Multilateral cooperation

Multilateral cooperation

AFSA pursues multilateral international cooperation with a view to apply best standards espoused by global standard setters and keep regulatory framework of the AIFC aligned with latest developments. Memberships in the international organizations would also facilitate international recognition and position of the AFSA as a reputable and recognized regulatory authority.

AFSA’s multilateral cooperation is aimed at establishing and developing relations with:
a) Global standard setting organizations with a view to applying highest standards relating to supervision and regulation of financial services.

AFSA has become a member of key global standard setting international organizations, such as:
• International Organization of Securities Commissions (IOSCO);
• International Association of Insurance Supervisors (IAIS);
• Group of Banking Supervisors from Central and Eastern Europe (BSCEE);
• Islamic Financial Services Board (IFSB);
• Accounting and Auditing Organization for Islamic Finance Institution (AAOIFI).

b) International development finance institutions and other international organizations with respect to attracting technical assistance and international expertise as per priorities of the AFSA.

AFSA has been cooperating with following institutions:
• European Bank for Reconstruction and Development (EBRD);
• Asian Development Bank (ADB);

c) Other international organizations and international/regional initiatives with a view of engaging in regulatory dialogue, improving regulatory environment and cooperating on trainings, such as:
• Organization for Economic Cooperation and Development (OECD);
• Asian Forum of Insurance Regulators (AFIR);
• Corporate Registers Forum (CRF);
• R3.
Multilateral Memorandum of Understanding:

  • IOSCO Multilateral Memorandum of Understanding concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMoU)

Status of signatory of IOSCO MMoU allows the AFSA to cooperate on cross-border enforcement with the over 129 regulatory authorities who are also signatories to the MMoU and an integral part of the global capital market.

  • IAIS Multilateral Memorandum of Understanding concerning Cooperation and Information exchange (IAIS MMoU)

Status of signatory of IAIS MMoU allows the AFSA to cooperate with 78 insurance regulatory authorities worldwide on cross-border supervision of insurance entities.

  • IOSCO Administrative arrangement for the transfer of personal data between European Economic Area (“EEA”) Authorities and non-EEA Authorities
On 23 July 2019 the AFSA signed the IOSCO Administrative Arrangement. By acceding to Administrative Arrangement, the AFSA will prevent potentially negative impact on its information exchanges with EU-authorities.

  • IOSCO Enhanced Multilateral Memorandum of Understanding concerning cross-border enforcement cooperation
AFSA became signatory to Appendix A2 (ACF powers), which allows AFSA to perform cross-border enforcement cooperation in asset freezes to protect consumers, obtaining compelled testimony and exchange of audit papers.
 
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