Article 29-8. The rights and obligations of a self-regulatory organization in the field of microfinance Law on Microfinance Activities

Home / Laws / Article 29-8. The rights and obligations of a self-regulatory organization in the field of microfinance Law on Microfinance Activities

1. The rights and obligations of a self-regulating organization in the field of microfinance activities are determined by this Law, as well as the Law on Self-Regulation.

2. A self-regulating organization in the field of microfinance activities may not:

1) to acquire shares and (or) participation shares in the authorized capitals of financial organizations;

2) to pledge the property belonging to her in order to ensure the fulfillment of obligations of other persons;

3) ensure the fulfillment of its obligations by pledging the property of its members (participants), as well as guarantees and sureties issued by them;

4) act as a guarantor or guarantor.

3. The head, his deputy, and members of the executive management body of a self-regulatory organization in the field of microfinance activities may not:

1) simultaneously have employment and other relationships with financial institutions and other self-regulating organizations in the field of microfinance activities;

2) purchase securities issued by members (participants) of a self-regulatory organization in the field of microfinance activities;

3) conclude agreements on the provision of micro-loans, sureties or guarantees with members (participants) of a self-regulating organization in the field of microfinance activities.

4. A self-regulating organization in the field of microfinance activities must:

1) approve the rules and standards of a self-regulatory organization in the field of microfinance activities that are mandatory for their members (participants) and coordinate them with the authorized body;

2) notify the authorized body, accompanied by supporting documents, of the inclusion of members (participants) in a self-regulating organization in the field of microfinance activities and of their exclusion from it within three working days following the day of the decision;

3) notify the authorized body of the non-compliance of a senior employee of a self-regulatory organization in the field of microfinance activities with the requirements established by Article 9-4 of the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations", as well as his replacement;

4) notify the authorized body of changes that have occurred in the composition of its senior staff within five working days, including their appointment (election), transfer to another position, or termination of an employment contract (termination of powers) in accordance with the regulatory legal act of the authorized body specified in paragraph 3 of Article 29-5 of this Law.;

5) provide the authorized body, upon its request, with information, information and documents necessary to perform the functions of state regulation, control and supervision assigned to the authorized body;

6) notify the authorized body of a change in the address (location) of the self-regulating organization in the field of microfinance activities, including the postal address, e-mail address, contact phone numbers, and Internet resource address of the self-regulating organization in the field of microfinance activities;

7) notify about changes and (or) additions made to the charter of a self-regulatory organization in the field of microfinance activities;

8) inform the authorized body about violations by its member (participant) of the requirements, rules and standards of a self-regulatory organization in the field of microfinance activities, as well as the measures of influence applied to its members (participants), in accordance with paragraph 3 of Article 29-10 of this Law;

9) inform the authorized body about the establishment of a dispute resolution body between members (participants) of a self-regulatory organization in the field of microfinance and consumers of financial services of its members (participants), and other persons in the field of consumer protection of financial services;

10) submit to the authorized body reports, the list, forms, deadlines and the procedure for submission of which are established by a regulatory legal act of the authorized body;

11) post, in compliance with the requirements of the legislative acts of the Republic of Kazakhstan on information protection, information on its Internet resource, the order of placement of which is established by the rules of a self-regulatory organization in the field of microfinance activities.

In the cases provided for by the sub-paragraphs 2), 3), 4), 6), 7), 8) and 10) of the first part of this paragraph, notification (informing) by a self-regulatory organization in the field of microfinance activities of the authorized body is carried out in writing or through an electronic document management system.

5. Employees of a self-regulatory organization in the field of microfinance activities are required to ensure the confidentiality of information that has become known to them, which constitutes an official, commercial or other legally protected secret.

6. Employees of a self-regulating organization in the field of microfinance activities are responsible, as established by the laws of the Republic of Kazakhstan, for disclosing information obtained during their control over the activities of their members (participants).

7. A self-regulating organization in the field of microfinance activities uses one of the following methods to ensure its property responsibility and the property responsibility of its members (participants) to consumers of financial services:

1) insurance of civil liability of a member (participant) and a self-regulating organization in the field of microfinance activities;

2) bringing to financial responsibility members (participants) of a self-regulatory organization in the field of microfinance activities;

3) the use of other methods of ensuring property liability provided for by the laws of the Republic of Kazakhstan.

The procedure for using methods to ensure property liability is established in the rules of a self-regulatory 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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