The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked the licence of Lombard SFP LLP to conduct microfinance activity, under an order issued by its Karaganda regional representatives office. The agency cited systematic non-compliance with the authorised body’s written instructions, defined as three or more instances within 12 consecutive calendar months, as the basis for licence withdrawal under Article 16(2)(3) of the Law on Microfinance Activity. Within 30 calendar days from the date of the revocation decision, the firm must either re-register by removing “lombard” and any related words or abbreviations that imply microcredit lending, or decide to reorganise or liquidate. Clients with outstanding obligations under microcredit agreements remain liable for breaches in accordance with the terms of their contracts.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-02-07
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan revokes Lombard SFP’s microfinance licence for repeated non-compliance
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked Lombard SFP LLP's licence for microfinance activities due to repeated non-compliance with regulatory instructions. The firm must re-register without references to microcredit lending or choose to reorganise or liquidate within 30 days. Clients remain liable for any breaches under existing microcredit agreements.