The proposed changes have been put out for public discussion.
Key changes in the new version of Chapter 3
| Document submission period | The operator must notify the National Bank and provide documents within 30 calendar days from the date of establishment | The operator must submit a registration application within 30 days after the decision to establish is made | The period is clarified to start from the decision date, not the actual establishment of the platform |
| Document composition | Charter, founding documents, decision on establishment, information about the manager, API standards, etc. | Expanded list: charter, decision of the authorized body, complete information about the manager, detailed description of the architecture, API standards, draft public offer, preliminary contracts with suppliers, etc. | A comprehensive document package; preliminary contracts and system architecture description added |
| Preliminary assessment | Not provided | The National Bank conducts a preliminary assessment of the platform's functionality during the application review process | A new procedure for preliminary functionality verification of the platform has been introduced |
| Application review period | Not defined | The review period is 30 calendar days | A clear deadline for application analysis has been established |
| Registration denial | Did not have a detailed list of grounds | An exhaustive list of grounds for denial has been established: document discrepancies, issues with founders or management, existing prohibitions, lack of functionality, etc. | Clear grounds for registration denial are specified |
| Exclusion from the registry | Was not provided | The operator is excluded from the registry upon liquidation, inactivity for more than 12 months, having fewer than 5 suppliers in 12 months, court decision, etc. | A completely new chapter detailing the grounds and procedure for exclusion |
| Resubmission of documents | Not provided | Resubmission is possible after rectifying deficiencies within 6 months | The possibility of resubmitting the application has been introduced |
The changes in the new version significantly alter the requirements for financial platform operators: the document package has been increased, a preliminary functionality assessment procedure has been introduced, and the deadlines for application review and grounds for denial or exclusion from the registry have been clearly defined. These measures aim to improve the safety, transparency, and stability of marketplace operations in Kyrgyzstan.
