Law ‘On amendments to some legislative acts of the Republic of Kazakhstan on the issues of regulation and development of financial market, microfinancing activity and taxation’ amended

 

On 3 July, 2019, president of the Republic of Kazakhstan signed Law ‘On amendments to some legislative acts of the Republic of Kazakhstan on the issues of regulation and development of financial market, microfinancing activity and taxation’.The Law takes effect from 1 January 2020.

The Law provides for the following new types of activities for microfinance organizations:

- investment of own assets into securities and other financial instruments;

- exercise of functions of a payment agent and payment subagent;

- exercise of functions of an agent of e-money system subject to the laws of the Republic of Kazakhstan;

- factoring operations: acquisition of rights to claim payment from a buyer of goods (works, services) with acceptance of a payment risk;

- forfeiting operations (forfeiting): payment of a debt instrument of a buyer of goods (works, services) through purchase of a discount without recourse;

- issue of guarantees, warranties and other obligations which provide for a monetary discharge;

- provide microloans by electronic means in manner prescribed by an authorized agency;

- assignment of a right of claim under a microloan contract to the benefit of a second-tier bank and legal entity upon issue of secured bonds or raising of loans;

- impossibility to carry out activities in the form of a joint-stock company;

- opportunity to issue securities, bonds;

- transfer of a microloan against borrower’s application to a third party;

- increase in a ceiling amount of microloan up to 20 000 MCIs;

- accept into pledge shares or interests in authorized capital of legal entities.

Apart from extra types of activities the Law prescribes new obligations for microfinance organizations;

- compliance with a settlement procedure and maximum value of coefficient of  debt burden of borrower of microfinance organization fixed by a regulatory legal act of an authorized agency;

- microfinance organizations cannot fix and charge a borrower (applicant) any fees except for interest and forfeit (fine, penalty) under microloan;

- increase in a minimum size of authorized and equity capitals;

- ban on unilateral amendments to contract except for improvement of terms and conditions for a borrower.

One of novelties fixed by the Law is also that members of supervisory board, board of directors and chief accountant will be made equal to chief executives of a microfinance organization.

In the near future, the National Bank of Kazakhstan musts develop substatutory regulatory legal acts which are to fix new requirements to microfinance organizations (debt loading coefficient, prudential ratios, procedure for notification of an authorized body, etc.). Association of microfinance organizations will be actively involved in development and discussion of these substatutory regulatory legal acts and inform its members of progress and outcomes.

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