RESOLUTION OF BOARD OF NATIONAL BANK OF TAJIKISTAN

of April 16, 2021 No. 62

About the Procedure of supervision of payment system of the Republic of Tajikistan 070.170.010

According to articles 5 and 6 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" and articles 20 and 28 of the Law of the Republic of Tajikistan "About payment services and payment system", the Board of National Bank of Tajikistan decides:

1. Approve the Procedure of supervision of payment system of the Republic of Tajikistan it (is applied).

2. In accordance with the established procedure to provide this resolution to the Ministry of Justice of the Republic of Tajikistan for state registration and to enact after state registration and official publication.

3. Authorize management of payment systems in case of state registration of this resolution in the Ministry of Justice of the Republic of Tajikistan, if necessary to make to the text of appendix of this resolution changes and amendments of editorial nature which are not changing it content.

4. To assign execution of Item 2 of this resolution to the secretary of Board, management of payment service providers, legal management and department of the press.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of Tajikistan Nakhatzod Mokhbona Kiromiddin.

Approved by the Resolution of Board of National Bank of Tajikistan of April 16, 2021, No. 62

Procedure of supervision of payment system of the Republic of Tajikistan

The procedure of supervision of payment system of the Republic of Tajikistan (further – the Procedure) is developed according to articles 5 and 6 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" and articles 20 and 28 of the Law of the Republic of Tajikistan "About payment services and payment system" for the purpose of assistance to effective and smooth functioning of payment system, determines procedure National Bank of Tajikistan of supervision of payment system of the Republic of Tajikistan and its participants, risk managements in significant payment system, and also determines procedure for test National Bank of Tajikistan of compliance of rules of significant payment system to the established requirements.

Chapter 1. General provisions

1. This Procedure includes implementation of supervision of payment service providers, operators of payment systems (independently whether these operators are credit institution or not) and operators of services of payment infrastructure, and also members of payment service providers.

2. In this Procedure the following main determinations are used:

- authentication - the procedure allowing the payment service provider or operator of payment system to prove the identity of the user of payment service or reality of the rights to use electronic means of payment, including use of the personalized protective these users;

- outsourcing - the arrangement of any form between the payment service provider or the operator of payment system and the supplier of the third party according to which such supplier carries out process renders service or performs activities which would otherwise be carried out from the payment service provider or the operator of payment system;

- settlement (netting) – the settlement procedure in which final settlements according to orders about money transfer occurs on a net basis during one or more discrete, previously specified periods of time during accounting day;

- offset – determination of net payment obligations or determination of net terminal value of settlement obligations between two or more participants within payment system;

- payment clearing – process of transfer, reconciliation and/or confirmation of payment orders on money transfer or securities before calculation implementation, also includes offset of payment orders and creation of final line items for calculation;

- significant payment system – the system and significant payment system and socially important payment system recognized by National Bank of Tajikistan;

- The principles for infrastructures of the financial market are the principles jointly developed by International settlements bank and International Organization of Securities Commissions. Main objective of "The principles for infrastructures of the financial market" is establishment of effective internal procedures of assessment of maintenance of financial stability, uninterruptedness of the functioning ought risk management of infrastructure of the financial market that corresponds to interests of owners, participants, clients and employees of such infrastructure of the financial market.

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