Article 9. Requirements for operators of a systemically significant or significant payment system of the Law on Payments and Payment Systems

Home / RLA / Article 9. Requirements for operators of a systemically significant or significant payment system of the Law on Payments and Payment Systems

1. The operator of a systemically important or significant payment system defines in internal documents:

1) the powers and regulations of the governing body;

2) powers of the supreme executive management bodies;

3) the risk management system in the payment system;

4) the procedure for the pre-trial settlement of disputes with the participants of the payment system and third parties providing services for the functioning of the payment system;

5) criteria for ensuring the effectiveness of the payment system, according to which the satisfaction of the needs of the participants of the payment system with the quality of the services provided is assessed.

2. The documents specified in paragraph 1 of this article shall be published by the operator of a systemically significant or significant payment system on its Internet resource within fifteen working days after their approval.

3. The risk management system in the payment system defines the procedures:

1) risk identification, measurement, monitoring and risk management;

2) ensuring the continuity of the payment system and contains a plan for restoring the activities of the payment system operator.

4. The operator or the operational center of a systemically significant or significant payment system submits information and reports to the National Bank of the Republic of Kazakhstan in the forms and in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan, including information on the volume of payments made by significant customers of the participant of the payment system.

5. A client of a payment system participant is considered a significant client of a participant in a systemically significant or significant payment system if his share in the total volume of payments and (or) money transfers made through this payment system for the year is ten or more than ten percent.

6. The operator or operational center of a systemically significant or significant payment system:

1) analyzes the needs of payment system participants for their satisfaction with the quality of services provided;

2) ensures the functioning of the feedback mechanism with the participants of the payment systems.

7. The operator or the operational center of a systemically significant or significant payment system once a year, no later than the first quarter following the reporting period, publishes the results of the analysis of the effectiveness of the payment system for participants' satisfaction with the quality of services provided on its Internet resource, taking into account the results of consideration of requests received during the reporting year through a feedback mechanism.

8. The operator of a systemically important or significant payment system conducts a self-assessment of the functioning of the payment system for its compliance with international standards:

1) at least once every three years for systemically important payment systems;

2) at least once every five years for significant payment systems.

In the case when the implementation of operational and technological functions is entrusted to the operational center of a systemically significant or significant payment system, the self-assessment of the functioning of payment systems is carried out jointly by the operator and the operational center of a systemically significant or significant payment system.

The results of the self-assessment of the functioning of payment systems are submitted by the operator of a systemically significant or significant payment system to the National Bank of the Republic of Kazakhstan within fifteen working days after its completion, except in cases where the National Bank of the Republic of Kazakhstan acts as the operator of the payment system.

9. The main results of the self-assessment of the functioning of the payment system, reflecting information on the compliance of the payment system with international standards, are subject to publication by the operator of a systemically significant or significant payment system within fifteen working days after its completion on its Internet resource.

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

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