Recognition
A Person located in a jurisdiction other than the AIFC may apply to AFSA for an order declaring it to be a Recognised Non-AIFC Member. Recognition will enable financial market infrastructures (trading platforms and clearing and settlement institutions) and qualified potential market participants (brokers) to be recognised to carry out their activities in the AIFC without having to establish a physical presence in the AIFC.
How to apply:
1. Contact AIFC Business Connect team of the AIFC
We strongly recommend that firms, in the first instance, engage with the Business Connect unit of the AIFC. They will help you understand the value proposition of the AIFC to assist your evaluation of whether recognition here will make business sense for your firm.
Please contact Business Connect team by emailing [email protected].
2. Prepare to apply
Familiarise yourself with the applicable AIFC Rules and Regulations and be prepared to show how you comply with them. The AIFC Rules and Regulations can be found on our website at Legal Framework section.
3. Complete the Application form
It is vital that you supply all relevant information. Openness and honesty are essential. Should we need to examine your application more closely because of any disclosures you make, this will not necessarily count against you. However, deliberately withholding information or providing false or misleading information will adversely impact the success of your application.
Once you decide to apply for a recognition process, then you can start using the Authorisation Section of our Self-service Portal.
To start using the portal all you need is to follow these 4 steps:
1) Open the Portal;
2) Register on the portal using a valid email address, upon provision of necessary information, please verify your account by clicking the link sent to the provided email address;
3) Login to the portal and click the "New application" button;
4) Choose ‘Authorisation’ in the menu and within it choose ‘Recognition Non-AIFC Member (RNAM) application’.
Once an application is ready (all sections will be colored in Green), you can submit it to AFSA via the Self-service portal. For the submission of an application you need to make an offline payment using the banking operator services and upload a payment confirmation to submit the application on the portal.
Recognition Non-AIFC Member application fee - $2000.
4. Application processing
A successful application will result in the AFSA issuing you an order declaring a Person to be a Recognised Non-AIFC Member. Before making an order, the AFSA will need to be satisfied that the applicant meets the requirements for recognition in Section 91 of the AIFC Financial Services Framework Regulations.
5. Currency Regulation
Please note that the AFSA and the National Bank of Kazakhstan have signed Rules on Currency Regulation and Provision of Information on Currency (“the Rules”). The Rules, amongst other things, detail the list of the financial services that AIFC Participants can provide to residents of the Republic of Kazakhstan, that are not AIFC Participants. It also includes details of when and how AIFC Participants can transact business in the local currency (Tenge) or foreign currency. Please familiarize yourself with the Rules and how they might apply to your business going forward.
6. How to contact us
Please feel free to contact us through the following email: [email protected]
For technical queries of AIFC Self-service Portal please contact us through the following email: [email protected] or send us a message in Live chat of AIFC Self-service Portal.
