Article 15-32. Financing of the Financial Ombudsman Service of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

Home / Laws / Article 15-32. Financing of the Financial Ombudsman Service of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

1. The Financial Ombudsman service is funded by mandatory contributions and other payments received from subjects of behavioral supervision in accordance with the procedure and terms determined by the Council of the Financial Ombudsman Service in accordance with the internal rules of the Council of the Financial Ombudsman Service.

2. The suspension or termination (revocation) of a license to carry out certain types of operations does not release the subject of behavioral supervision from the obligation to make mandatory contributions and other payments to finance the financial Ombudsman service.

Termination (revocation) of the license to perform (conduct) all operations releases the subject of behavioral supervision from the obligation to make mandatory payments and other payments to finance the financial Ombudsman service from the date of termination (revocation) of the specified license.

In case of termination (revocation) of the license to carry out microfinance activities, the microfinance organization is released from the obligation to make mandatory payments and other payments to finance the financial Ombudsman service from the date of termination of contractual relations with individuals under microcredit agreements.

If a collection agency is excluded from the register of collection agencies, the collection agency is released from the obligation to make mandatory payments and other payments to finance the financial ombudsman service from the date of termination of contractual relations with individuals under bank loan agreements and microcredit agreements, under which creditors have assigned rights (claims) to the collection agency.

3. The Financial Ombudsman Service shall inform the authorized body about this within five working days from the date of improper fulfillment by the subject of behavioral supervision of obligations to pay mandatory contributions and (or) other payments to finance the financial Ombudsman service.

4. For non-fulfillment of the obligation to pay mandatory contributions and (or) other payments to finance the financial Ombudsman service, the subject of behavioral supervision is responsible in accordance with the laws 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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