Article 2. Legislation of the Republic of Kazakhstan on microfinance activities of the Law on Microfinance Activities

Home / RLA / Article 2. Legislation of the Republic of Kazakhstan on microfinance activities of the Law on Microfinance Activities

1. The legislation of the Republic of Kazakhstan on microfinance activities is based on the Constitution of the Republic of Kazakhstan and consists of the Civil Code of the Republic of Kazakhstan, this Law and other regulatory legal acts of the Republic of Kazakhstan.

2. The laws of the Republic of Kazakhstan "On Joint-Stock Companies", "On Business Partnerships", "On Limited and Additional Liability Partnerships" and "On Credit Partnerships" apply to organizations engaged in microfinance activities, to the extent not regulated by this Law.

3. If an international treaty ratified by the Republic of Kazakhstan establishes rules other than those contained in this Law, the rules of the international treaty shall apply.

4. Microfinance organizations and other legal entities operating within the framework of the special regulatory regime introduced in accordance with the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations", the norms of this Law and regulatory legal acts of the authorized body, the National Bank of the Republic of Kazakhstan, adopted in accordance with this Law, shall apply within the limits stipulated by the terms of the special regulatory regime.

5. The provisions of this Law applicable to second-tier banks shall apply to branches of non-resident banks of the Republic of Kazakhstan opened in the territory of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated November 26, 2012 No. 56-V.

This Law regulates public relations related to the provision of micro-loans, establishes the specifics of the creation and reorganization of organizations engaged in microfinance activities, the legal status, activities of organizations engaged in microfinance activities, and also defines the specifics of state regulation of organizations engaged in microfinance activities, control and supervision of their activities.

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