World Investor Week is a week-long, global campaign promoted by the International Organization of Securities Commissions (IOSCO) to raise awareness on the importance of investor education and to highlight the various initiatives of securitiesregulators in this critical area. IOSCO launches its second annual World Investor Week (WIW2018) from 1 through 7 October 2018, following the success of last year´s event, which gathered together 80 jurisdictions from 6 continents.

In commitment to WIW 2018, the Astana Financial Services Authority with the support of other AIFC bodies, including AIFC Authority, the Bureau for Continued Professional Development, Green Finance Centre and the Astana International Exchange undertook a range of activities, such as offering investor-focused information, informing on consumer protectionin AIFC, increasing awareness on investor education initiatives, organising workshops and conferences and conducting national financial literacy campaign. WIW 2018 in the AIFC took place from 29th of September till 10th of October.

See how it was:

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The Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the China Banking and Insurance Regulatory Commission (“CBIRC”). The signing ceremony was held during the official visit of CBIRC delegation to the Astana International Financial Centre (“AIFC”).

The MoU was signed by Mr. Guo Shuqing, the Chairman of the CBIRC, Mr. Kairat Kelimbetov, the Governor of the AIFC and Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA. Parties agreed to promote cooperation in supervision of cross-border banking and insurance establishments in their respective jurisdictions and facilitate supervisory information sharing between the CBIRC and the AFSA.

Mr. Guo Shuqing welcomed the signing of the MoU, saying: “The signing of MoU between the CBIRC and AFSA marks another solid layer of foundation for enhancing regulatory cooperation between China and Kazakhstan, which will further promote bilateral banking and insurance cooperation in serving bilateral economic and trade relations”.

Mr. Kelimbetov underlined importance of the signing of the MoU, saying: “I welcome establishment of cooperation between China Banking and Insurance Regulatory Commission and AFSA. Cooperation between the regulatory authorities will contribute to Chinese-Kazakh cooperation in Belt and Road Initiative”.

Mr. Bubeyev said: “We are delighted to sign this memorandum which will enhance cooperation between the AFSA and CBIRC on issues of common interest, to strengthen exchange of information and supervision in the banking and insurance areas within both jurisdictions”.

The Astana Financial Services Authority (AFSA) and the Financial Regulatory Authority of Egypt (FRA) signed a Memorandum of Understanding for Consultation, Cooperation and Exchange of Information in the area of financial services, insurance and securities regulation.

The signing ceremony took place on July 4, 2018 in the backdrop of the launch of the Astana International Financial Centre by the President of Kazakhstan Mr. Nursultan Abishevich Nazarbayev.

The AFSA opened for business on 1 January 2018 and was officially launched during the Astana Financial Days Forum which commence on 3 July 2018.  Regulators and distinguished persons from around the world were present for the launch of the Astana International Financial Centre and participated in the forum.

The MOU was signed by Mr. Stephen Glynn, AFSA Chief Executive Officer and Dr. Mohammed Omran Chairman of FRA. The AIFC Governor Mr. Kairat Kelimbetov participated at the signing ceremony.

Mr. Stephen Glynn, Chief Executive Officer of the AFSA, stated: “This memorandum establishes the framework for collaboration between the AFSA and the FRA of Egypt.  We are very pleased to develop our relationship with the FRA and the signing of this MoU is an important step in formalizing our relationship to further promote our strategic objectives”.

Dr. Mohammed Omran, Chairman of FRA said: “FRA is pleased to sign this memorandum in Astana, one of fastest-growing cities in the world who has managed to transform the economy of Kazakhstan, and during the year in which Astana is celebrating becoming a recognized financial centre with the Official Launch of the Astana International Financial Centre. By joining forces, we can collectively better use our experience and capacity to develop financial markets in both countries.”

Kazakhstan has launched the Astana International Financial Center with the ambition of becoming a new financial hub following Hong Kong, Shanghai and Dubai. The Astana International Exchange – launched recently – is a regional platform to attract investment to Kazakhstan and the Central Asian Region linked to the Belt and Road Initiative. The AIX has signed partnerships with Nasdaq and the Shanghai Stock Exchange. CGTN’s Michal Bardavid is talking to Stephen Glynn, CEO of the Astana Financial Services Authority to discuss the economic potentials of Kazakhstan and how it can affect the region. 

Interview is available by following this link.

The Qatar Financial Centre Regulatory Authority (“QFC Regulatory Authority”) has entered into a Memorandum of Understanding (“MoU”) with the Astana Financial Services Authority (“ASFA”). The signing ceremony was held on the side lines of the official opening of the Astana International Financial Centre.

The MoU was signed by Mr Michael G. Ryan, Chief Executive Officer of the QFC Regulatory Authority and Mr Stephen Glynn, Chief Executive Officer of the ASFA and aims to promote greater cooperation and facilitation of supervisory information sharing between the QFC Regulatory Authority and the ASFA. 

The QFC Regulatory Authority and the Astana International Financial Centre have established a strong relationship, with a MoU signed between the two parties in August 2016 followed by extensive information sharing on Islamic banking and collaboration on best practice regulatory standards for financial centres. The QFC Regulatory Authority had also entered into a MoU with the National Bank of Kazakhstan, in October 2015. 

Mr Ryan welcomed the signing of the MoU, saying: “The QFC Regulatory Authority has established a close relationship with Kazakhstan and the Astana International Financial Centre and we are pleased to be extending this cooperative relationship to the ASFA.”

Mr Glynn said: “We are delighted to sign this memorandum which will deepen cooperation between the AFSA and QFC Regulatory Authority on issues of common interest, to strengthen exchange of information and supervision of financial institutions and enhance fair and safe environment within both jurisdictions”.

The Astana Financial Services Authority (AFSA) and the Adu Dhabi Global Market recently enhanced their bi-lateral relationship when the AFSA Chief Executive Officer Mr. Stephen Glynn and Chief Executive of the Registration Authority of Abu Dhabi Global Market (ADGM) Mr. Dhaher Bin Dhaher Al Mheiri signed a Statement of Cooperation between registrars.

The objective of the Statement of Cooperation is to enhance mutual understanding of the legislative, procedural and information technology frameworks for Registrar and company registration functions in the Astana International Financial Centre and the ADGM. 

The Statement establishes the conditions necessary to provide mutual assistance and facilitate the performance of the functions of each Authority, conduct mutual training and allows for secondment opportunities for the staff of each Authority. The parties will also be able to exchange information about the development of international standards impacting upon registries and trends in the development of registry services and operations.

Mr. Glynn said: “The AFSA and ADGM enjoy strong bilateral relations and leverage on each other’s respective areas of expertise.  The AFSA and the ADGM recently entered into a bilateral agreement to support each other and share information in the field of financial technology and this Statement of Cooperation enhances our mutual collaboration.”

Dhaher AL Muhairi, Chief Executive Officer of the Registration Authority of ADGM stated: “One of ADGM’s major strengths is to create a mutual partnership with leading companies registries around the world in order to maintain and share best practices in international standards. This partnership presents a unique opportunity for our employees to develop their skills and share knowledge. We look forward to working closely with our partner to support the companies registries’ development in ADGM.

On the 29 April 2018 the Astana Financial Services Authority (the AFSA) decided to waive until 1 January 2021 the license application fees for regulated, market and ancillary services in the Astana International Financial Centre (the AIFC) as well as the fees for recognition of non-AIFC market institutions and non-AIFC members of market institutions.  The waiver will not apply to the company registration fee, which will remain at US$100.

The waiving of the license fee is an important first step in the development of the AIFC as it will significantly reduce the cost of doing business and encourage businesses to adopt the AIFC as a centre for financial services and non-financial services activities.

Stephen Glynn, the Chief Executive Officer of the AFSA, said: “The aim of this decision is to create a favorable business environment for companies to become AIFC participants. We believe that the absence of fees will encourage local and international companies and individuals to use the AIFC as a hub for business in Central Asia and beyond”.

The Astana Financial Services Authority (AFSA), the regulatory body of the Astana International Financial Centre (AIFC), has been accepted as an associate member of the International Organization of Securities Commissions (IOSCO).

The IOSCO is an international standard setting body that brings together the world’s securities regulators and is recognised as the global standard setter for the securities markets.  

IOSCO’s objectives are to cooperate with national regulatory agencies in developing, implementing and promoting adherence to internationally recognized and consistent standards of regulation for securities markets.  The standards are important in promoting globally consistent approaches to providing regulatory oversight of securities markets, to protect investors, maintain fair, efficient and transparent markets, and to address systemic risks.

IOSCO members regulate over 95% of the worlds securities markets in more than 115 jurisdictions.  Securities regulators in emerging markets account for 75% of its ordinary membership.

Stephen Glynn, the Chief Executive Officer of the AFSA, said: “Our membership of IOSCO will result in greater global recognition of the Astana Financial Services Authority as an internationally respected regulator. This recognition will facilitate the development of the Astana International Financial Centre as a regional hub for financial services and capital markets in Eurasia”.

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Astana Financial Services Authority of Astana International Financial Centre (AFSA-AIFC) have signed a Memorandum of Understanding (MoU) at the side of the Annual Conference of the International Organization of Securities Commissions (IOSCO) held in Budapest. 

The agreement enables both Authorities to further collaborate on joint initiatives and efforts to bolster the growth of the financial markets in Abu Dhabi and Kazakhstan.

It establishes a strategic platform for the FSRA and AFSA’s teams to share expertise and relevant information financial services legislation, regulation, and regulatory practices in each market and to facilitate cross-border group activities and supervision.  The Authorities will also look into mutually beneficial projects and activities that develop human capital capabilities and foster greater growth in both of the financial markets.

Mr. Philippe Richard, Director of international affairs of FSRA of ADGM said: “This MoU marks an important development in our on-going engagement and collaboration with Astana International Financial Centre and its Regulatory Authority. Through closer collaboration and exchanging of expertise and experience, the two regulators will be able to support financial institutions seeking cross-border operations via both platforms and jurisdictions.”

Mr. Mukhtar Bubeyev, Chief Policy Officer of the AFSA said: “We are very pleased to strengthen our partnership with the FSRA by signing the Memorandum of Understanding.  Our legal and regulatory frameworks have many synergies and the ADGM have been supporting our aspirations to establish an international financial centre.