Article 12-2. Features of State Regulation, Control and Supervision of Microfinance Activities of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

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Article 12-2. Features of State Regulation, Control and Supervision of Microfinance Activities of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

In order to implement state regulation, control and supervision of microfinance activities, the authorized body:

1) approves the rules for licensing microfinance activities, qualification requirements for microfinance activities and a list of documents confirming compliance with them;

2) maintains a register of organizations engaged in microfinance activities;

3) establishes the minimum amounts of the authorized and own capital of organizations engaged in microfinance activities;

4) approves prudential standards and other mandatory standards and limits for organizations engaged in microfinance activities;

5) approves the rules for classifying assets and contingent liabilities for granted micro-loans and creating provisions (reserves) against them in coordination with the authorized body responsible for ensuring tax revenues and other mandatory payments to the budget.;

6) performs other functions stipulated by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 4, 2003 No. 474-II.

This Law regulates public relations related to the implementation of state regulation, control and supervision of the financial market and financial organizations, and is aimed at increasing the stability of the financial system of the Republic of Kazakhstan and creating conditions to prevent violations of the rights and legitimate interests of consumers of financial services.

President

Republic of Kazakhstan

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