RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 8, 2017 No. 2017-P-14/23-16

About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic", article 2-1 of the Law of the Kyrgyz Republic "About the competition", the Board of National Bank of the Kyrgyz Republic decides:

1. Bring in the following resolutions of Board of National Bank of the Kyrgyz Republic of change and amendment (are applied):

- About the Provision "About Determination of Dominant Position in the Market of Banking Services" of March 28, 2007 No. 16/5;

- About approval of the Regulations on the minimum requirements to pricing policy of the banking services and services rendered by the microfinancial organizations of June 14, 2013 to No. 19/2.

2. To legal management:

- publish this resolution on the official site of 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 becomes effective on June 22, 2017.

4. To department of development of state language and document flow to bring this resolution to the attention of structural divisions, regional managements and representative office of National Bank in Batken Province.

5. To management of payment systems to bring this resolution to the attention of OYuL "Union of Banks of Kyrgyzstan", commercial banks, Associations of the microfinancial organizations, OYuL "Association of Operators of KG Payment Service Providers", operators of payment systems and payment institutes of the Kyrgyz Republic.

6. To impose control of execution of this resolution on the vice-chairman of National Bank Kyrgyz Republics Orozbayeva Л.Дж.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of June 8, 2017 No. 2017-P-14/23-16

Changes and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic

1. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Determination of Dominant Position in the Market of Banking Services" of March 28, 2007 No. 16/5 the following changes and amendments:

in Regulations on determination of dominant position in the market of banking services approved by the above-stated resolution:

- Item 1.1. declare invalid;

- Item 1.2. state in the following edition:

"1.2. This Provision determines the actions applied by National Bank of the Kyrgyz Republic (further - National Bank) in the field of anti-monopoly regulation, development of the competition and consumer protection in the market of banking, microfinancial and payment services (further - banking services) and the transactions in the Kyrgyz Republic rendered by commercial banks, other non-bank financial credit institutions and legal entities (operators of payment systems and payment institutes), persons under surveillance to National Bank and National bank of development of the Kyrgyz Republic (further - persons providing banking services).";

- in all text of the Provision and Appendix shall be replaced with words 1 abbreviation of "FKU" "persons providing banking services" in the corresponding cases and number;

- in Item 1.3.:

- in paragraph one of the word of "regulating document" to replace with the word "Provisions";

- in the subitem "v" of the word "and services of other financial credit institutes" to exclude;

- in Item 2.1.:

- in paragraph one after words of "banking services" to add with words ", and also on any kind of banking services";

- add with the subitem "e-1" the following content:

"e-1) affiliation availability;";

- Item 2.2 in paragraph one. after words of "banking services" to add with words "(on any kind of banking services)";

- in Item 3.1.:

state the subitem "b" in the following edition:

"b) questions of acquisition of threshold equity participation of persons providing banking services or increase in their authorized capital up to the size allowing to abuse this market position of banking services;";

add with the subitem of "-1" of the following content:

"-1) of creation of banking groups, persons providing banking services which are registered in the Kyrgyz Republic.";

- in subitem 3.5.4. after words "geographical the markets" to add with words ", the market of banking services";

- in Item 3.7. after words of "banking services" to add with words ", including on any kind of banking services.";

- in Item 3.7.2.:

third to state the paragraph in the following edition:

"Vu - amount of the services rendered by persons providing banking services - the total volume of certain type of banking activity (service) performed (rendered) by person providing banking services for certain period of time (in year, in quarter, in month, in day). The amount of services is calculated on the basis of analytical data of the turnover sheet on accounts person providing banking services for the considered (reporting) period;";

- the fifth to state the paragraph in the following edition:

"Vobshch - the total amount of turnover of banking services - aggregate turnover by this type of banking activities (services) performed (provided) by all persons providing banking services in the territory of the Kyrgyz Republic.";

- Item 3.7.4. state in the following edition:

"3.7.4. If the share of person providing banking services by certain type of bank transaction / service exceeds 35% and this transaction / service all segments of the population use, the National Bank has the right to establish and apply restrictions in tariff policy on this type of transaction/service or to impose additional terms of consumer protection.";

- Item 3.7.5. declare invalid;

- in Appendix 1:

in paragraph five the offer second to state in the following edition:

"For example, if the price for use of services of the hypothetical monopolist increased rather highly, then physical persons - consumers can refuse banking services and store savings in cash form out of bank system, or register payments by means of other tools.";

in paragraph seven after the words "on mortgage lending" to add with the words "or on carrying out different payments".

2. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Regulations on the minimum requirements to pricing policy of the banking services and services rendered by the microfinancial organizations" of June 14, 2013 to No. 19/2 the following changes and amendments:

in the name of the resolution and in Item 1 after words "bank" to add pricings with the word", payment";

in the Regulations on the minimum requirements to pricing policy of the banking services and services rendered by the microfinancial organizations, approved by the above-stated resolution:

- in the name after words "bank" to add pricings with the word", payment";

- declare Item 1 invalid;

- state Item 2 in the following edition:

"2. The purpose of this provision is ensuring system approach to pricing of the banking services of commercial banks, payment services of operators of payment systems, payment institutes and services of the non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic (further - National Bank), including performing activities according to the Islamic principles of banking and financing taking into account the special terminology applied by them in case of banking operations (further - persons providing banking services), for observance of the antitrust law of the Kyrgyz Republic.";

- in all text of the Provision:

shall be replaced with words abbreviation of "FKU" "persons providing banking services" in the corresponding cases and number;

after the word "bank" in different cases to add with the word "payment" in the corresponding cases;

- Item 4-1. state in the following edition:

"4-1. Persons providing banking services, except for operators of the payment systems and payment institutes (which are not bank) are forbidden to conclude with the affiliate and the face tied with bank, and also any other person which is the owner of the trademark, the contract for use of the trademark on paid basis if beneficiary in parts or in full under such agreement is the specified person.";

- add Item 10 with the paragraph third the following content:

"In case of modification of the declared rates for payment services operators of payment systems, payment institutes within seven working days shall notify Management of payment systems of National Bank on corresponding changes with representation of detailed reasons for the reasons of these changes, and also submit internal documents (the copy of the protocol and the copy of the decision (statement) of authorized body of the operator of payment systems, payment institute by which they were approved).".

 

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