The Astana Financial Services Authority (“AFSA”) and the Central Bank of United Arab Emirates (“CB UAE”) have entered into a Memorandum of Understanding (“MoU”). The MoU was effected in Abu Dhabi on margins of official visit of the President of the Republic of Kazakhstan H.E. Kassym-Jomart Tokayev to United Arab Emirates.
Parties agreed to promote cooperation in exchange of best practices, holding of mutual consultations, discussion of laws applicable in both jurisdictions, sharing of information between the CBUAE and the AFSA in performance of regulatory and supervisory functions in relation to cross-border establishments in their respective jurisdictions. The MoU was signed by H.E. Mubarak Rashed Al Mansoori, the Governor of the CBUAE and from the AIFC side by Dr Kairat Kelimbetov, the Governor of the AIFC and Mr Mukhtar Bubeyev, Acting CEO of the AFSA.
This Memorandum also establishes conditions for cooperation in capacity building, arranging workshops and exchanging visits.
H.E. Mubarak Rashed Al Mansoori welcomed the signing of the MoU, saying: “The CBUAE is pleased to establish this partnership with the AFSA and further reinforces our commitment to cooperating and collaborating with like-minded institutions”.
Dr Kairat Kelimbetov said: “I welcome establishing cooperation between Central Bank of UAE and AFSA, which will enhance cooperation on a range of bilateral issues of common interest, including exchange of supervisory information”.
Mr Mukhtar Bubeyev stated: “We are pleased to formalise cooperation with the Central Bank of the United Arab Emirates setting out a framework, which would enable mutual beneficial cooperation and facilitate cross-border business between respective jurisdictions of UAE and AIFC”.
Reference:
CBUAE is the Banking Supervisory and Monetary Authority of the UAE which was established under the Union Law No. (10) of 1980 as repealed and replaced by the Federal Decree Law No. (14) of 2018 regarding the Central Bank & Organization of Financial Institutions and Activities.
www.centralbank.ae/en
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 activities related to financial services in the AIFC. As such the AFSA administers the AIFC Regulations and Rules, which provides, among other things, for the authorization, registration, recognition and supervision of financial firms and market institutions.
AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet Region, Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, to ensure their integration with the international capital market, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
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