Talantbek Madumarov
Independent researcher at Tashkent state university of
law
MICROFINANCE ORGANIZATIONS IN
THE CIS COUNTRIES ON THE LEGAL STATUS OF A COMPARATIVE LEGAL ANALYSIS OF THE
LAW
Finance plays an
important role in the economic development of each country. The country's
financial system have been established to support the business activities of an
effective financial plan development and small business important factors in
ensuring economic stability in the introduction of targeted investments in the
state. At the same time, the role of microfinance activities of its own.
It is known that
microfinance is not covered by traditional banking services is not very high in
the sum of loans and other financial services. Microfinance, small businesses,
private and family businesses and agricultural producers to have access to
sources of financing options is the most important and effective tool for many
business activities of the first steps for the opportunity to start their own
businesses from scratch.
President of the
Russian Federation on July 2, 2010 № 151-FQ "Microfinance activities and
microfinance organizations, the Law" On microcredit organizations with the
adoption of the legal status and legal grounds. According to Article 3 of this
law, the procedure established by federal law, microfinance organizations,
consumer debt have the right to carry out professional activities.
Credit companies,
credit cooperatives, pawnshops and other legal entity to regulate the
activities of such legal persons in accordance with the laws of the Russian
Federation carry out microfinance activities.
The Russian
Federation and other countries as an alternative to traditional bank loans of
microfinance in the development of small and medium-sized businesses, financial
support is one of the promising areas of efforts. There are currently more than
2,500 microfinance institutions in Russia. Microfinance market grew by an
average of 160% of the[1].
In its turn,
Russia's largest non-bank microfinance organization, the Small Entrepreneurship
Support Fund of Russia's 18 region 15 thousand entrepreneurs and 20 million
dollar loan portfolio.
Experts believe
that the current local microfinance non-banking institutions: credit
cooperatives private commercial microfinance institutions, small businesses,
support the development of regional and municipal funds[2].
At the same time, microfinance banks and microfinance institutions for further
development of the market plays an important role in relations between the
Agencies, the establishment.
According to A.A.Kirillovyx that the activities of microfinance and microfinance institutions of the
Russian Federation Law "On the direct, indirect financing, along with
specific operations (leasing, franchising, guarantees, etc.) is also meant to
direct money to hand over. These microfinance institutions lending to legal
instruments in its rightful place[3].
According to
A.G.Tsyganov credit cooperatives that are emotional or funded in whole or in
part at the expense of its members, with the goal of providing financial
services to its members understood the collective membership-based organization[4].
The Russian
Federation is the shape of the common credit cooperatives, microfinance
institutions, and thus the main instrument to ensure credit cooperatives to
obtain loans. At the same time according to the current practice of the Russian
Federation, credit cooperatives perspective view as well as through the
participation of the state in the form of micro-credit market, the largest
retail bank activity.
It should be noted;
the legislation of the Russian Federation, microfinance institutions and
microfinance services on a certain level of legislation in this regard is
different. First of all, this is different from the legislation of the Russian
Federation in the activities of microfinance and microcredit organizations have
specific laws seems to be one law in association. That is the law of the
Russian Federation in this special kind of relationship that is
"micro-services" and which is the subject of specific rights,
"microfinance institutions" of relations with the combine. In
contrast to these two laws - "On microcredit organizations" and
"microfinance" laws.
In addition, the
Russian Federation, "the activities of microfinance and microfinance
institutions" in paragraph 2 of Part 1 of Article 2 of the Law of
microfinance organizations of micro-finance company or as a microcredit company
may carry out its activities, the Republic of Uzbekistan
"microfinance" in Article 7 of the Law banks, microfinance
institutions, pawnshops and other credit institutions provided that the
organizations that provide microfinance services.
November
26, 2012 in the Republic of Kazakhstan №56-V ZRK "Microfinance
Organizations", Part 1 of Article 11 of the Law, microfinance
institutions, agricultural organizational and legal form of the company.
The
Republic of Uzbekistan "On microcredit organizations" as indicated in
the first part of Article 4 of the Law, legal and financial institutions or
individuals in accordance with the law of any organizational and legal form of
organization.
The
norms established by the legislation of the two countries would be based on a
comparative analysis of microfinance institutions in the Republic of
Kazakhstan, in spite of the legal form of limited supply, the establishment of
microcredit organizations of any organizational and legal forms and, of course,
in this case the Republic of Uzbekistan "On microcredit organizations"
second part of Article 4 of the Law of the established limit (micro-credit
organizations, government agencies, political parties, trade unions, religious
organizations, can not be established by other microfinance institutions and
pawnshops) must be taken into account.
The
formation of the rules compared to the authorized fund of microcredit
organizations also can observe the difference between the laws of Kazakhstan
and Uzbekistan. In particular, the Republic of Kazakhstan "Microfinance
Organizations" According to Article 12 of the Law,
1.
Microfinance institutions the founders of established microfinance organization
in the state registration (re-registration) must pay the full amount of the
minimum capital requirement.
2. The
amount of the minimum authorized capital of microfinance institutions is
determined by the competent authority with a legal document.
3. The
charter capital of microfinance is formed only in the national currency of the
Republic of Kazakhstan.
The
Republic of Uzbekistan "On microcredit organizations" in accordance
with Article 6 of the Law, the capital of microcredit organization money, as
well as the amount of the charter capital of the organization formed more than
twenty percent of the other property.
Micro-credits
the formation of the authorized capital of the organization, pledged funds and
other borrowed funds is not allowed.
Micro-credit
organization authorized fund up to the date of applying for a license for a
minimum amount of money to be formed.
This identification
may be differences on the basis of the following provisions:
1. The legislation
establishes restrict the sources of the formation of the authorized capital of
the microcredit organizations (mortgage credit fund of funds not included);
2. The authorized
capital of the law of the minimum amount of money to be provided, all of the
share capital of the legislation of Kazakhstan, the need for the formation of
monetary funds.
In addition,
Kazakhstan and Uzbekistan in the field of microfinance services provided by
microcredit institutions another law change. In particular, Uzbekistan "On
microcredit organizations" of Article 13 of the Law of the types of
services provided by micro-credit organizations listed, and that the second
part of this article restrictions on the activity of micro-credit organizations
are determined, according to him, the microcredit organization:
Debt obligations,
on deposits of legal and physical entities (deposits);
Physical assets to
attract borrowed funds, their founders (participants, owners) exception;
Its founders
(participants, owners) to be obligations of the guarantor or the guarantor, as
well as their obligations to ensure the implementation of other methods may not
provide.
In
contrast of the Republic of Kazakhstan "Microfinance Organizations"
in Article 19 of the Law of microfinance activities carried out by
organizations set up. At the same time, stipulated by the legislation of
Uzbekistan, and micro-credit institutions can not be displayed by the following
services are defined in the legislation of Kazakhstan:
-
Borrowed funds (with the exception of funds borrowed from the citizens as a
business) and the Republic of Kazakhstan residents and attract non-residents;
-
Deposits in banks of the second level of temporary free assets;
-
Provision of micro-credit as collateral property for the use of the procedure
established by law and save the flesh;
- The
credit bureau, microfinance institutions, bank notes, coins and securities
service organizations and conservation organizations or the authorized share
capital of the shares of the license;
According
to the laws of the Republic of Kazakhstan to carry out the function of e-money
issuer's agent;
-
Established securities market in order to hedge concluded agreements with
financial instruments in the secondary market.
In
general, microfinance and microcredit organizations of Uzbekistan and
Kazakhstan law, comparative analysis shows that these types of services
provided by the legislation of the countries, microfinance institutions,
microfinance content of the agreements, the implementation of the micro-issues
common eye, microcredit organizations, the legal status of their organizational
and legal forms There are certain differences in the matter.
The
conditions of market relations in the Republic of Belarus micro-credit
relations was formed as a separate and small and micro enterprises, as well as
individual entrepreneurs in debt and in this way to satisfy the needs of their
formation and the creation of favorable conditions for the development of[5]. In this regard,
September 6, 2016, 111 registered microfinance institutions in Belarus, the
majority of their organizational and legal form of limited liability companies,
private unitary enterprise, consumer cooperatives of the[6].
Microcredit
institutions of the Republic of Belarus has not adopted a special law aimed at
regulating this sector, a number of legislative acts. In particular, the
President of the Republic of Belarus of June 30, 2014 №325 "microfinance
institutions, the issuance of debt and to" On. Paragraph 3 of this decree
is dedicated to the status of a full legal organizations micro-financing,
according to him, microfinance institutions include:
Commercial
microfinance institutions - pawnshops and agricultural society, or in the form
of unitary enterprises that are considered legal entities registered in the
Republic of Belarus.
commercial
microfinance institutions only in real estate in exchange for a guarantee to
individuals for personal, family or household purposes intended for use in
micro regularly carries out activities;
Non-profit
microfinance institutions - stock or a consumer cooperative organization-legal
form of legal entities registered in the Republic of Belarus.
The
Fund was established in the organizational and legal form of microfinance
institutions to individuals crafts, agro-eco tourism the implementation of
activities in the field of services, personal household, the property owner,
the founder (participant), the borrower - a natural person to carry out the
business of a commercial organization and the implementation of the business
activities of small and medium businesses to operate on a permanent microloan.
Microloan fund activities carried out to achieve the objectives set out in the
charter.
Consumer
cooperative organizational and legal form of the establishment of the following
non-profit microfinance organizations:
Of
financial assistance by the individual consumer cooperative consumer members of
the cooperative temporarily free funds and other sources not prohibited by the
members of the cooperative microloan funds for financial assistance in the form
of profit organization. At the same time, only members of the cooperative
craft, carrying out activities in the field agro-eco tourism service, a private
organization operating in the household as well as commercial property owner,
the founder (participant), which natural persons. Microfinance microloans to
members of the cooperative just crafts, agro-eco tourism the implementation of
activities in the field of service, the owner of the property of the individual
household, a founder (participant), which natural persons may be for a
commercial business activity.
Society
for the financing of small and medium-sized businesses - small and medium-sized
businesses by consumer members of the cooperative temporarily free funds and
other sources not prohibited by the members of the cooperative microloan funds
for financial assistance in the form of profit organization. This cooperative
member only to small and medium-sized businesses. Members of the Society for
the financing of small and medium-sized businesses for the implementation of
micro-entrepreneurs;
The
second level of consumer cooperatives of mutual financial support consumer
cooperative, the Society for the financing of small and medium-sized businesses
and assets by members of the consumer cooperative temporarily free money from
the members of the cooperative association for financial assistance in the form
of a microloan to non-profit microfinance organization.
Based
on this norm, noted that the micro-credit system in the Republic of Belarus
carried out on the basis of a narrow and strict requirements vary with the
formation of the separate activities of banks. At the same time,
micro-relations based on mutual help link with the activities of commercial and
consumer cooperatives and pawnshops are very similar to mutual assistance
following the Soviet period, cash.
Developed
countries and the CIS countries, microfinance institutions and microfinance
activities the laws in these countries and the results of the analysis of the
existing system and practice in this area can come to similar conclusions:
1.
Microfinance is part of the low-income population and small businesses to
borrow small amounts and repayment of loan, providing credit and financial
services to be carried out in strict order. This activity is controlled by the
state and support. In addition, micro-systems, almost all foreign countries is
carried out by private organizations
2. The
two groups of micro-credit organizations and banks are characterized by
implementation. At the same time, micro-credit organizations are the target
population or the subjects of mutual aid has been formed, then you can grow the
bank's status.
3.
Almost all countries), the activity of micro-structures is controlled by the
state banks and licensed.
In
general, microcredit organizations which, regardless of the
organizational-legal form and any establishments which is a main target
microloan, microcredit and other microfinance services specialization required
and the purpose of establishing the low-income part of the population do not
have access to financial resources and the traditional small entrepreneurs and
financial support.
[1] About
the new trends in lending to small and medium businesses // Finance. 2009. № 2.
[2]
Sytova E.V. Stimulation of small and medium-sized businesses in crisis // Taxes
(newspaper). 2009. № 26.
[3] A.A. Kirillov
Microfinance Law - Regulatory Model for Entrepreneurship Support // http: / /www.justicemaker.ru
[4]
Tsyganov A.G. The role of small and medium-sized businesses in the national
economy // Legal regulation of small business: Status and Prospects. M., 2000.
P. 14.
[5] Marmashova S.P. World experience
of lending to small businesses, and especially its application in the Republic
of Belarus //
[6] https:// www.
nbrb.by