Article 6. Types of payment systems, criteria and methods for determining their significance of the Law on Payments and Payment Systems

Home / RLA / Article 6. Types of payment systems, criteria and methods for determining their significance of the Law on Payments and Payment Systems

1. Payment systems, including foreign payment systems, are divided into the following types::

1) systemically important payment system;

2) a significant payment system;

3) another payment system.

2. The National Bank of the Republic of Kazakhstan classifies the payment system as a systemically significant payment system if it meets the following criteria in combination:

1) payments and (or) money transfers are carried out through this payment system for monetary obligations of participants in the securities market of the Republic of Kazakhstan and (or) the foreign exchange market of the Republic of Kazakhstan;

2) payments and (or) money transfers are carried out through this payment system for the purpose of carrying out the state monetary policy by the National Bank of the Republic of Kazakhstan.

3. The National Bank of the Republic of Kazakhstan classifies a payment system as a significant payment system if it meets any of the following criteria, with the exception of systems classified as systemically significant payment systems:

1) payments and (or) money transfers in national currency in the territory of the Republic of Kazakhstan are carried out through this payment system during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

2) payments and (or) money transfers in foreign currency in the territory of the Republic of Kazakhstan are carried out through this payment system during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan.;

3) international payments and (or) money transfers are carried out through this payment system during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

4) payments and (or) money transfers are carried out through this payment system during the year in an amount not less than the indicator established for money transfer systems by the National Bank of the Republic of Kazakhstan;

5) through this payment system, interbank payments are made by settlements with payment cards during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

6) the share of the number of payment cards issued under this payment system from the total number of payment cards in circulation at the beginning of the calendar year, as well as the total amount of payments and (or) money transfers made through this payment system during the calendar year using payment cards issued in such a payment system, not less than less than the indicators established by the National Bank of the Republic of Kazakhstan.

4. The National Bank of the Republic of Kazakhstan classifies the payment system as a systemically significant, significant or other payment system based on one of the following methods:

1) independently based on the results of the analysis of the functioning of payment systems conducted at the end of the calendar year;

2) on the basis of a written request from the payment system operator, accompanied by documents confirming the compliance of the payment system with the established criteria of significance.

5. In case of attribution of the payment system to a systemically significant, significant or other payment system, the National Bank of the Republic of Kazakhstan within five working days:

1) includes this payment system as a systemically significant, significant or other payment system in the register of payment systems;

2) publishes this information on its Internet resource;

3) notify the payment system operator in writing, with the exception of the National Bank of the Republic of Kazakhstan, of the assignment of the payment system to a systemically significant, significant or other payment system.

6. A payment system refers to a systemically significant, significant or other payment system from the date when the National Bank of the Republic of Kazakhstan enters information into the register of payment systems.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases