AFSA

19 September 2024 14:03:04

The Astana Financial Services Authority (AFSA) has issued this Consultation Paper to seek suggestions from the market on the proposed amendments to the AIFC Insolvency Framework. The consultation paper is available at the following link: Consultation Paper AFSA-L-CE-2024-0003 from 19 September 2024 on Proposed Amendments to the AIFC Insolvency Framework (myafsa.com).

The proposals in this paper will be of interest to all individuals and organisations in the AIFC and their professional advisors.

Considering the need for clarity in the hierarchy of debts and for the sake of consistency with the existing legal framework, this Consultation Paper contains further enhancements to the AIFC Insolvency Framework:

1. Defining the order of unpaid fines owed by a Company to AFSA and Registrar of Companies and tax debts due by a Company to the tax authority in the hierarchy of debts;
2. Aligning relevant provisions of the AIFC Insolvency Framework with other AIFC Acts.

We invite comments from interested stakeholders.

The deadline for providing comments on the proposed framework is 19 October 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.

AFSA prefers to receive comments by email at [email protected]

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]