Resolution of the Board of the National Bank of the Kyrgyz Republic No. 67/11 of November 30, 2011, on Amending and Supplementing the Regulation on Bank Payment Cards in the Kyrgyz Republic

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

dated November 30, 2011 No. 67/11

On Amending and Supplementing the Regulation on Bank Payment Cards in the Kyrgyz Republic

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

RESOLVES:

1. To introduce amendments and supplements to the Regulation on Bank Payment Cards in the Kyrgyz Republic, approved by Resolution of the Board of the National Bank of the Kyrgyz Republic No. 41/7 dated October 14, 2009.

2. This resolution shall enter into force on July 1, 2012.

3. After official publication, the Legal Department shall 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.

4. The Payment Systems Department shall bring this resolution to the attention of commercial banks.

5. Control over the execution of this resolution shall be assigned to the Deputy Chairman of the National Bank of the Kyrgyz Republic, B.Zh. Zheenbayevа.

Chairman	Z. Asankozhoeva

	Approved by Resolution of the Board of the National Bank of the Kyrgyz Republic dated November 30, 2011 No. 67/11

AMENDMENTS AND SUPPLEMENTS to the Regulation "On Bank Payment Cards in the Kyrgyz Republic"

To introduce to the Regulation "On Bank Payment Cards in the Kyrgyz Republic", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 14, 2009 No. 41/7 "On Approval of the Regulation "On Bank Payment Cards in the Kyrgyz Republic", the following amendments and supplements:

1. In paragraph 1.2 of section 1, after the word "issuance", replace the conjunction "and" with a comma and after the word "acquiring" supplement with the words "and distribution".

2. In paragraph 3.3 of section 3, after the words "Depending on the currency" add the word "bank".

3. Supplement paragraph 3.4 of section 3 with the following sentence:

"Any operations for crediting and debiting funds using an individual card shall be carried out from the bank account of the cardholder".

4. In paragraph 3.6 of section 3, after the word "owner" add the word "bank".

5. In paragraph 3.7 of section 3, throughout the text, replace the word "account" with the words "bank account".

6. In paragraph 3.10 of section 3, replace the words "opened for conducting operations by means of a card" with the words "of the cardholder".

7. In paragraph 4.1 of section 4, after the word "issuance" supplement with the words "and distribution".

8. Restate paragraph 5.1 of section 5 as follows:

"5.1. The issuer shall issue and hand over cards to the cardholder on the basis of the corresponding application of the account holder and a bank account agreement concluded with the account holder. Any bank payment card is the property of the issuer, is transferred to the cardholder for use, and must be recalled by the issuer upon expiration of the card's validity period or closure of the client's bank account.

Re-issuance of bank payment cards shall be carried out by the issuer only on the basis of an application of the bank account holder.".

9. In paragraph 5.8, after the words "or debiting funds from", as well as the words "may be carried out both within the balance on", add the words "bank" and "bank" respectively.

10. In paragraph 5.9, after the word "If" add the word "bank".

11. In paragraph 5.10, after the words "balance on" add the word "bank".

12. In paragraph 9.1 of section 9, after the words "agreement with a merchant on opening" exclude the word "settlement", and also after the word "account" add the words "for conducting settlements on transactions carried out using a terminal,".