Посты с тэгом: AFSA

The Astana Financial Services Authority (AFSA) and the National Agency of Perspective Projects of the Republic of Uzbekistan (“NAPP”), have signed in Tashkent a Memorandum of Understanding (MoU) that aims to foster cooperation, mutual assistance, and joint initiatives in the capital market, insurance sector and crypto-asset market.

AFSA and NAPP, the regulator of crypto-asset turnover in Uzbekistan that was recently also empowered with the regulation of capital and insurance markets, wish to endeavour a close and co-operative relationship and recognise the need for mutual cooperation in the carrying out of their regulatory and supervisory functions within their regulated markets. This Memorandum of Understanding will establish a framework for mutual assistance and facilitate the exchange of information.

AFSA’s Acting Chief Regulatory Officer Valikhan Gusmanov: “AFSA recognises the immense potential for enhancing cooperation between the two jurisdictions in capital market, insurance sector, and crypto-asset market. This MoU will enable unleashing the potential of cross-border cooperation in financial markets between the two jurisdictions. Formalising this cooperation marks a significant step forward in promoting regional financial markets development and enhances regulation and supervision of cross-border transactions.”

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 2,200 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]

The Astana Financial Services Authority (AFSA) has revised its Financial Services Framework Regulations (FSFR) and made a number of changes to them and other relevant rules. The amendments aim to ensure that the Astana International Financial Centre remains aligned with the International Organization of Securities Commissions’ principles. To enhance alignment with international standards, AFSA will increase its level of oversight in relation to Ancillary Service Providers (ASPs) in areas relating to ongoing supervision, inspections and enforcement.

The other key enhancements include but are not limited to clarifying the application of Schedule 1 (Decision-making procedures of the AFSA) to the FSFR, making the relevant editorial changes, and extending AFSA’s powers in relevant areas. It is expected that the clarification of the application of Schedule 1 to the FSFR will provide AIFC Participants with certainty on which cases the regulator will follow the decision-making procedures (i.e., giving the Preliminary and Decision notices).

The FSFR will also include some new provisions (e.g., principles of good regulation, extended jurisdiction, third party rights) which were drafted based on comparison with other peer jurisdictions’ legal frameworks. In addition to the FSFR, some other AIFC rules were amended as well. As a result, the changes made to the AIFC General Rules will now transfer the Money Laundering Reporting Officer (MLRO) from the list of Designated Individuals to the list of Approved Individuals. This amendment is important as the MLRO’s position is crucial within a business. The duties of the MLRO may involve serious legal consequences that may result in civil and criminal action; therefore, AFSA needs to ensure that the proposed individual for appointment is fit and proper.

Amendments to the AIFC Financial Services Framework Regulations, and consequential amendments to AIFC Conduct of Business Rules, AIFC General Rules, and AIFC Glossary are published on the AIFC website and will come into force on 1 January 2024.

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 2,200 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]

The Astana Financial Services Authority (AFSA) has published its new Rulebook on Digital Asset Activities, which is taking effect on 1 January 2024.

AFSA Chief Executive Officer Nurkhat Kushimov: «The Rulebook was developed in close collaboration and consultation with market participants and was finalised based on their feedback. The new regime will provide Digital Asset Service Providers with a clear legal and regulatory framework which addresses a broad range of risks, such as illicit activities, cyber threats, market abuse and others. As a result, the Rules strike an important balance between protecting investors, maintaining a fair, orderly, and efficient market, and facilitating innovation in the AIFC».

In particular, the document has introduced enhanced requirements for Digital Asset Service Providers which now encompass a wide range of entities, such as Digital Asset Trading Facility Operators, Fund and Investment Managers, Brokerage and Custody firms and others.

The Rulebook consolidates policy and supervisory practice in relation to Digital Assets in the AIFC, including practice gained throughout the Pilot Project on interaction between AIFC-registered crypto exchanges and Kazakhstan’s banks. Previously, provisions governing Digital Asset Activities were reflected across various AIFC Acts. The Rules will be later expanded to include the framework for issuance of stablecoins in the Astana International Financial Centre (AIFC).

It is expected that clear, detailed, and balanced regime for digital assets will help maintain the competitiveness of the AIFC on international financial and technological markets and provide investors with significant benefits in terms of access to cheaper, faster, and safer financial services and asset management. This Rulebook creates a favorable regime for the digital asset business in the AIFC, encourage innovation, and contribute to the crypto-industry ecosystem in Kazakhstan and the region.

The Rulebook on Digital Asset Activities and consequential amendments to the AIFC Financial Services Framework Regulations, Conduct of Business Rules, Fees Rules, General Rules, Glossary, Authorised Market Institution Rules, and Anti-Money Laundering Rules are published on the AIFC website and will come into force on 1 January 2024.

Reference: 

Digital Asset means a digital representation of value that (1) can be digitally traded and functions as (a) a medium of exchange;  (b) a unit of account; (c) a store of value; (2) can be exchanged back-and-forth for Fiat Currency, but is neither issued nor guaranteed by the government of any jurisdiction, and (3) fulfils the above functions only by agreement within the community of users of the Digital Asset; and accordingly (4) is to be distinguished from Fiat Currency and E-money.

Stablecoins means a Digital Asset whose value purports to be determined by reference to another currency, commodity, or financial instrument.

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 2,200 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]

The Astana Financial Services Authority (AFSA) has signed a Memorandum of Understanding (MoU) with the Financial Regulatory Commission of Mongolia. The purpose of the MoU is to enable mutual cooperation in areas relating to sharing of information and mutual assistance. Formalisation of cooperation is designed to foster reliable and safe financial market transactions between the two jurisdictions and operations of cross-border establishments.

AFSA’s Chief Executive Officer Nurkhat Kushimov: “Increased and enhanced partnerships allow faster, safer and higher quality interaction between regulators that ultimately translates into better services for consumers and healthier markets. The Memorandum signed today lays a solid foundation for such cooperation.”

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 2,200 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]

The Astana Financial Services Authority (AFSA) alerts the financial services community and the public to a company called Branch of Asyl Tukymdy Sharuashylyk Ordabasy Sut Onymdery LLP of the AIFC that falsely claims to be registered and licenced under the AIFC jurisdiction, using the business identification number (BIN) of another legal entity without its consent.

The company falsely claims to be registered and licenced under the license to carry on “Agroculture” services.

AFSA informs you that: 

• Branch of Asyl Tukymdy Sharuashylyk Ordabasy Sut Onymdery LLP of the AIFC is neither registered, i.e., is not an AIFC participant, nor licenced at the AIFC jurisdiction;
• BIN specified in the forged document was not issued to the Branch of Asyl Tukymdy Sharuashylyk Ordabasy Sut Onymdery LLP of the AIFC.

AFSA strongly advises that you do not respond to any communication regarding this scam, and under no circumstances should you enter into a contractual relationship with this firm, send or give any money to any party in connection with this scam.

AFSA advises consumers to only deal with AIFC companies in Kazakhstan that are appropriately authorised to provide financial services and therefore properly regulated. The jurisdiction of the AIFC is attractive for doing business, therefore consumers are advised to check the status of authorisation and registration on AFSA’s website at https://publicreg.myafsa.com/authorised/, https://publicreg.myafsa.com/ and avoid dealing with firms not permitted by AFSA to carry out the activities they market.

The message from AFSA is for consumers to be careful, and only invest with authorised firms that are appropriately regulated by AFSA.  It is important to note that the AIFC Participant status does not allow offering financial services without obtaining a licence for carrying on regulated financial activities from AFSA. It is also critical that consumers distinguish between an entity registered/incorporated within the AIFC from an entity that is authorised to carry on regulated activities or other permitted activities.

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 2,200 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]

AFSA is closely monitoring the situation and is at the stage of assessing the degree of impact of sanctions against the SPB Exchange on the activities of International Trading System Limited (ITS).

The regulator attaches paramount importance to ensuring the stability of the AIFC financial system and protecting the interests of investors.

AFSA and ITS are developing a plan for further actions and relevant measures required to fulfill the firm’s obligations.

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 2,200 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 of AFSA:

+7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]

The Astana Financial Services Authority (AFSA) has issued the following Consultation Papers to seek suggestions from the market on:

1. Proposed amendments to the AIFC Collective Investment Scheme Rules on ESG Funds.

It is proposed to introduce the amendments to the AIFC Collective Scheme Framework and the AIFC Glossary to include ESG Funds as a separate type of Specialist Funds. The Consultation paper is available via this link. 

2. Revised proposed amendments to the AIFC Fees Rules: The AFSA has published revisions to earlier proposed amendments after taking into account public consultation comments on Consultation Paper AFSA-P-CE-2023-0004. The Consultation paper is available via this link.

We invite comments from interested stakeholders.

The deadline for providing comments on the proposed framework is 2 December 2023. 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 Regulatory Office of AFSA has issued a “Dear SEO Letter” addressed to regulated firms engaged in the investment business (defined in AIFC Glossary as PRU Investment Firms) on selected conduct of business matters. In this letter, AFSA has shared key findings from the recently conducted on-site inspections of Investment Firms.

The purpose of the “Dear SEO Letter” is to draw attention of existing and prospective Investment Firms to common problem areas in observing the AIFC Conduct of Business Rules, as well as provide tips on how to comply with the conduct of business requirements.

AFSA’s Regulatory Office will continue issuing “Dear SEO Letters” to foster communication with the supervised community and inform Authorised Firms of the new findings, developments, insights and other updates.

AFSA’s Acting Chief Regulatory Officer Valikhan Gusmanov: “Communication of this nature plays an important role in fostering a collaborative and coherent relationship between regulatory authorities and market stakeholders. By facilitating the exchange of information, insights, and perspectives, this type of communication promotes transparency, enhances regulatory compliance, and ultimately contributes to the stability and sustainability of the market ecosystem.”

To read the “Dear SEO Letter” addressed to Investment Firms please follow the link.

AFSA jointly with the State Revenue Committee of the Ministry of Finance of Kazakhstan has developed and endorsed the Guidance on the Rules on the substantial presence of the AIFC participants applying tax exemptions for the payment of corporate income tax, value added tax.

The Guidance aim to provide clear definition of three mandatory requirements, such as core income generating activities, adequate amount of operational expenses and adequate number of qualified employees. The document also defines the form of economic study of the project to be submitted by AIFC participants and the submission deadline.

The Guidance has undergone review and has been approved by the OECD’s Forum on harmful tax practices (FHTP). It provides detailed instructions on how to meet the requirements outlined in the Substantial Presence Rules. This Guidance is expected to provide greater certainty to AIFC participants in completing their tax returns and contribute to AIFC’s enhanced transparency and alignment with international standards.

AFSA and the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan adopted the Substantial Presence Rules in December 2021. Adoption of the Rules is an important step towards ensuring that the AIFC is compliant with global transparency standards for tax purposes and that the AIFC jurisdiction is not used for harmful tax practices.

In January 2017, Kazakhstan joined the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) under which it commits to comply with minimum four standards contained in OECD Action 5, including Harmful tax practices. To comply with this standard and prevent tax base erosion and profit shifting, the AIFC adopted the Substantial Presence Rules.

Reference: 

The OECD Forum on Harmful Tax Practices (FHTP) conducts reviews of preferential regimes since its creation in 1998 in order to determine if the regimes could be harmful to the tax base of other jurisdictions.

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 2,200 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 of AFSA:

+7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]