The Astana Financial Services Authority (AFSA) has issued a Consultation Paper on the proposed amendments to the AIFC legal entities framework to seek suggestions from the market.
AFSA proposes to enhance the Legislation Administered by the Registrar regulating formation, incorporation, and corporate governance of different bodies corporate, including the relationship between shareholders, partners and founders, their rights and liabilities, duties and powers of the directors, etc. The proposed amendments will simplify the process of allotment and transfer of securities along with strengthening the provisions of non-cash consideration with regards to Public Companies, transfer and registration of Debt Securities. The proposed amendments will contribute to the ease of doing business along with improvement of the provisions on public offering regime, annual accounts to be sent to the shareholders by a firm, branch registers, and voluntary strike off. Last but not least, the proposed amendments introduce an additional power of the Registrar of Companies and obligations on the firms on maintaining the registered email address, on the process of notification in case of any change in the register of directors. Also, the matter of resignation of directors will be detailed, as well as a provision is going to be introduced that the Registrar of Companies may issue a notice requesting to resolve inconsistency in the Documents kept by the Registrar of Companies.
The proposals in this paper will be of interest to current or potential AIFC Participants, ancillary service providers and professional advisors.
The deadline for providing comments is 9 August 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.
AFSA prefers to receive comments by email at [email protected].
The Consultation paper can be accessed via the link: https://orderly.myafsa.com/articles/consultation-paper-afsa-o-ce-2024-0700-on-proposed-amendments-to-the-aifc-legal-entities-framework_1
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 2,800 firms from 78 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]
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