As Ashimjan uulu explained, Financial Supervision, according to the Regulation on the Service for Regulation and Supervision of the Financial Market, which was approved by the resolution of the Cabinet of Ministers of the Kyrgyz Republic No. 300 on December 10, 2021, is the state body responsible for developing and implementing state policy in the field of regulation and supervision of financial reporting and accounting in the non-banking financial sector.
The specialist noted that the non-banking financial market includes areas such as the securities market, virtual assets, insurance, auditing, and leasing, the activities of non-state pension funds, gambling businesses, including online casinos and lotteries, as well as pawnshops. One of the main tasks of Financial Supervision is to monitor the activities of pawnshops.
Ashimjan uulu emphasized that the work of pawnshops is under constant observation, including both planned and unplanned inspections.
"Pawnshops must provide Financial Supervision with quarterly and annual reports in the established forms. Planned inspections are conducted based on strategic and quarterly plans, which are developed taking into account the requirements of legislation," he added.
When drawing up inspection plans, previously identified violations in reporting and citizen appeals are taken into account. Unplanned inspections are initiated in the presence of facts of possible violations of citizens' rights. Every citizen has the right to appeal to Financial Supervision with relevant statements," the specialist noted.
He also added that in the event of violations of legislation identified as a result of inspections, Financial Supervision applies the measures of responsibility provided by law. Currently, the work on inspections is ongoing.
