AFSA launches consultations on regulatory amendments to Asset Management, FinTech frameworks and targeted amendments to AIFC Rules

The Astana Financial Services Authority (AFSA) has released three Consultation Papers inviting market participants to comment on the proposed regulatory amendments aimed at keeping the AIFC regulatory framework responsive to evolving market needs and resilient to emerging risks. The proposals focus on three key areas: Asset Management, FinTech, and targeted amendments to the AIFC Rules relating to captive insurance, protection of Client Assets and Islamic finance. 

The Consultation Paper on Amendments to the AIFC Asset Management framework focuses on enhancing the regulatory framework for Collective Investment Schemes to support the continued development of the asset management sector in the AIFC. The proposals were informed by AFSA’s supervisory experience and feedback received through the Call for Evidence. 

Key proposals include: 

• Enhancing the Specialist Funds regime by introduction of a dedicated Hedge Fund category, amendments relating to Private Equity Funds, Umbrella Funds, Fund of Funds, as well as clarifying guidance in relation to Exchange Traded Funds and Single Family Office Funds; 

• Introducing Investment Trust as an additional vehicle for establishing a Collective Investment Scheme in the AIFC; 

• clarifying regulatory treatment of units in the AIFC; and  

• addressing other practical issues affecting fund operations and investor protection.  

Market proposals received during the Call for Evidence, but which were not included in these proposed amendments, are also addressed in the Consultation Paper. 

The full paper is available here. 

The Consultation Paper on Amendments to the AIFC Financial Technology framework, drawing on post-implementation monitoring of the FinTech Rules and best international practices, is designed to enhance regulatory certainty, support market development and ensure that the sandbox continues to operate as an effective gateway for innovation within the AIFC.  

Key proposals include: 

• Revising the FinTech Lab Eligibility Criteria; 

• Streamlining of the FinTech Lab authorisation process by combining the pre-application and application stages; 

• Facilitating entry for Authorised Persons without obtaining a separate FinTech Lab Licence, subject to appropriate engagements with the AFSA; 

• Increasing per-client and aggregate testing limits, including the introduction of enhanced limits subject to a knowledge, experience and qualification assessment; 

• Enhancing the conditions for commencing business with Clients; 

• Clarifying the licensing and exit frameworks for FinTech Lab Participants. 

The full paper is available here. 

The Consultation Paper on Targeted Amendments to the AIFC Rules forms part of the AFSA’s iterative policymaking approach, advancing targeted regulatory and operational refinements informed by supervisory engagement, market consultation, and comparative review of leading peer jurisdictions. 

Key proposals include: 

• Refining the Captive Insurer regime by introducing a definition of “Group” and clarifying the regulatory treatment of Captive Insurance Business;  

• Strengthening Client Asset protection through enhanced requirements for the safeguarding of Client Assets, external audit and crisis preparedness;  

• Clarifying the regulatory treatment of Restricted Profit-Sharing Investment Accounts (RPSIAs), including applicable accounting standards, fund segregation and reporting requirements; 

• Modernising the Islamic finance framework by introducing a definition of Islamic Financial Contract, expanding the list for recognised Islamic financial contracts to include musawamah, wakala, variations of qard, and wa’d; and making related miscellaneous  amendments. 

The full paper is available here. 

AFSA invites feedback from all stakeholders. Please submit your comments on the proposed amendments by 15  September 2026 via email to [email protected]. We will review all responses and consider any necessary adjustments to the proposals. 

Reference:  

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition, and supervision of financial firms and market institutions in the AIFC. afsa.kz  

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz  

Public Relations and Communications Division of AFSA, [email protected]