Law No. 124 on Microfinance Organizations in the Kyrgyz Republic (English)

Kyrgyz Republic

(enacted in 2002)

Law No. 124 on Microfinance Organizations regulates activities of microfinance organizations and lays down legal and organizational prerequisites for microfinance activities in the Kyrgyz Republic.

This English text does not include amendments passed in 2005 and 2009. Some of the amendments include provisions:

  • Authorizing a microfinance organization’s founders or by legal person(s) authorized by the constitutive documents to reorganize the entity. (Art. 10)
  • Permitting the NBKR to carry out inspections of MFCs on internal controls to counter terrorism financing and legalization (laundering) of proceeds from crime and send information about such results to the authorized body to combat terrorism financing and legalization of proceeds of crime. (Art. 29)
  • Provisions that allow MCAs and MCC to conduct external audit of its activities. (Art. 37)

A complete summary of this law can be found in the Kyrgyz language version of this law under “Other Language Versions.”