The Kyrgyz Republic Law on Microfinance Organizations in the Kyrgyz Republic

This document describes the law that was passed by the National Bank of Kyrgyz (NBK) for the microfinance organizations in the Kyrgyz Republic.

The regulation's articles are categorized under various chapters, and they:

• Provide the definitions of specific terms in the regulation and outline the scope of the law for microfinance organizations;
• Describe the requirements by the microfinance company regarding its:
  • Legal form;
  • Founders;
  • Capital;
  • Transactions carried out;
  • Composition of shareholders;
  • Transparency.
• Elucidate the process of licensing and conditions for the denial of license;
• Enlist the regulations required by the regulatory and supervisory body to regulate and audit the activities of microfinance companies. They also provide the laws regarding suspension and withdrawal of license in case of violation of the regulations specified by the regulatory body;
• Explicate the regulations for the microcredit agencies on the:
  • Founders and establishment documents;
  • Transactions carried out;
  • Capital;
  • Peculiarities of activity.

The document concludes with conclusive provisions of the law that deal with consequences of false advertising, audit of microfinance company , accounting and reporting in microfinance organizations.