 of the Labor Code of the Kyrgyz Republic regarding the duration of the working day immediately preceding a non-working holiday, the operating schedule of the RTGS is reduced by one hour and the following start times for the periods of the RTGS schedule are established:

Name of period	Duration of period
Initial disconnection (settlement window)	15:30
Final disconnection	16:00
Completion of settlements	16:20
";

• in sub-clause 3.1.5 of clause 3.1, the words in quotation marks "system of the participant" shall be replaced by the word "system";

• clause 3.2 shall be set out in the following wording:

"3.2. Opening of the day in the RTGS

The opening of the day in the RTGS is carried out by sequentially performing two periods: "Start of day" and "Open for business". The RTGS operator, during the day-opening period, prepares the system (sets parameters, configures them and prepares the system for the start of operations).

During the "Start of day" period, message queues are launched, payments of the National Bank are processed, and participants' payments are transferred to the status "WAITING". After the "Start of day" period is completed, the RTGS operator collects billing (payment for RTGS services).

After the "Open for business" period is completed, the system accepts all types of payments (customer MT 103 and interbank MT 202).";

• clause 3.3 shall be recognized as having lost force;

• in sub-clause 3.4.3 of clause 3.4, the words "electronic digital signature" shall be replaced by the words "electronic signature", and the abbreviation "EDS" shall be replaced by the abbreviation "ES" accordingly;

• in sub-clauses 3.5.1, 3.5.2, 3.7.2 and 3.8.1, the abbreviation "EDS" shall be replaced by the abbreviation "ES";

• clause 3.8 shall be supplemented with sub-clause 3.8.5 of the following content:

"3.8.5. The final settlement of net positions of participants in international card payment settlement systems (VISA, MasterCard) is carried out on the basis of signed agreements and contracts, as well as in accordance with the internal procedures of the National Bank.";

in clause 3.9:

• sub-clause 3.9.2 shall be set out in the following wording:

"3.9.2. Upon the onset of the final disconnection period in the RTGS, a prohibition on the entry of interbank payments comes into effect, while all customer and interbank payments that are in the payment queues at that moment are rejected by the system or by the RTGS operator in manual mode for the correct onset of the RTGS disconnection periods.

Only the National Bank has the right to enter transactions into the system between the final disconnection and the completion of settlements.";

• sub-clause 3.9.5 shall be recognized as having lost force;

• in sub-clause 3.9.6, the word "payments" shall be replaced by the word "messages";

• the title of Annex 1 in the state language shall be set out in the following wording:

"Кыргыз Республикасында Эсептешүүлөрдүн гросстук системасы аркылуу айкын убакыт ыргагында төлөмдөрдү өткөрүү жана эсептешүүлөрдү жүргүзүү тартиби жөнүндө нускоого карата

1-тиркеме

ГСРРВ системасында электрондук төлөмдөрдү иштеп чыгууда филиалдын Банктык идентификациялык кодун пайдалануу

ТАРТИБИ
";

• Annex 2 shall be set out in the following wording:

"Annex 2

to the Instruction on the Procedure for Making Payments and Settlements in the Real-Time Gross Settlement System

RULES

for processing payments in accordance with participant status

The participant status is established by the RTGS operator on the basis of decisions adopted by resolution of the Board of the National Bank or the Supervisory Committee of the National Bank on the revocation of a license, the introduction of a Temporary Administration, direct banking supervision, bankruptcy, etc.

The system defines the following participant statuses:

1. Statuses relating to system participants:

ACTIVE – the participant is active; both debit and credit payments are possible;

BLOCKED INCOMING – the participant is prohibited from making credit payments (account replenishment), including establishing a reserve of funds for adjacent systems;

BLOCKED OUTGOING – the participant is prohibited from making debit payments (account debiting), including establishing a reserve of funds for adjacent systems;

BLOCKED ALL – the participant is prohibited from making both debit and credit payments.

DISABLED – the participant cannot make payments.

2. Statuses relating to the account of a system participant:

ACTIVE – the participant's account is active; payments may be made to and on behalf of the participant;

APPROVE – any change to the participant's account is pending confirmation;

REMOVED – the participant's account has been removed from the system.

3. Statuses of payments and reserves relating to payments (customer MT 103 and interbank MT 202):

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

ENTER – this is an intermediate status into which a payment transitions immediately after its creation in the RTGS system.

CANCELLED – the payment has been annulled 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 funds in an amount sufficient to make the payment or reserve of funds, the payment is placed in a queue;

WAITING – a payment is placed in the WAITING status if it is sent by a Participant after the "Start of day" period but before the "Open for business" period.

DEFFERED – the payment is placed in the payment queue with a future settlement time during the current operational day;

FUTURE – the payment is placed in the payment queue with a future settlement date during several future operational days.".

Contacts

Public reception

+996 (312) 61-04-86 +996 (312) 66-90-15 +1257, +1256

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+996 (312) 66-90-15 +1671, +1666

Report corruption

+996 (312) 66-90-15 +2120 +996 (312) 61-04-00

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