Article 29-10. Control by a self-regulating organization in the field of microfinance activities over the activities of its members (participants) The Law on Microfinance Activities

Home / Laws / Article 29-10. Control by a self-regulating organization in the field of microfinance activities over the activities of its members (participants) The Law on Microfinance Activities

1. A self-regulating organization in the field of microfinance activities monitors compliance by its members (participants) with the requirements of the rules and standards of a self-regulating organization in the field of microfinance activities by conducting inspections.

2. Verification of members (participants) by a self-regulatory organization in the field of microfinance activities is carried out:

1) in order to monitor compliance by members (participants) of a self-regulating organization in the field of microfinance activities with the conditions of membership (participation) in a self-regulating organization in the field of microfinance activities, as well as the rules and standards of a self-regulating organization in the field of microfinance activities;

2) upon receipt of a complaint about a violation by a member (participant) of a self-regulating organization in the field of microfinance activities of the requirements of the rules and standards of the self-regulating organization in the field of microfinance activities or the requirements of the legislation of the Republic of Kazakhstan;

3) on behalf of the authorized body to conduct an audit of a member (participant) of a self-regulatory organization in the field of microfinance activities.

3. A self-regulating organization in the field of microfinance activities has the right to apply the following measures against its members (participants) for non-compliance with the rules and standards of a self-regulating organization in the field of microfinance activities:

1) the presentation of a requirement for the mandatory elimination of identified violations within the established time limits;

2) issuing a written warning;

3) the imposition of a fine in the amount established by the rules of a self-regulatory organization in the field of microfinance activities;

4) exclusion from the register of members (participants) of a self-regulatory organization in the field of microfinance activities;

5) other measures established by the rules of a self-regulatory organization in the field of microfinance activities that do not contradict the legislation of the Republic of Kazakhstan.

4. The procedure for applying the measures of influence provided for in paragraph 3 of this article to members (participants) of a self-regulating organization in the field of microfinance activities is determined by the rules of the self-regulating organization in the field of microfinance activities.

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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Republic of Kazakhstan

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