CASHDRIVE LTD v ASTANA FINANCIAL SERVICES AUTHORITY

Cashdrive challenged a Written Directive issued by the financial regulator, arguing that the regulator had acted unfairly, misapplied regulatory requirements, and unlawfully enforced currency and client-classification rules against its lending business. The Court found that the regulator had committed procedural errors by failing to follow the prescribed decision-making process, but concluded that those failures were not material because Cashdrive was subsequently able to make extensive representations, which were considered by the regulator. The Court further held that the Currency Rules applied prospectively to Cashdrive’s operations notwithstanding the earlier issuance of its licence, and rejected the argument that Cashdrive had a legitimate expectation exempting it from compliance with later regulatory requirements. Download PDF