Capital Markets

Capital Markets

Supervision refers to overseeing of AIFC Regulations and Rules. AFSA’s Regulatory Office performs effective ongoing supervision of Authorised Market Institutions and associated individuals.

AFSA’s Regulatory Office adopts a risk-based approach to the regulation and supervision of all regulated firms in order to concentrate its resources on the mitigation of risks to its objectives. AFSA’s Regulatory Office works with regulated entities to identify, assess, mitigate and control risks in a proportionate and appropriate manner.

AFSA uses the following Supervisory Tools:

  • On-site and Off-site Supervision
    •Personal Meetings
    •Thematic Review
    •Co-operation with other regulators
    •Third Party Information
    •Supervisory powers


An Authorised Market Institution must deal with AFSA in an open and co-operative manner and keep AFSA promptly informed of significant events or activities, wherever they are carried on, relating to the Authorised Market Institution of which AFSA would reasonably expect to be notified, including but not limited to, any matters that might impair the Authorised Market Institution’s ability to discharge its regulatory functions and obligations.

For detailed information regarding supervision by AFSA, click here.

General application of Authorised Market Institution (AMI) Rules

AFSA is tasked with the supervision of all Authorised Market Institutions and conducts this supervision according to the AIFC Authorised Market Institution (“AMI”) Rules.

An AMI is an AIFC Centre Participant which has been licensed by AFSA to carry on one or more Market Activities.

According to the General Rules, the following market activities are required to be authorised by AFSA in the AIFC:

  • Operating an Exchange
  • Operating a Clearing House
  • Operating a Digital Asset Trading Facility
  • Operating a Loan Crowdfunding Platform
  • Operating an Investment Crowdfunding Platform
  • Operating a Private Financing Platform
  • Operating an Organised Trading Facility

For the Authorised Market Institution, the following basic concepts are provided by AMI Rules:

  • Minimum capital requirement
  • Conflicts of interest
  • Technology resources
  • Business Rules
  • Membership requirements (not applicable to Authorised Crowdfunding Platforms)
  • Direct Electronic Access (not applicable to Authorised Crowdfunding Platforms)
  • Financial Crime and Market Abuse
  • Safeguarding and administration of the assets of AMI’s services’ users.

For detailed information please see AMI Rules.