THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of August 16, 2024 No. 54

About approval of Rules of election, early termination and implementation of activities of the microfinancial ombudsman

According to item 4 of article 29-1 of the Law of the Republic of Kazakhstan "About microfinancial activities" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the enclosed Rules of election, early termination and implementation of activities of the microfinancial ombudsman.

2. To provide to department of consumer protection of financial services in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

4. This resolution becomes effective since December 21, 2024 and is subject to official publication.

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of August 16, 2024 No. 54

Rules of election, early termination and implementation of activities of the microfinancial ombudsman

These rules of election, early termination and implementation of activities of the microfinancial ombudsman (further – Rules) are developed according to item 4 of article 29-1 of the Law of the Republic of Kazakhstan "About microfinancial activities" (further – the Law) and determine procedure for election, early termination and implementation of activities of the microfinancial ombudsman.

Chapter 1. Procedure for election of the microfinancial ombudsman

1. The microfinancial ombudsman is elected by the Council of representatives of the microfinancial ombudsman created according to Item 3 of article 29-1 of the Law (further – Council of representatives) for three years from among the candidates approved by authorized body on regulation, control and supervision of the financial market and the financial organizations (further – authorized body), to compliance to requirements, stipulated in Item 1 article 29-2 of the Law.

2. The offer of candidates for election as the microfinancial ombudsman is performed by Council of representatives based on the subitem 1) of Item 5 of article 29-1 of the Law.

3. Election of the microfinancial ombudsman is carried out in case of the offer by Council of representatives of two and more candidates for election as the microfinancial ombudsman.

4. On each candidate for election as the microfinancial ombudsman the following data and documents are created:

information about the candidate for position of the microfinancial ombudsman in form according to appendix to Rules;

copies of the documents confirming the candidate's compliance to requirements, stipulated in Item 1 article 29-2 of the Law;

statement of the candidate for consent to promotion of its candidate for position of the microfinancial ombudsman.

5. The meeting of Council of representatives is recognized competent, and quorum conditions observed if the members of council of representatives who are present at it have in total fifty and more percent from total number of voices.

6. The microfinancial ombudsman is elected by a majority vote members of council of the representatives who were present at meeting of Council of representatives. Each member of council of representatives to vote has one voice. In case of equality of votes, the voice of the representative of authorized body is decisive.

Vote concerning election of the microfinancial ombudsman is performed by secret method which procedure for carrying out based on the subitem 1) of Item 5 of article 29-1 of the Law is determined by Council of representatives.

7. Information on election of the microfinancial ombudsman is placed on Internet resource of authorized body within 2 (two) working days after its election of representatives as Council with indication of date of its introduction in position.

Chapter 2. Procedure for election of the microfinancial ombudsman after its powers

8. The office of the microfinancial ombudsman no later than 1 (one) calendar month before date of the expiration of powers of the microfinancial ombudsman provides in authorized body the candidate list approved by Council of representatives to position of the microfinancial ombudsman with appendix of the data and documents specified in item 4 of Rules on the offered candidates for election as the microfinancial ombudsman.

9. The authorized body within 15 (fifteen) calendar days from the date of receipt of the data and documents specified in Item 8 of Rules makes the decision on coordination or refusal in coordination of the candidate for election as the microfinancial ombudsman.

The authorized body refuses coordination of the candidate for election as the microfinancial ombudsman in case of its discrepancy to one or several requirements, stipulated in Item 1 article 29-2 of the Law.

10. The meeting of Council of representatives is held on election of the microfinancial ombudsman no later than 10 (ten) working days from the date of obtaining by office of the microfinancial ombudsman of the candidate list approved by authorized body for election as the microfinancial ombudsman.

Chapter 3. Procedure for early termination of activities of the microfinancial ombudsman and his election in case of early termination

11. Powers of the microfinancial ombudsman stop ahead of schedule on the bases, stipulated in Item the 7th article 29-1 of the Law.

Paragraph 1. Procedure for election of the microfinancial ombudsman in case of early termination of its activities for initiative of Council of representatives

12. In case of identification of the bases provided by subitems 1), 2) and 3) of part one of Item 7 of article 29-1 of the Law, the member of council of representatives informs other members of council of representatives on convocation of emergency meeting of Council of representatives concerning the termination of powers of the microfinancial ombudsman, not later than 5 (five) working days before holding emergency meeting of Council of representatives. In the notice the place and time of holding meeting of Council of representatives is specified.

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