The Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the Banking Regulation and Supervision Agency of Turkey (“BRSA”) in support of regulatory cooperation in banking industry. The signing ceremony was held in Istanbul, Turkey on 12 February 2019.
The MoU was signed by Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA and Mr. Mehmet Ali Akben, the Chairman of the BRSA.
Mr. Bubeyev said: “The signing of the MoU will enhance information exchange and cooperation in the field of bank supervision between the AFSA and BRSA, marking a new phase of bilateral cooperation between the two regulators.”.
“With the signing of this MoU, I believe that the BRSA and the AFSA will build the necessary grounds for an effective and continuing cooperation between our institutions,” Mr. Mehmet Ali Akben emphasized.
The Memorandum establishes framework conditions for the BRSA and AFSA teams to facilitate cross-border group activities and supervision, share information on financial services legislation and regulatory practices. The Parties will also foster capacity building initiatives to reinforce sound supervisory practices in both jurisdictions and foster growth in respective financial markets.
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