Article 29-11. The register of self-regulating organizations in the field of microfinance activities and their exclusion from the register of the Law on Microfinance Activities

Home / Laws / Article 29-11. The register of self-regulating organizations in the field of microfinance activities and their exclusion from the register of the Law on Microfinance Activities

1. The authorized body maintains a register of self-regulating organizations in the field of microfinance activities.

2. The information contained in the register of self-regulating organizations in the field of microfinance activities is open, posted on the authorized body's Internet resource and kept up to date.

Information about a self-regulating organization in the field of microfinance activities that meets the requirements of paragraph 5 of Article 29-5 of this Law is entered into the register of self-regulating organizations in the field of microfinance activities on the basis of a notification in accordance with the Law of the Republic of Kazakhstan "On Permits and Notifications".

3. The grounds for exclusion from the register of self-regulating organizations in the field of microfinance activities are:

1) the decision of the general meeting of members (participants) of a self-regulating organization in the field of microfinance activities on the voluntary exclusion from the register, liquidation or reorganization of a self-regulating organization in the field of microfinance activities, carried out in the form of a merger, merger, division or separation;

2) failure to submit within two months the documents provided for in part three of paragraph 4 of Article 9 of the Law on Self-Regulation and paragraph 7 of Article 29-5 of this Law;

3) a court decision that has entered into legal force on the termination of the activities of a self-regulatory organization in the field of microfinance activities;

4) systematic (three or more times within twelve consecutive calendar months) failure to comply with the written instructions of the authorized body;

5) repeated (two or more times within twelve consecutive calendar months) failure to submit reports and (or) submission of false reports to the authorized body;

6) non-compliance of a self-regulatory organization in the field of microfinance activities within twelve consecutive calendar months with the requirement established by paragraph 5 of Article 29-5 of this Law.

4. Within one year after the authorized body makes a decision to exclude a self-regulating organization in the field of microfinance activities from the register on the grounds provided for in paragraph 3 of this article, such a non-profit organization may not claim to be able to operate as a self-regulating organization in the field of microfinance activities.

5. Established by sub-paragraphs 1), 2), 3), 4) and 6) of the first part of paragraph 1 of Article 29-7 and Article 29-10 of this Law, the functions of a self-regulating organization in the field of microfinance activities, which has been excluded from the register, in respect of microfinance organizations that were its members (participants), are transferred to another self-regulating organization in the field of microfinance activities of the appropriate type from the date of entry of a microfinance organization into such a self-regulating organization in the field of microfinance activities, and in the absence of a functioning self–regulating organization in the field of microfinance activities of the appropriate type, they remain under the control and supervision of the authorized body until the date of inclusion in the register of a self-regulating organization in the field of microfinance activities of the appropriate type and the entry of a microfinance organization into such a self-regulating organization in the field of microfinance activities.

6. A self-regulating organization in the field of microfinance activities, in case of exclusion from the register of self-regulating organizations in the field of microfinance activities, is obliged to transfer all documents and information formed and arising from legal relations between a self-regulating organization in the field of microfinance activities, its members (participants) and consumers of financial services, to another self-regulating organization in the field of microfinance activities, to the membership (participants) which includes members (participants) of a self-regulatory organization in the field of microfinance activities, excluded from the register of self–regulating organizations, and in the absence of a functioning self-regulating organization in the field of microfinance activities - to the authorized body.

When transferring to the authorized body the documents and information specified in part one of this paragraph, the authorized body shall not incur obligations arising from legal relations between a member (participant) of a self-regulating organization in the field of microfinance activities and a consumer of financial services, as well as other property obligations arising from legal relations of a self-regulating organization in the field of microfinance activities with third parties.

The procedure for the transfer of the documents and information specified in this paragraph is established by the normative legal act specified in the second part of paragraph 3 of Article 29-5 of this Law.

7. For non-fulfillment of the obligation to transfer the materials specified in paragraph 6 of this Article, the senior employee of a self-regulatory organization in the field of microfinance activities excluded from the register shall be liable in accordance with the laws 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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Republic of Kazakhstan

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