The Astana Financial Services Authority (AFSA) has issued the Consultation Paper on Policy Statement on the approach of the AFSA to low-risk financial services firms.
Many jurisdictions have designated firms engaging in certain types of financial services as low-risk financial services firms, applying them less stringent regulatory requirements based on the nature and complexity of the businesses.
Additionally, the necessity for developing a regime for low-risk financial services firms stems from the issues encountered during the review of various applications. The analysis of the application process, relevant regulatory provisions and the requirement specified there have identified challenges in satisfying corporate governance requirements, including outsourcing of key function to service providers.
Based on analysis of best international practices, AFSA proposes to define low-risk financial services firms and apply less stringent regulatory requirements, given the scope of business and potential risk exposure.
The proposals in this paper will be of interest to applicants seeking to carry on financial services in the AIFC, Authorised Persons, third-party service providers and any other interested stakeholders.
We invite comments from interested stakeholders.
The deadline for providing comments is 20 October 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 may be found via this link: https://orderly.myafsa.com/articles/consultation-paper-afsa-a-ce-2024-0001-from-20-september-2024-on-policy-statement-on-the-approach-of-the-astana-financial-services-authority-to-low-risk-financial-services-firms.
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 3000 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]
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