The Astana International Financial Centre (AIFC) Management Council has appointed Lady Barbara Judge CBE as Chairman of the Board of Directors of the Astana Financial Services Authority (AFSA).

Lady Judge, a commercial lawyer, has a broad and successful international career as a senior executive, chairman and non-executive director in both the private and public sectors, and across various industries including energy, infrastructure, manufacturing, retailing and the financial services industry.

She is also the National Chairman of the UK Institute of Directors, the UK Business Ambassador and recognised expert on corporate governance.

In addition, she is a Chairman of Cifas, the UK membership organisation specialising in the prevention of fraud and financial crime. Previously, she was a Commissioner of the US Securities and Exchange Commission and Deputy Chairman of the UK Financial Reporting Council.

On her appointment as Chairman of the AFSA Board of Directors, Lady Judge commented that: “It is a pleasure and great honour to be appointed for this role. I will strive to ensure the efficiency of the AFSA Board of Directors and adherence of the AFSA to the international standards and best practices and to make input into the development of the AIFC.”

Kairat Kelimbetov, Governor of the AIFC, noted that “under the leadership of Lady Judge and with help and support of the other Board members, the AFSA will achieve significant results and develop into a world-class financial regulator”.

The document has been signed by Mr. Stephen Glynn, the Chief Executive Officer of the Astana Financial Services Authority and Mr. Liu Shiyu, Chairman of China Securities Regulatory Commission (CSRC)

The MoU is the first such agreement to be signed by the Astana Financial Services Authority with an international regulator. By signing the MoU the two regulatory agencies agree to co-operate and exchange of information in securities regulation. CSRC has been actively involved in regulatory information exchange and cross-border enforcement cooperation with its overseas counterparts since its establishment in October 1992.

“The signing of the Memorandum of Understanding with the CSRC is a significant step towards the integration of the AFSA with the international regulatory community. The CSRC is a leading international regulatory authority and the MoU will enhance the already excellent relationship between the AFSA and the CSRC. Cooperation in securities regulation has the effect of enhancing confidence in markets by providing a platform for mutual regulatory activities, such as market surveillance. The AFSA and the CSRC will use their best endeavors to ensure high levels of integrity and fair dealing in capital markets and to ensure investors and markets are protected”, – said Mr. Glynn.

The AFSA plans to enter into strategic partnerships with other local and regional agencies, standard setting bodies, international regulators within the next two years.

AFSA Chief Executive Office Mr. Stephen Glynn said the launch represents a significant milestone in the development of Kazakhstan’s financial and capital markets. The AFSA aims to be a globally respected regulator of financial services and capital markets in Eurasia.

The AFSA has embarked on a mission to deliver a legal and regulatory framework that complies with international standards, ensures high standards of behavior and creates a safe investment environment in which investors have confidence and business is trusted.

Institutions who wish to carry on financial services activities under an AFSA issued license can apply to the AFSA immediately.

The AFSA’s main priority is to be business friendly and to create an ecosystem in which business can prosper. The whole purpose of regulation is to develop wealth in a fair and transparent manner and in compliance with rules that treat investors and consumers equally.

The AFSA will license a broad range of financial services including investment and asset management, private banking, fund management and administration, providing and arranging custody, Islamic finance and other activities including operating a Representative Office.

The AFSA will also license professional services that support the financial services industry. They include lawyers, accountants, auditors, credit rating agencies and consultants and are collectively referred to as Ancillary Service Providers. The range of consultancy services include IT, Fintech and other services that support the financial services industry.

Companies that register as a Financial or Ancillary service provider will benefit from the AIFC’s tax free arrangements.

Mr. Glynn said that the AFSA will be the venue for company registration and that any person wishing to establish a company in the AIFC can immediately apply to the AFSA for registration. He said there is no restriction on the type of activities that can be registered.

He said his vision is for AFSA registered companies to be trusted and respected by their regional and international peers because they will operate under international standards of corporate governance that are respected and trusted globally.

This trust and confidence is founded upon the English Common Law which is the legal foundation upon which the AIFC is built. English Common Law is now the most widespread legal system in the world with 30% of the world’s population living under English Common Law systems.

The new regulations and rules administered by the AFSA can be found on the AFSA’s web site. Institutions and individuals, interested in carrying out activities within the AIFC, first need to register a company and obtain a license from the AFSA. More information about registration, licensing and the AFSA legislative framework is available on the AFSA web-site at www.afsa.aifc.kz

Applicants can call the AFSA for guidance on +7 (7172) 61 3657 or communicate via e-mail at [email protected]