AFSA informs about its plans on regulatory framework development for 2026
The Astana Financial Services Authority (AFSA) informs market participants and stakeholders about its plans for the development of the AIFC regulatory framework for 2026, as well as potential areas of regulatory development for 2027–2028.
The AIFC regulatory framework has evolved in line with the growing maturity of the market. This development has included the establishment of a solid regulatory foundation and the subsequent introduction of tailored regulatory regimes to support market growth and diversification.
Building on these foundations, AFSA focuses on the further development of the regulatory framework, with an emphasis on the quality, proportionality and practical application of existing regulatory regimes. The regulatory framework continues to be refined on an iterative basis, taking into account supervisory experience and feedback from market participants, while adapting to evolving international standards, global trends and emerging markets.
In 2026, AFSA plans to undertake the following initiatives:
- Asset management. Further refinement of the existing Asset Management Framework, including operation of Specialist Funds, emerging fund structures and approaches, as well as practical issues affecting fund operations and investor protection.
- FinTech. Enhancement of the FinTech Lab framework to improve its effectiveness and relevance, supporting responsible innovation and the testing of new business models.
- Targeted amendments. Targeted amendments across different regulatory frameworks to address identified gaps and inefficiencies. At this stage, the preliminary scope includes insurance and Islamic finance, while other areas may be considered at a later stage.
- Guidances. Development of new Guidance on fees covering certain licence combinations and variable fee components and update of existing AML/CFT Guidances.
For 2027-2028, AFSA is considering a number of potential areas of regulatory development, subject to further review and prioritisation. These include possible enhancements to the Recognition Framework, alignment of membership- and client-related requirements across AIFC regulatory regimes, and enhancement of Tokenisation Framework.
Potential areas also include amendments to the regulatory framework for Multilateral and Organised Trading Facilities, updates to the Guidance on Fitness and Propriety, as well as possible amendments to the Derivatives Framework, the development of an Appointed Representative Framework and updates to the Perimeter Guidance.
AFSA places particular emphasis on continuous engagement with market participants to inform the refinement of regulatory regimes and address practical implementation issues.
Public consultations remain a standard part of the regulatory framework development process. More recently, AFSA launched its first Call for Evidence on the Asset Management Framework as an early-stage policy tool to gather market views on the effectiveness of the existing framework prior to developing proposals for further enhancement.
To strengthen communication with the market, AFSA has also begun publishing Feedback Statements. Last year, Feedback Statements were issued following consultations on the Capital Markets, Digital Assets and Crowdfunding Frameworks, enhancing transparency on outcomes of public consultation.
Market participants are invited to share views and proposals on an ongoing basis and are encouraged to actively participate in Calls for Evidence and Public Consultations, as market input remains an important element of regulatory development.
AFSA welcomes feedback on the regulatory framework development projects envisaged for 2026-2028, as well as other proposals related to the further development and enhancement of the AIFC regulatory framework, which may be submitted to [email protected].
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is 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 business 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]