Operating an Exchange

Operating an Exchange

Operating an Exchange Operating a Clearing House Operating a Loan Crowdfunding Platform Operating an Investment Crowdfunding Platform

Operating an Exchange

Operating an Exchange means operating a facility which functions regularly and brings together multiple third party buying and selling interests in Investments, in accordance with its non-discretionary rules, in a way that can result in a contract in respect of Investments admitted to trading or traded on the facility.

 

General requirements

 

Requirements

Minimum threshold

Authorisation Fee (paid once)

125 000 USD

*According to AIFC Fees Rules 5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full.

Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well.

Registration Fee (paid once)

Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [email protected].

*AIFC Fees Rules

Supervision Fee (annually)

*AIFC Fees Rules 6.2

Prudential requirement

An Authorised Market Institution must hold the following minimum capital:

  1. an amount equal to 6 months' operational expenses; plus
  2. unless the AFSA directs otherwise, an additional amount of up to a further 6 months' operational expenses.

 *AIFC Authorised Market Institutions Rules 2.2.1.

Appointment of Internal and External Auditor

Required

*AIFC General Rules 5.5.1.

*AIFC Financial Services Framework Regulations 109.

Organisational structure 
  • Appointment of a Board of Directors
  • Appointment of approved and designated individuals (SEO, Finance Officer, Compliance Officer, MLRO)
  • Appointment of committees within the company (Risk Committee, Compliance Committee etc.)

Policies and Procedures

*By clicking here you can find guides to the minimum requirements for some policies and procedures.

 

 

Application package

Application for Market Activities
Application Approved Individual status
Application Designated Individual status
Financial projections template
Request for Invoice
Fit and Proper Questionnaire for Controllers

 

Supporting documents

  • Incorporation certificate of Parent/head office (if applicable)
  • Board minutes approving establishment of the AIFC entity
  • Résumés/CVs for Controllers that are natural persons
  • Résumés/CVs for the members of the Board of Directors (both executive and non-executive) as applicable
  • Last audited accounts (if applicable)
  • Last audited Group accounts (if applicable)
  • A shareholding chart that depicts how the applicant is related to each of its shareholders (including natural persons) and to its related entities, Subsidiaries, and head office/Branch, as applicable
  • An organisation chart depicting the key appointments and reporting lines and, where applicable, the reporting lines to the Group or head office
  • If the applicant is a start-up evidence of source of funds
  • Evidence, such as non-binding letters of engagement, to support the applicant’s revenue-stream estimations in the financial projections
  • If the applicant is a start-up, a copy of the Shareholders’ agreement
  • Copies of any Board and management committees’ terms of reference
  • A copy of each Controller’s Kazakhstani ID card (if a Kazakhstani citizen or resident)
  • A copy of each Controller’s passport (for non-Kazakhstani citizens)
  • If your Parent is regulated in another jurisdiction provide a copy of its regulatory licence. It must include any restrictions or conditions
  • List of above-mentioned policies and procedures
  • Market Making Agreements

*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.