The Astana Financial Services Authority (AFSA) has issued the Consultation Paper on proposals to enhancements to Credit Rating Agencies framework to seek public’s opinion.
Credit Rating Agencies (CRA) play a critical role in promoting transparency and efficiency in financial markets by providing independent assessments of credit risk and help enhance the safety and soundness of the financial system by providing insights into risk exposures and guiding regulatory actions to maintain stability. Investors and financial institutions heavily rely on credit ratings to make informed investment decisions.
Based on the analysis of best international practices, AFSA proposes two options for further enhancement of the CRAs framework in the AIFC: (1) transition of CRAs from being an Ancillary Services Provider to an Authorised Firm and further enhancement of the existing regulation, and (2) maintaining the current practice of treating CRAs as Ancillary Services Providers with further enhancement of the existing regulation. These proposals aim to refine the regulatory environment for CRAs, ensuring robust and effective supervision and enhancing the quality and reliability of credit ratings.
The proposals in this paper will be of interest to CRAs, Authorised Persons, legal entities seeking credit ratings from CRAs, all users of credit ratings and any other interested stakeholders, including government and regulatory authorities in Kazakhstan.
We invite comments from interested stakeholders.
The deadline for providing comments is 28 July 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 this link: https://orderly.myafsa.com/articles/consultation-paper-afsa-p-ce-2024-0007-from-27-june-2024-on-proposals-to-enhancements-to-credit-rating-agencies-framework.
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 2,700 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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