Article 29-2. Requirements for the Microfinance Ombudsman of the Law on Microfinance Activities

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1. A person cannot be recommended for election as a microfinance ombudsman.:

1) does not have a higher economic and (or) legal education;

2) does not have an impeccable business reputation;

3) who has less than five years of experience in the provision of financial services and (or) regulation of financial services;

4) who was previously a senior employee of a financial institution for a period not more than one year prior to the adoption by the authorized body of a decision on classifying the bank as an insolvent bank, compulsory repurchase of the bank's shares, revocation of the license of a financial institution, as well as compulsory liquidation of a financial institution or declaring it bankrupt in accordance with the procedure established by the legislation of the Republic of Kazakhstan. This requirement is applied within three years after the authorized body makes a decision to classify the bank as an insolvent bank, forcibly buy back the bank's shares, revoke the license of a financial institution, as well as forcibly liquidate a financial institution or declare it bankrupt.;

5) recognized by a court in accordance with the procedure established by the law of the Republic of Kazakhstan as legally incompetent or with limited legal capacity;

6) undergoing dynamic monitoring of mental behavioral disorders (diseases), including those caused by the use of psychoactive substances, in mental health service organizations.

IZPI's note! Paragraph 1 is provided to be supplemented by subparagraph 7) in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

7) does not speak the official language.

2. A microfinance ombudsman may not hold any of the positions in a microfinance organization and/or collection agency, have close relatives, spouse and/or relatives serving as the head of an authorized body, the National Bank of the Republic of Kazakhstan or their deputies, as well as the head of a structural unit of the authorized body, the National Bank 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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