This Instruction establishes the procedure for the National Bank’s evaluation of systemically important payment systems for compliance with international standards.
Structure of the act:
1. General Provisions – define the scope of application and terms
2. Evaluation Principles – 18 key principles regarding legal basis, risk management, settlements, security, etc.
3. Evaluation Criteria – detailed requirements for verifying compliance with each principle
4. Compliance Levels – from “fully compliant” to “non-compliant”
Key Provisions:
– The NBU evaluates payment systems according to 18 international principles, including legal basis, risk management, settlement security
– Evaluation is conducted based on documents, reporting, interviews with employees
– 4 levels of compliance with principles are established – from full compliance to non-compliance
– System operators must conduct self-assessment using the same methodology
– Special requirements are established for cross-border systems and multi-level participation systems
– the document establishes critically important requirements for payment infrastructure that impacts the country’s financial stability.
