The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked the licence of “Arys” Credit Partnership LLP to conduct microfinance activities, under an order issued by the head of its regional representatives office in Turkistan. The withdrawal was based on systematic breaches of requirements that are inconsistent with the laws of Kazakhstan and the regulatory legal acts of the authorised body and the National Bank of Kazakhstan. Within 30 calendar days of the decision, the credit partnership must either complete re-registration by removing from its name the words “credit partnership” and any related terms or abbreviations implying microcredit provision, or decide on reorganisation or liquidation. Clients with outstanding obligations under microcredit agreements remain responsible for fulfilling those obligations in line with the contract terms, including liability for breach.

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