Astana Financial Services Authority adopts Revised Enforcement Policy

The Astana Financial Services Authority (AFSA) announces the adoption of its revised Enforcement Policy, replacing the version that has been in effect since 13 October 2019.

The updated Policy is now officially in effect and reflects the ongoing developments in regulatory practice, alignment with international best standards, and AFSA’s commitment to providing clear and transparent guidance on the use of its enforcement powers.

Key enhancements introduced include:

• improved clarity of processes in the conduct of investigations;
• refinements to the approach in determining sanctions and financial penalties;
• new provisions on restitution and actions for damages;
• strengthened consistency with AFSA’s statutory powers.

AFSA encourages all market participants to review the revised Policy to support informed and responsible business conduct.  Greater awareness of the updated approach will help any Person carrying on activities in or from the AIFC align more effectively with regulatory expectations, enhance operational practices, and contribute to a well-functioning AIFC ecosystem.

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.

Over 4,400 firms from 85 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/ 

Contact information:

Public Relations and Communications Division of AFSA: +7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]