The Astana Financial Services Authority (AFSA) and the Central Bank of the Republic of Azerbaijan (CBAR) have signed a Memorandum of Understanding (MoU) that establishes a framework for closer cooperation between the authorities aimed to support the execution of their supervisory functions and promote the safe and sound functioning of financial markets in the respective jurisdictions.
The MoU underscores AFSA's and CBAR's commitment to strengthening cooperation based on mutual trust and understanding in supervising financial markets. Both authorities will make every effort to collaborate in supervisory activities and ensure prompt and timely exchange of information and mutual assistance to facilitate effective supervision of financial institutions operating in both jurisdictions.
The MoU also covers coordination focused on promoting cooperation through knowledge and experience sharing, as well as staff secondments. Authorities also agreed to pursue joint staff training programmes aimed at strengthening robust supervisory practices.
This brings AFSA’s total of international agreements with peer regulators to 57.
AFSA Chief Executive Officer Nurkhat Kushimov said: “This MoU marks the start of a strengthened partnership between AFSA and CBAR, as we are looking forward to continued collaboration and more joint projects in the future.”
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 3,000 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]
Скопировать ссылку