The Astana Financial Services Authority (AFSA) and the Kyrgyz Republic’s Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce have signed a Memorandum of Understanding (MoU).
The MoU between the financial markets’ regulators will pave the way for future cross-border transactions in capital markets between AIFC and Kyrgyzstan, including IPOs, listing of securities, access of broker-dealers to stock exchanges of both jurisdictions and Islamic finance instruments. The MoU sets out a statement of intent between the two supervisory authorities to establish a framework for mutual assistance and to facilitate the exchange of information between them to ensure compliance with the laws and regulations of their respective jurisdictions. The document is expected to contribute to enhancing the integrity, efficiency and financial sustainability of professional participants by improving effective regulation and strengthening oversight of cross-border transactions.
AFSA Chief Executive Officer Nurkhat Kushimov said: “Clear regulations drive market predictability, which is one of the most important assets in finance. Cooperation like these assists better and faster financial exchange between AIFC and Kyrgyzstan and supports the interest of brokerage and asset management firms from both jurisdictions willing to pursue projects in capital market and investment funds industry.”
Chairman of the Kyrgyz Republic’s Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce Marat Pirnazarov: “The issues of developing trade, economic and investment relations play a key role for us. We should create favorable conditions for our entrepreneurs to enhance cooperation in establishing business connections and building mutually beneficial cooperation, as well as in matters of cross-border activities in the financial market. I am confident that the establishment of close cooperation between regulators will provide a good opportunity to determine further prospects for bilateral cooperation.”
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 2,100 firms from 79 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/
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