Astana Financial Services Authority and Central Bank of Armenia sign Memorandum of Understanding to enhance cooperation in financial services supervision
Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the Central Bank of Armenia (“CBA”). The signing ceremony was held in Yerevan.
Under the agreement the Parties will cooperate in supervision and regulation of banking, insurance and capital markets, in particular against money laundering, enforcement, authorisation, supervision, financial recovery etc.
The MoU was signed by Mr Vakhtang Abrahamyan, the Vice-Governor of the CBA, and Mr Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA. Parties agreed to promote cooperation in supervision of cross-border establishments in their respective jurisdictions, facilitate supervisory information sharing and provide mutual assistance between the AFSA and the CBA.
The Memorandum establishes the conditions necessary to provide mutual assistance and facilitate supervisory information sharing between the AFSA and the CBA.
Mr Vakhtang Abrahamyan welcomed the signing of the MoU, saying: “By signing this memorandum we made an important step towards developing relationships between our institutions. The CBA is looking forward for a fruitful cooperation and mutual assistance in diverse world of financial supervision and regulation, where both AFSA and CBA have rich experience to share.”
Mr Bubeyev said: “We are delighted to sign this memorandum which will enhance cooperation between the AFSA and CBA on issues of common interest, to strengthen exchange of information and supervision in the banking, insurance and capital market areas within both jurisdictions.
AIFC hosted the World Investor Week 2019
Astana International Financial Centre (AIFC) has successfully conducted World Investor Week 2019 under the auspices of the International Organization of Securities Commissions (IOSCO). This is the second time when AIFC has joined the global campaign. This year’s World Investor Week 2019 in AIFC has been held from 30th September to 6th October and targeted a more specific audience. More than 1,500 participants in 6 cities of Kazakhstan took part in the World Investor Week 2019 in AIFC: Petropavlovsk (30 September), Aktau (1 October), Karaganda (2 October), Turkestan (3 October), Almaty (4 October), Nur-Sultan (6 October).
The events within the World Investor Week 2019 aimed to foster deeper understanding of the consumers’ protection, financial services and business opportunities offered in AIFC, issuing procedures of Green and Islamic bonds, the benefits of registration and the educational and training programs in AIFC.
Within World Investor Week AIFC has organised Investor Awareness Roadshow. AIFC experts envisaged presentations and information sessions for potential consumers of financial services, academic and business circles in several cities of Kazakhstan.
The Islamic Finance Week has been also held within World Investor Week. AIFC experts held master classes and trainings on actual issues of the Islamic finance industry development and organised the annual Islamic Finance Day conferences in Almaty and Nur-Sultan.
Jointly with Mayor’s Office of Almaty AIFC hosted Almaty Finance Forum. The event has been opened with welcoming remarks by Bakytzhan Sagintayev, Mayor of Almaty city and Kairat Kelimbetov, Governor of AIFC.
The Week has been concluded by the Investor’s Day Conference. The AIFC speakers and invited external experts talked about a wide range of financial services, investment tools and business opportunities in the AIFC in terms of protecting the rights of the financial services consumers.
On the side-lines of the Investor’s Day Conference Mukhtar Bubeyev, Acting CEO of the AFSA, said: “We feel that the consumers and business community have a great interest in opportunities provided by the AIFC. Particularly they are interested in securities and ways of investing, as well as the tools we use to protect their interests. Investor and consumer protection is a priority for AFSA».
AIFC hosts Almaty financial forum within the framework of World Investors Week
The Astana International Financial Centre (AIFC) together with the Almaty Akimat is hosting the Almaty Financial Forum as part of the World Investors Week.
The World Investors Week is held annually under the auspices of the International Organization of Securities Commissions (IOSCO) in 80 countries of the world, with the AIFC as the partner of the event in Kazakhstan.
The AIFC World Investors Week is held in the format of presentations and informational sessions for academic and business circles and the program covers 6 cities of Kazakhstan, such as Petropavlovsk, Aktau, Karaganda, Turkestan, Almaty and Nur-Sultan.
The purpose of the event is to increase public awareness about the protection of consumers of financial services, informing about the basics of investing and the conditions for doing business in the AIFC. The World Investors Week reflects AIFC’s commitment to the IOSCO standard for the protection of consumers of financial services.
The Almaty Financial Forum, where Akim of Almaty Bahytzhan. Sagintayev and the AIFC Governor Kairat Kelimbetov delivered welcoming speeches, gathered representatives of the city’s business community on their site.
As the AIFC Governor Kairat Kelimbetov noted, the joint use of the capabilities of Almaty and the AIFC infrastructure is a good combination that the financial centre could offer to the Kazakhstan business community and the global investment community.
During the forum, the protection of consumers of financial services, the AIFC business opportunities, the peculiarities of issuing green and Islamic bonds, the benefits and the procedure for registering with the AIFC, and the educational programs of the Centre were described in detail.
The Astana Financial Services Authority noted the important role of the AIFC in protecting investor interests. AIFC speakers also touched upon the interaction of the financial centre with the regions, in particular, using the AIFC site and expertise for the implementation of Almaty based projects.
AIFC participants who represent such large corporations of the world as Sberbank of Russia, China’s largest bank China Construction Bank, Wildberries, Ernst & Young and others shared their experience of doing business in the AIFC.
Lectures were held for students and faculty of regional universities in order to form a financial and investment culture of youth and academic circles and information events about the basics of investment were the framework of World Investors Week. A special seminar was also organized for civil servants – students of the Academy of Public Administration under the President of the Republic of Kazakhstan.
Reference:
Astana International Financial Centre (AIFC) was created at the initiative of the First President of the Republic of Kazakhstan Nursultan Nazarbayev. The constitutional law on the establishment of the AIFC was signed on December 7, 2015. AIFC’s goal is to form a leading center of financial services at the international level. The AIFC aims to assist in attracting investment in the country’s economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets.
www.aifc.kz
AFSA is an independent regulator of the AIFC, a legal entity created in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Center” in order to regulate financial services and related activities in the Astana International Financial Centre. The AIFC Regulations and Rules provide for licensing, registration, accreditation and supervision of financial companies and market institutions.
International Organization of Securities Commissions (IOSCO) –an international financial organization that unites national regulatory authorities and is recognized by the global regulatory organization in the field of securities market regulation. IOSCO develops, implements and promotes compliance with internationally recognized standards for the regulation of securities. The organization actively collaborates with the G20 and the Financial Stability Board (FSB) as part of a global regulatory reform.
www.iosco.org
World Investor Week 2019 starts in AIFC
From 30 September to 6 October 2019 the Astana International Financial Centre (AIFC) will hold the World Investor Week in AIFC in order to raise awareness on consumer protection, investors’ education, financial services and to highlight the opportunities for doing business in AIFC.
World Investor Week is held annually under the auspices of the International Organization of Securities Commissions (IOSCO) and over 80 jurisdictions from 6 continents celebrate it. IOSCO is an international organisation that brings together the world’s securities regulators. Its membership regulates more than 95% of the world’s securities markets in more than 115 jurisdictions.
Holding the World Investor Week reflects AIFC’s commitment to the IOSCO’s global standards for the protection of the financial services consumers. Last year, more than 3,500 participants in 7 cities of Kazakhstan took part in the 2018 World Investor Week in AIFC.
This year, the events within the World Investor Week will be held from 30 September to 6 October in 6 cities of Kazakhstan as part of the national campaign called Investor Awareness Roadshow:
30 September – Petropavlovsk;
1 October – Aktau;
2 October – Karaganda;
3 October – Turkestan;
4 October – Almaty;
6 October – Nur-Sultan.
The 2019 World Investor Week in AIFC envisages presentations and information sessions for potential consumers of financial services, academic and business circles. The sessions for the academic community of regional universities will be held in the first half of the day and will focus on financial and investment education. Workshops will also be organised for the students of the Academy of Public Administration under the President of the Republic of Kazakhstan.
In the second half of the day presentations for business,circles will be held, covering such issues as consumer protection, financial services and business opportunities offered in AIFC, issuing procedures of Green and Islamic bonds, the benefits of registration in AIFC and the Centre’s educational and training programs. The event’s speakers will be the AIFC experts on regulation, financial technologies, Green and Islamic Finances, investments and continuous professional development.
The Islamic Finance Week is also planned to be held within the 2019 World Investor Week in AIFC. Masterclasses and trainings will be held on actual issues of the Islamic finance industry development in Kazakhstan and over the world. The Week will be completed by annual Islamic Finance Day conferences in Almaty (4 October) and Nur-Sultan (6 October).
“The Investor Day” Conference – a final event of the World Investor Week – will be held on 6 October in Nur-Sultan. The AIFC speakers and invited external experts will talk about a wide range of financial services, investment tools and business opportunities in the AIFC in terms of protecting the rights of the financial services consumers.
More information, the event program and registration link are available here.
Astana Financial Services Authority has become a member of the Asian Forum of Insurance Regulators
The Astana Financial Services Authority (AFSA), the regulatory body of the Astana International Financial Centre (AIFC), has become the 22nd member of the Asian Forum of Insurance Regulators (AFIR).
AFIR is a key insurance regulatory cooperation mechanism in Asia, uniting regulatory authorities from jurisdictions such as China, South Korea, Singapore, Dubai, Japan, Australia, New Zealand, and others.
Joining the AFIR will facilitate AFSA’s cooperation in the insurance industry, prevention and mitigation of cross-border risks to improve regulatory capacity. It will also promote the exchange of information and industry professionals, as well as the sharing of the regulatory experiences with other member organisations.
As the AFIR member, the AFSA will be able to participate in the development of the Asia-wide insurance regulatory approach and develop common positions on insurance regulation issues.
The AIFC Court has published the first-ever Judgement
The case was reviewed by the Small Claims Court and available at AIFC Court official website.
AIFC adopted the amendments to the Regulations on registration of AIFC participants
The Astana International Financial Centre (AIFC) has approved the amendments to the Regulations and Rules on registration procedures of the AIFC participants.
The amendments were proposed by the Astana Financial Services Authority (AFSA), the regulatory body of the AIFC, responsible for the regulation of the financial services as well as the registration, authorisation and recognition of the legal entities in AIFC.
The amendments are related to the repealing of a Commercial Licence and associated fees and issuance procedures, as well as setting a one-time payable fee for incorporation and recognition. Previously AIFC Participants were required to hold a Commercial Licence and pay prescribed renewal fee of $100 annually. Now an applicant (companies, partnerships or non-profit incorporated organizations) seeking to register or be recognized must pay one-time payable fee of $300.
It is important to note that the applicants registered or recognized after July 5, 2018, but before July 5, 2019 are subject to one single payment of $100 within the 12 months period from the date of registration or recognition. For applicants incorporated after July 5, 2019, but before July 5, 2020 a one-time registration or recognition fee is set out at 300 USD with a possibility of paying 200 USD on the date of submission of application and deferred payment of 100 USD during the next 12 months from the date of registration or recognition.
The amendments also set new administrative services fees for post-registration procedures of $50 and processing inquiries of $20.
The AIFC has enacted new rules for investment- and loan-based crowdfunding
On 24th June 2019 the Astana Financial Services Authority (the “AFSA”), a financial regulator of the Astana International Financial Centre (the “AIFC”), with the support of European Bank for Reconstruction and Development developed and introduced regulatory framework for loan- and investment-based crowdfunding platforms, the first such framework in the region.
Crowdfunding is an innovative funding opportunity that allows small and medium enterprises and start-ups to obtain capital through small loans and equity investments from large numbers of investors through an internet-based platform.
Crowdfunding represents an increasingly important alternative non-bank funding sources that will play an important role in the economic growth of Kazakhstan and wider region.
This new framework is one of AFSA’s ongoing commitment to promote innovation in the financial sector consistent with the latest industry developments and best practices of leading financial centres, while safeguarding investor protection and market integrity.
Assylbek Davletov, Chief FinTech Officer of the AFSA, commented: “SMEs have proved to be an important contributor to national prosperity, economic growth and employment. And crowdfunding can become a viable vehicle for bolstering financing options for SMEs and start-ups. By creating this framework AIFC marks another step towards building a vibrant entrepreneurial ecosystem in the region”.
The AFSA is proposing a flexible and risk-oriented regulatory framework aiming to effectively protect investors and clients of the crowdfunding platform. The proposed features of the regulatory framework include the following: (1) two new Market Activities of Operating a Loan-based Crowdfunding Platform and Operating an Equity-based Crowdfunding Platform; and (2) establishment of prudential and conduct standards for operators of crowdfunding platforms including requirements on anti-money laundering and counter financing terrorist financing, fundraising limits, appropriate systems and controls, risk disclosure, conflict of interest and due diligence of firms using crowdfunding services.
For more details on the AIFC Crowdfunding Framework please click on this link.
Astana Financial Services Authority signs the IOSCO Multilateral Memorandum of Understanding
The Astana Financial Services Authority (AFSA), the regulatory body of the Astana International Financial Centre (AIFC), has become a signatory to the IOSCO Multilateral Memorandum of Understanding concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMoU).
Becoming a signatory to the MMoU confirms that the AIFC financial regulatory framework complies with global standards for the exchange of information on cross border financial activities in capital markets and protection of confidential information. The AFSA will enhance its supervision of cross-border securities’ transactions to ensure market integrity and stability and to facilitate enforcement of AIFC regulations and rules.
In an increasingly globalised environment for the capital market the MMoU provides critical tools for effective cooperation among regulators. Signing the IOSCO MMoU will allow the AFSA to cooperate on cross-border enforcement with the other 123 regulatory authorities who are also signatories to the MMoU and an integral part of the global capital market.
Mukhtar Bubeyev, Acting CEO of the AFSA, said: “Signing the IOSCO MMoU is an important milestone in formation of regulatory framework of AIFC and development of capital markets in the AIFC. We are very proud to be part of the large group of signatories to the IOSCO MMoU and to demonstrate our commitment to international enforcement cooperation”.
