Article 29-6. Rules and standards of a self-regulatory organization in the field of microfinance activities of the Law on Microfinance Activities

Home / Laws / Article 29-6. Rules and standards of a self-regulatory organization in the field of microfinance activities of the Law on Microfinance Activities

1. The rules of a self-regulatory organization in the field of microfinance activities, in addition to the requirements provided for in article 20-1 of the Law on Self-Regulation, must contain:

1) the amount and (or) the calculation procedure, the procedure for payment of entrance and membership fees;

2) rules of professional ethics of employees of a self-regulatory organization in the field of microfinance activities;

3) the procedure, list, forms and terms of information posted by a self-regulatory organization in the field of microfinance activities on its Internet resource;

4) other provisions determined by the self-regulatory organization in the field of microfinance activities independently.

2. The standards of a self-regulatory organization in the field of microfinance activities, in addition to the requirements provided for in article 20-2 of the Law on Self-Regulation, should contain provisions on:

1) protection of the rights and legitimate interests of consumers of financial services by members (participants) of a self-regulatory organization in the field of microfinance activities;

2) management of the risk management system by members (participants) of a self-regulatory organization in the field of microfinance activities.

The requirement of this subparagraph does not apply to self-regulatory organizations in the field of microfinance activities, whose members (participants) are credit partnerships or pawnshops.;

3) compliance by members (participants) of a self-regulatory organization in the field of microfinance activities with the requirements stipulated by the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime, financing of terrorism and financing the proliferation of weapons of mass destruction;

4) compliance by members (participants) of a self-regulatory organization in the field of microfinance with prudential standards and other mandatory standards and limits;

5) the implementation of microfinance activities by members (participants) of a self-regulatory organization in the field of microfinance activities;

6) and other provisions determined by the self-regulatory organization in the field of microfinance activities independently.

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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