Article 29-12. Measures of influence applied to a self-regulating organization in the field of microfinance activities, and the grounds for their application of the Law on Microfinance Activities

Home / Laws / Article 29-12. Measures of influence applied to a self-regulating organization in the field of microfinance activities, and the grounds for their application of the Law on Microfinance Activities

1. The authorized body shall apply the measures of influence established by this article in case of non-compliance with the requirements of this Law and other laws of the Republic of Kazakhstan, regulatory legal acts of the authorized body by a self-regulating organization in the field of microfinance activities, requirements for the activities of a self-regulating organization in the field of microfinance activities, rules and standards, as well as in case of detection of illegal actions or omissions of senior employees of a self-regulating organization in the field of microfinance activities. in the field of microfinance activities.

Measures of influence are understood as mandatory written instructions and sanctions.

2. A written instruction is an indication of a self-regulatory organization in the field of microfinance activities to take binding measures aimed at eliminating identified violations and (or) the causes, as well as the conditions that contributed to their commission.

A written instruction may contain a requirement to submit, within the time period established by the authorized body, an action plan for the fulfillment of the requirements of the authorized body established by part one of this paragraph (hereinafter referred to as the action plan).

The action plan, submitted within the time limit set by the written order, contains descriptions of violations, the reasons that led to their occurrence, a list of planned activities, the duration of their implementation, as well as responsible managers of a self-regulatory organization in the field of microfinance activities.

An appeal against a written order of the authorized body is carried out in accordance with the procedure established by the laws of the Republic of Kazakhstan. Appealing against the written order of the authorized body does not suspend its execution.

A self-regulating organization in the field of microfinance activities is obliged to notify the authorized body of the implementation of the measures specified in the written instruction and (or) the measures specified in the action plan within the time limits provided for in these documents.

3. In case of non-fulfillment of a written instruction within the time period established by the authorized body, the authorized body has the right to send to a self-regulating organization in the field of microfinance activities a request for the dismissal of a senior employee of a self-regulating organization in the field of microfinance activities and (or) suspension of the performance of all or part of the functions of a self-regulating organization in the field of microfinance activities provided for in Article 29-7 of this Law.

The procedure for replacement and terms of performance of duties in case of dismissal of a senior employee of a self-regulating organization in the field of microfinance activities are defined in the rules of the self-regulating organization in the field of microfinance activities.

4. The authorized body has the right to apply a sanction to a self-regulating organization in the field of microfinance activities in the form of exclusion from the register of self-regulating organizations in the field of microfinance activities on the grounds provided for in subparagraphs 2), 4), 5) and 6) of paragraph 3 of Articles 29-11 of this Law.

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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