Посты с тэгом: AFSA

The Astana Financial Services Authority (“AFSA”) issues this alert concerning the alleged fraudulent activities of an individual presenting himself as Nurlan Asilbekov.

It has come to AFSA’s attention that this individual is allegedly promoting financial services via a private Telegram channel using a forged version of a licence (No. AFSA-G-LA-2023-0004) issued to Bybit Limited by AFSA on 07 June 2023 to conduct the following Market Activity: Operator of a Digital Asset Trading Facility.

The forged licence contains the alleged name of the individual, which is NOT present on authentic AFSA Licences. AFSA does NOT grant Licences to natural persons – it only grants Licences to legal entities.

AFSA warns the public to exercise utmost caution in dealing with entities claiming to provide financial services on the basis of an AFSA licence, and encourages the public to check the Public Register which contains business information on companies authorised and/or registered by AFSA. This is a crucial step to verify that a firm is properly authorised before engaging with any of its financial services or products.

Bybit Limited offers the following tool on its website that allows users to check the authenticity of Bybit sources: Bybit Authenticity Check.

Members of the public who deal with unauthorised persons do so at their own risk and may not be protected under the legal and regulatory framework of the Astana International Financial Centre.

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 3,800 firms from 85 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]

The Astana Financial Services Authority (“AFSA”) wishes to alert members of the financial services community about the unauthorised use by the project ‘Ya Sobral’ (Я Собрал) of AFSA’s name and the impersonation of a legitimately registered and licensed firm.

The website https://ya-sobral.com/ falsely claims to be regulated by AFSA. Additionally, a firm incorporated within the Astana International Financial Centre and regulated by AFSA – InvestRoom Ltd (Licence AFSA-G-LA-2022-0005 authorising to carry on the Market Activity of Operating a Loan Crowdfunding Platform) – has been impersonated through the use of the name “Investroom Ltd” in the Investor Agreement and Loan Agreement published on the website.

We would like to inform you that no entity under the name of ‘Ya Sobral’ or a similar name is, or has ever been, registered in the AIFC or licensed by the AFSA. Therefore, the activities of “Ya Sobral” display characteristics of criminal offenses, potentially falling under Fraud (Article 190) and Illegal Business Activity (Article 214) of the Criminal Code of the Republic of Kazakhstan.

AFSA urges the public to consult its Public Register, which provides up-to-date information about entities registered in the AIFC and firms authorised by AFSA. Verifying a firm’s authorisation before using any financial services or products is essential to ensuring your security and compliance.

AFSA strongly advises against engaging with individuals claiming to represent this project, and under no circumstances should you enter any contractual relationships with, or transfer funds to, any parties associated with it.

If you have any concerns about the authenticity of any correspondence or suspect that you have been contacted by someone involved in a scam, we suggest that you address your concerns directly to AFSA. You can do this by using the online form available on our website.

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 3,700 firms from 85 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]

The Astana Financial Services Authority (“AFSA”) alerts the public to the unauthorised use of its logo by “MBus Exchange,” which may mislead by suggesting that “MBus Exchange” is regulated by AFSA.

AFSA has identified a group of social media accounts operating under the name “MBus Exchange” offering cryptocurrency exchange services without authorisation. We would like to inform that “MBus Exchange” is not licensed by AFSA.

Following an investigation, AFSA has established that no entity under this or a similar name is registered in the Astana International Financial Centre (AIFC) or holds a financial services licence issued by AFSA. Therefore, the activities of “MBus Exchange” display characteristics of criminal offenses, potentially falling under Fraud (Article 190) and Illegal Business Activity (Article 214) of the Criminal Code of the Republic of Kazakhstan.

AFSA urges the public to consult its Public Register, which provides up-to-date information about entities registered in the AIFC and firms authorised by AFSA. Verifying a firm’s authorisation before using any financial services or products is essential to ensuring your security and compliance.

AFSA strongly cautions against engaging with any communications from any individuals affiliated with this project. You should not under any circumstances enter into any contracts, or transfer funds to, any parties associated with this scam.

If you have any concerns about the authenticity of any correspondence or suspect that you have been contacted by someone involved in a scam, we suggest that you address your concerns directly to AFSA. You can do this by using the online form available on our website.

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 3,700 firms from 85 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]

We would like to draw your attention to the following important matter regarding the conduct of any registration, licensing, supervisory, enforcement, or disciplinary action by the Astana Financial Services Authority (the “AFSA”).

Please be aware that AFSA does not offer, endorse, or permit any form of “fast-track,” accelerated, or preferential treatment services in relation to any AFSA decision including, but not limited to, the review, processing, or approval of the following applications:

• registration of a legal entity;
• licensing of Authorised Persons and Ancillary Service Providers;
• post-licensing approvals, including appointments of Approved Individuals, Principal Representatives, Controllers, and similar roles;
• waivers and modifications of the legal and regulatory requirements; or
• any other regulatory or enforcement decision-making process under the AIFC Acts.

All requests and applications are assessed in accordance with established regulatory procedures, and on the basis of their merits, completeness, accuracy, and compliance with the applicable legal and regulatory requirements specified in the AIFC Acts. The review process is conducted independently and impartially by authorised officials only.

If any individual or third-party service provider claims to have the ability to accelerate or influence the outcome of your request or application in exchange for payment or other benefits, such claims are false and fraudulent. This may include but is not limited to:

• Offers to “fast-track” your request or application;
• Claims of having special influence over, or privileged access to, decision-makers at AFSA; and
• Assurances of guaranteed or expedited approval.

We urge all applicants to be vigilant and cautious. Engaging with such individuals or entities may expose you to fraud, corruption, financial loss, reputational damage, or other serious risks.

We would like to remind you that the list of authorised Ancillary Service Providers is available on the AFSA website. You can access the official Public Register here: https://publicreg.myafsa.com/ancillary/.

AFSA’s official fees and charges for registration and authorisation are published in the AIFC Fees Rules available at the following link: https://orderly.myafsa.com/articles/feesrules.

Before submitting your applications, you may contact the Participant Support & Sales team of the AIFC Authority, who are at hand to support and guide organisations through the processes of authorisation and registration. They can be reached at [email protected] or by phone at +7 7172 959 000.

If you are approached by anyone offering services mentioned above — or if you believe you may have been a victim of such a scheme — please notify us immediately by submitting a complaint through our website: https://afsa.aifc.kz/afsa-hotline-services/ or  https://afsa.aifc.kz/consumers/complaints/. Any such report will be treated confidentially.

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 3,700 firms from 85 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]

The Astana Financial Services Authority (AFSA) has closed 2024 with strong results, further showing that AIFC’s regulations are helping transform the Centre into an attractive destination for fund managers, FinTech and capital markets players.

Registration

AFSA welcomed 1,174 new participant companies, nearly doubling the 600 registrations compared to 2023. As a result, the total number of registered companies within the AIFC has surpassed 3,500, representing 85 countries, including the USA, UK, China, Türkiye, and Singapore.

AFSA is constantly working to further digitalise its registration services. In 2024, we introduced digital post-registration services, allowing companies to register share transfers and modify or reduce their shared capital online. Previously, these applications had to be submitted offline. With the new online system, processing times have significantly improved, reducing from 7-10 business days to just 1-5 business days, depending on the accuracy and completeness of the submitted information.

Authorisation

In 2024, AFSA issued licences to 49 financial service providers within the AIFC—double the number from 2023—bringing the total to 126 licensed financial companies. Additionally, 21 ancillary service providers received licenses, increasing the total number of licenced consultants to over 130.

Over one-third of authorised companies have received a fund management licence, reflecting a strong interest in this sector within the AIFC. Furthermore, there have been three successful cases of migration from the sandbox environment to the full regulatory regime, illustrating a clear pathway for the graduation of companies from the FinTech Lab to full authorisation.

In 2024 AFSA recognised 12 jurisdictions as equivalent. The list includes Georgia, Qatar Financial Centre, Dubai International Financial Centre, Abu Dhabi Global Market, United Kingdom, United States of America, Singapore, European Member States, Switzerland, Australia, Malaysia and Hong Kong. This recognition streamlines the process for firms applying to be recognised as Foreign Fund Managers in the AIFC by eliminating the need for a gap analysis, thereby expediting the application process.

Asset and Fund Management

The fund and asset management industry within the AIFC is one of the fastest-growing sectors. Over the past 3.5 years, assets under management have surged by 865%, growing from $115 million in early 2021 to over $1.1 billion by end of 2024.

Similarly, the number of funds registered in the AIFC went up from 42 at the beginning of 2024 to 101 at the end of 2024, and the number of fund and asset managers from 46 to 65. The majority focused on hedge funds[1], followed by private equity funds[2], venture capital funds, and other categories such as Real Estate Trust Funds[3], fixed-income, commodity, crypto, credit and umbrella funds[4].

2024 was marked by several significant “firsts”: AFSA registered the first non-exempt fund for retail investors and the first Shariah-compliant fund – ITS Shariah ETF Fund OEIC PLC, as well as the first umbrella fund in AIFC – Fonte Emerging Markets Umbrella Fund OEIC Limited. AFSA also allowed listing of exempt funds[5] on an Authorised Investment Exchange, with 3 exempt funds listed on Astana International Exchange.

FinTech and Digital Assets

In 2024, four new digital asset exchanges were registered within the FinTech Lab regulatory sandbox, while Binance (BN KZ Technologies Limited) and Bybit (Bybit Limited) successfully transitioned from the FinTech Lab sandbox to the full regulatory status. Among the global exchanges WhiteBIT – one of Europe’s biggest cryptoexchanges – was a new arrival.

The trading volume of digital asset service providers (DASPs) operating within the AIFC was over $1.4 billion, with a client base growing to over 140,000 individuals. This is a significant increase from 2023, when the trading volume amounted to $324 million, and the client base stood at 53,000.

JSC QazPost, Kazakhstan’s national postal operator, was authorised to conduct fiat transactions with digital assets after it was officially added to the list of organisations permitted to provide these services alongside commercial banks (second-tier banks – STBs) in Kazakhstan.

Capital Markets

In 2024 alone, AIX achieved a major milestone with 140 new listings, bringing the total number of securities traded on the exchange to more than 250. This reflects the increasing interest from issuers in listing on AIX, reinforcing its role as a key listing venue for both local and international companies. This growth is driven by a robust market infrastructure and a regulatory framework that aligns with global standards.

International Trading System Ltd. (ITS), the first company that received a license from AFSA to operate a Multilateral Trading Platform (MTF), resumed its operations during 2024 after establishing an AIFC-based and AFSA-authorised clearing and settlement infrastructure. Key accomplishments include adding around 3,000 tradable securities such as shares, depository receipts, as well as Exchange-Traded Funds[6], with a primary listing on the leading global exchanges such as NYSE and NASDAQ; the launch of the first AIFC non-exempt fund listed on AIX and admitted to trading on ITS (ITS World ETF)[7], reaching a total trading volume of USD 200 million with the highest daily turnover of $16 million. ITS obtained Qualified Intermediary (QI) status[8] from the US Internal Revenue Service (IRS), allowing reduced tax rates on income from US-registered securities.

Policy and Regulatory Developments

In 2024, a regulatory foundation was developed for the following areas: regulation of family offices, corporate treasury centers, venture studios, and the issuance of green and sustainability-linked bonds and sukuks. Amendments were also made to the AIFC regulations to oversee tokenised commodities and tokenised investments, to the Rules for multilateral and organised trading facilities, while acts governing legal entities were revised.

We also introduced amendments to Anti-Money Laundering, Terrorist Financing and Sanctions framework and additional amendments were provided to Insolvency regulations. AFSA also introduced enhancements to Derivatives, Asset Management and Credit Rating Agencies frameworks.

Additionally, we presented a simplified regulatory framework for low-risk financial services firms in the AIFC, developed guidance on voluntary ESG disclosures, and eased capital requirements for Islamic financial service providers.

International Cooperation

Throughout this year, agreements were signed with four regulators, including the National Commission for Digital Assets of El Salvador (CNAD), the Central Bank of the Republic of Azerbaijan (CBAR), the Insurance and Private Pension Regulation and Supervision Agency of Türkiye, and the Swedish Financial Supervisory Authority (Finansinspektionen).

Roadmaps for expanded cooperation were signed with the Financial Services Authority of the Sultanate of Oman, the National Agency for Perspective Projects of the Republic of Uzbekistan, the financial regulator of the Kyrgyz Republic (Finnadzor), and the Central Bank of Hungary.

Overall, since its inception, AFSA has signed 57 agreements and memorandums of understanding.

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 3,600 firms from over 80 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]

[1] an investment instrument with pooled funds that is managed to outperform average market returns

[2] a fund that pools money from investors and primarily invests in unlisted businesses

[3] a company that owns, operates, or finances income-generating real estate and sells shares to raise capital to do so.

[4] an investment vehicle comprising several Sub-Funds, each with its unique investment objectives and strategies, while remaining as a single legal entity.

[5] a Collective Investment Scheme whose Units are Offered in the AIFC only by way of a private placement to Professional Clients and in the minimum subscription amounts of US$50,000.

[6] An exchange-traded fund is an investment vehicle that pools a group of securities into a fund. It can be traded like an individual stock on an exchange.

[7] This ETF is designed to track the performance of the ITS World index, which comprises a diversified portfolio of 50 leading companies from various global regions, including the Americas, Europe, Asia, and significant players in the Kazakhstani economy.

[8] Qualified Intermediary (QI) status is a special designation given by the U.S. Internal Revenue Service (IRS) to financial institutions, such as banks or trading platforms, outside the United States. It allows them to handle U.S.-sourced investment income (like dividends or interest from U.S. stocks) on behalf of their clients while ensuring proper tax compliance.

The Astana Financial Services Authority (AFSA) has introduced enhancements to the AIFC Legal Entities Framework to address the challenges faced by the AIFC Participants.

The amendments simplify certain corporate processes and overall ease of doing business by the AIFC Participants, including the following improvements:

Transfer and registration of Shares and Debt Securities[1]: requirement on having a written instrument of transfer has been cancelled for Public Companies in respect of their Shares and Debt Securities, where such securities are admitted to trading on investment exchanges recognized by the AFSA and settled pursuant to the rules of such exchange;
Non-cash consideration for Shares in Public Companies[2]: allotment of new Shares paid in-kind (non-cash consideration) is now exempt from the requirement to obtain an independent valuation, if the number of the allotted Shares does not exceed 5% of the total share capital;
Public debt offering regime for Private Companies[3]: AIFC-incorporated Private Companies are released from obligation to obtain the Registrar of Companies’ approval in respect of public offering of their Debt Securities, if the Debt Securities are placed via the investment exchanges licensed by AFSA;
Annual accounts distribution[4]: Companies may send annual accounts to its Shareholders by any means, including email address, and not only to each Shareholders’ postal address, as it was prescribed previously;
Place of register and branch register[5]: AIFC-incorporated companies are required to keep their Register of Shareholders within the AIFC, including cases where the Register is maintained by an agent. Public Companies are permitted to establish branch register, which can be maintained by an overseas agent outside the AIFC;
Voluntary strike off[6]: non-operating AIFC company may apply for simplified striking its name off the register of companies without appointing a liquidator and application of the voluntary winding up procedures under the AIFC Insolvency Regulations;
Registered email address[7]: for enhancement of the communication each registered legal entity is required to maintain an up-to-date registered email address and notify the Registrar of Companies of any changes thereof;
Register of Directors[8]: it is clarified that the AIFC Companies must notify the Registrar of Companies on any change in the Register of Directors, including a director’s residential address and email address. A resigning director must notify the Registrar of Companies of its resignation along with their written notice to the Company;
Power of the Registrar of Companies[9]: the Registrar of Companies may require the Company to resolve inconsistencies in the documents delivered by the Company and kept by the Registrar of Companies.
The commencement date for the amendments is 1 January 2025.

The relevant amendments to the AIFC Companies Regulations, AIFC Companies Rules, AIFC General Partnership Regulations, AIFC General Partnership Rules, AIFC Limited Partnership Regulations, AIFC Limited Partnership Rules, AIFC Limited Liability Partnership Regulations, AIFC Limited Liability Partnership Rules, AIFC Non-Profit Incorporated Organisations Regulations, AIFC Non-Profit Incorporated Organisations Rules, AIFC Foundations Regulations are published on the AIFC website.

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 3,500 firms from over 80 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]

[1] Transfer and registration of securities are the processes, when a Person is involved in a sale and purchase transaction with a Company’s securities and transfer of title to such securities must be reflected in the Company’s Register of Shareholders or Debt Security Holders. This definition is provided for general understanding, for further details please refer to clause 54 (Transfer and registration of Shares and Debt Securities) of the AIFC Companies Regulations.

[2] Non-cash consideration for Shares in Public Companies is allotment of Shares as Paid-up (in part or in full) for consideration other than cash, subject to certain conditions as set out in the AIFC Companies Regulations. This definition is provided for general understanding, for further details please refer to clause 46 (Non-cash consideration for Shares in Public Company) of the AIFC Companies Regulations.

[3] Public offering regime is applicable to Debt Securities offerings made by Private Companies. For further details please refer to clause 50 (Prohibition of public offers by Private Companies) of the AIFC Companies Regulations.

[4] Please refer to clause 131 (Accounts) of the AIFC Companies Regulations.

[5] Please refer to clause 55 (Place where registers must be kept) and 55-1 (Branch register) of the AIFC Companies Regulations.

[6] Voluntary strike off is the process when a Company may, subject to certain conditions prescribed by the AIFC Companies Regulations, make an application to the Registrar of Companies to strike its name off the register of companies. Please refer to section 167 (Powers to strike off names of Regulated Entities from the Register) of the AIFC Companies Regulations.

[7] Registered email address is the main communication channel of a legal entity to which all communications and notices may be addressed. Please refer to clause 24-1 (Registered email address) of the AIFC Companies Regulations.

[8] Please refer to Chapter 9 (Directors and Secretaries) of the AIFC Companies Regulations.

[9] Please refer to clause 200-1 (Registrar’s notice to resolve inconsistency in Documents) of the AIFC Companies Regulations.

The Astana Financial Services Authority (AFSA) has introduced amendments to the AIFC Insolvency framework to enhance clarity, alignment, and functionality of insolvency proceedings for entities registered in the Astana International Financial Centre (AIFC). These changes address identified gaps concerning some aspects of the winding-up procedure.[1]

The amendments will come into force on 1 January 2025 and will apply to all relevant insolvency cases within the AIFC jurisdiction. AFSA will continue to monitor the framework’s implementation and ensure the new provisions contribute to the development of the AIFC ecosystem.

AFSA has amended the AIFC Insolvency Regulations and the AIFC Insolvency Rules, both adopted in 2017, to align the roles of the Registrar of Companies and AFSA with the practices established under the AIFC Companies Regulations and AIFC Financial Services Framework Regulations, particularly regarding the winding-up of Authorised Persons and Ancillary Service Providers.

Key changes include:

Registrar of Companies’ role has changed. The power to petition for winding-up on grounds of the AIFC interests has been shifted from the AIFC Authority (AIFCA) to the Registrar of Companies.

Notifications and approvals regime is expanded to include Ancillary Service Providers. Provisions requiring notifications to and approvals from AFSA were extended to include Ancillary Service Providers in various scenarios, such as meetings of creditors and contributories[2], insolvency proceedings, and winding-up orders.

Consistency across various AIFC Acts. For the purposes of insolvency procedures, Ancillary Service Providers are now treated the same as Authorised Persons.

The introduced amendments are critical as they provide clear delineation of roles and responsibilities and reduces ambiguity in insolvency proceedings; harmonise with other AIFC Acts by ensuring consistent application and support regulatory integrity. They also streamline processes to enhance the effectiveness of insolvency procedures, benefiting all stakeholders.

The main beneficiaries of the framework include:

AIFC Participants: Companies and Ancillary Service Providers which will now operate under a clearer regulatory environment.
Creditors and Investors: Improved processes ensure greater transparency and confidence in insolvency outcomes.
The relevant amendments have been published in the AIFC Insolvency Rules and the AIFC Insolvency Regulations.

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 3,500 firms from over 80 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]

[1] Winding-up refers to the process of dissolving a company by settling its liabilities and distributing its assets to stakeholders. It can occur voluntarily or through compulsory procedures.

[2] An individual or entity liable to contribute towards the assets of the company in the event of its being wound-up.