The discussion of the new rules is open to the public.
Main changes in Chapter 3: old and new editions
| Document submission deadline | The operator must notify the National Bank and submit documents within 30 calendar days after creation | The operator must submit an application for registration within 30 days from the decision to create | The deadline is now counted from the decision date, not the platform creation date |
| Document composition | Charter, founding documents, decision on creation, information about the manager, API standards, and draft user agreement | The list of documents has been expanded: now includes the charter, decision of the authorized body, information about the manager, detailed architecture description, API standards, draft public offer, and preliminary agreements with suppliers | The document package has been significantly expanded; new elements such as preliminary agreements and architecture description have been added |
| Preliminary assessment | Not provided | The National Bank will conduct a preliminary assessment of the platform's functionality during the application review | A new preliminary verification procedure has been introduced |
| Application review period | Not established | The application will be reviewed within 30 calendar days | A clear deadline for application reviews has been established |
| Registration denial | There was no detailed list of grounds | A comprehensive list of reasons for denial has been formed: document non-compliance, issues with founders and management, existence of prohibitions, lack of functionality, and others | Reasons for registration denial are clearly defined |
| Exclusion from the register | Not provided | An operator may be excluded from the register in case of liquidation, inactivity for more than 12 months, fewer than 5 suppliers in 12 months, court decision, and other circumstances | A completely new chapter detailing the grounds and procedure for exclusion |
| Resubmission of documents | Not allowed | The possibility of resubmitting documents after correcting deficiencies within 6 months is provided | An option for resubmitting the application has been introduced |
The updated edition significantly changes the requirements for financial platform operators: the list of necessary documents is expanded, a preliminary assessment of functionality is introduced, and clear deadlines for review and grounds for denial or exclusion are established. These changes aim to enhance the safety, transparency, and stability of marketplace operations in Kyrgyzstan.
