Astana Financial Services Authority (AFSA) informs the public that the FinTech Lab licence of Proportunity Management Company Limited expired on July 1, 2024.
Proportunity Management Company Limited has a registered address in the AIFC. However, it is not authorised by AFSA and has no licence for providing or promoting its financial services to the public, including services and products related to Islamic Banking Business and Islamic Financing.
Only firms authorised by AFSA can carry on financial services in the AIFC.
AFSA advises consumers to only deal with AIFC companies that are appropriately authorised to provide financial services and therefore properly regulated. Consumers are advised to check the status of authorisation on AFSA’s website at Public Register and avoid dealing with firms not permitted by AFSA to carry on the activities they promote or advertise.
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 3,200 firms from 82 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]
The Astana Financial Services Authority (AFSA) is pleased to announce the appointment of Evgeniya Bogdanova as Chief Executive Officer from 21 October 2024 by the decision of the AFSA Board of Directors.
Nurkhat Kushimov, who previously held the position of AFSA’s Chief Executive Officer, has become adviser to the AIFC Governor.
Evgeniya has over 25 years of experience working on international financial markets. Before joining AFSA, Evgeniya had led for five years Regulation & Compliance at the Astana International Exchange (“AIX”), supervising listings of financial instruments, market conduct of AIX trading members, developing regulatory framework for AIX market participants and enforcing compliance therewith, as well as overseeing the AIX Group’s functions in compliance, corporate governance, risk management and internal audit. Prior to joining the AIX, Evgeniya had managed Legal and Corporate Governance affairs at investment bank Renaissance Capital.
While practicing law at White & Case, she advised on a broad range of securities products and cross-border capital markets matters, representing leading global investment banks, major corporations, sovereigns and funds.
She began her career at the Federal Commission for the Securities Market where she was involved in policymaking for Russian securities market and the adoption of global standards supported by international development institutions.
AIFC Governor Renat Bekturov said:
“I would like to express my gratitude to Nurkhat Kushimov for his tremendous contribution to the development of AFSA. I am also very pleased to welcome Evgeniya on board and we are confident that her extensive knowledge and experience will lead AFSA to its further development goals.”
“I am happy to be part of the Astana International Financial Centre family and to contribute to the continued success of building fair and transparent financial markets and further development of the business-friendly environment for doing business within AIFC jurisdiction.”
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 3,200 firms from 82 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]
The Astana Financial Services Authority (AFSA) has issued the AIFC Environmental, Social and Governance (ESG) Disclosure Guidance effective from 14 October 2024.
This Guidance applies to all Banks, Fund Managers, and Insurers to support the integration of ESG factors into their operations and decision-making processes, fostering a more sustainable and responsible financial ecosystem within the AIFC.
AFSA is taking a gradual approach to the introduction of ESG disclosure practices for the financial entities in the AIFС, starting with a voluntary stage. This allows financial entities to familiarise themselves with best practices and adapt their operations and reporting processes accordingly.
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 3,200 firms from 82 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]
The Astana Financial Services Authority (AFSA) is delighted to invite you to join the Regulatory Townhall meeting to be held on 15 October 2024 at 10:30 Astana time via Zoom.
During the Regulatory Townhall new frameworks and amendments to the AIFC legislation will be presented and discussed. Respective consultation papers were made available for feedback on our website (please refer to the link for your convenience). AFSA aims to get suggestions from the market on the regulatory approach and legislative proposals, as well as respond to the questions of the audience. Agenda
Presentations 10:30 am – 12:15 pm:
Derivatives framework and framework enabling margin trading, short selling and high frequency trading (https://shorturl.at/VwGJf)
Zarina Seidakhmetova, Senior Associate of the Policy, Strategy and Risk Division, AFSA
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 3,200 firms from 82 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]
The Astana Financial Services Authority (AFSA) is delighted to invite you to join the Regulatory Townhall meeting to be held on 15 October 2024 at 10:30 Astana time via Zoom.
During the Regulatory Townhall new frameworks and amendments to the AIFC legislation will be presented and discussed. Respective consultation papers were made available for feedback on our website (please refer to the link for your convenience). AFSA aims to get suggestions from the market on the regulatory approach and legislative proposals, as well as respond to the questions of the audience.
Agenda
Presentations 10:30 am – 12:15 pm:
Derivatives framework and framework enabling margin trading, short selling and high frequency trading (https://shorturl.at/VwGJf)
Zarina Seidakhmetova, Senior Associate of the Policy, Strategy and Risk Division, AFSA
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 3,200 firms from 82 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:
The Astana Financial Services Authority (AFSA) has enacted the AIFC Treasury framework The Framework introduces specific regulations tailored for operations of Corporate Treasury Centres (CTC) in the AIFC, which will be able to open the СТС Funds. Such vehicles will allow carrying out treasury activities within the AIFC’s existing regulatory and tax regimes in line with international practices. Recognising the unique nature of CTCs and their limited investor base, the framework includes streamlined regulatory provisions for CTC Fund Managers.
The AIFC Treasury Framework represents a significant step towards strengthening the AIFC’s position as a leading international financial center in Eurasia. This framework offers a robust regulatory and tax environment that caters specifically to the needs of CTCs, making the AIFC an attractive location for intragroup financing, liquidity management, investment and other treasury functions.
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 3000 firms from 82 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]
Staff of the Astana Financial Services Authority (AFSA) has for the first time presented its regulatory approaches to Crypto and Digital Asset markets to the members of International Organization of Securities Commissions (IOSCO)[1]. The training was conducted within the 26th edition IOSCO Seminar Training Programme: “Regulation and Supervision of Crypto and Digital Assets Markets.”
AFSA’s FinTech Director Yagub Zamanov shared the history and milestones of the development of the regulatory framework for digital assets at the AIFC, starting from the establishment of a FinTech Lab[2] and the continuous growth over the following years within which AFSA became an IOSCO associate member, agreed with national regulators to launch a pilot project testing fiat gateways between AIFC’s digital assets exchanges and commercial banks of Kazakhstan that consequently resulted in the Rulebook on Digital Assets Activities and the Rules governing interactions of Digital Asset Service Providers and commercial banks of Kazakhstan.
Yagub also shared tips on how to tackle key challenges in developing Crypto and Digital Assets policy and using blockchain analytics tools.
AFSA’s continuous engagement with and supervision of entities in the regulatory sandbox allowed to launch new initiatives such as the OTC[3] Guidance and the Stablecoins Framework allowing the issuance of fiat stablecoins pegged to G10 currencies and any other currency approved by AFSA.
In March this year AFSA issued a call on Digital Assets Services Providers to test out new products, including activities involving margin trading, peer-to-peer, derivatives trading, staking, non-fungible trading, digital asset loans and other services.
It is important to note that throughout AFSA’s work it is guided by the three core IOSCO objectives – investor protection, ensuring fairness, efficiency, and transparency of markets as well as reducing the systemic risk.
AFSA is a signatory to IOSCO Multilateral Memorandum of Understanding and IOSCO Enhanced Multilateral Memorandum of Understanding.
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 3000 firms from 82 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]
[1] IOSCO is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for financial markets regulation. IOSCO develops, implements and promotes adherence to internationally recognized standards for financial markets regulation and works closely with other international organizations on the global regulatory reform agenda.
[2] FinTech Lab is a tailored live environment, where firms can offer innovative financial and RegTech services without being immediately subject to the full set of regulatory requirements.
[3] In decentralised finance, Over-the-Counter trading is considered as a separate trading option widely used for large undertaking or transaction by large or institutional players because OTC transactions allows to discharge large volumes of Digital Assets quicker and in large blocks.
The Astana Financial Services Authority (AFSA) has enacted the AIFC ESG Debentures framework effective from 1 October 2024.
The framework introduces minimal standards of regulation and requirements for issuance and offering of green and sustainable debt instruments including sukuk under an overarching concept of the “AIFC ESG Debentures”. The intention is to provide clear guidelines to issuers, making it simpler to design and market these financial products while also helping investors identify sustainable investing opportunities.
This framework seeks to stimulate green finance capital flows and support financing for adaptation and mitigation efforts, contributing to global climate goals. It promotes transparency, accountability, and alignment with international standards, ensuring that issuers meet clear environmental objectives.
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 3000 firms from 82 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]
AFSA is pleased to announce the adoption of amendments to the AIFC Rules No. GR009 of 2017 concerning Qualifications Necessary for Employment in the AIFC (the AIFC Rules).
These amendments aim to ensure mandatory educational and experience-based criteria for foreign nationals and stateless persons for employment within the AIFC, helping to uphold the high qualification standards crucial for maintaining the quality and integrity of the AIFC workforce.
One significant change in the amended AIFC Rules is the introduction of the AIFC Authority’s ability to grant waivers and modifications from the certain requirements of the AIFC Rules in regard to foreign employees of the AIFC Participants, who are not carrying on a Controlled Function or a Designated Function under rules 2.2 and 2.3 of the AIFC General Rules.
These amendments are designed to enhance the efficiency and adaptability of the AIFC’s employment framework, ensuring it continues to attract a highly qualified international workforce.
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 3,000 firms from 82 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]
