Посты с тэгом: AFSA

Every Thursday according to the schedule, AFSA Executive Body Members and the Registrar of Companies are going to welcome participants, and anyone interested in learning about AFSA or providing improvement advice on AFSA’s business processes.

From its very inception, AFSA has always strived to be a regulator that listens to the market needs and takes account of them. We are committed to ensuring that our regulatory services are client-centric and address the needs and concerns of its stakeholders in an efficient manner.

During the weekly Open Day sessions, our management will aim to provide a clear and comprehensive overview of its functions, responsibilities, and ongoing initiatives.

To book your appointment, please visit this link. It will take you to the AFSA website where you will need to complete a short form and submit your appointment.

If you have any questions regarding Open Day booking, please contact us by emailing to [email protected] or by calling the following number +7 (717) 261 37 80 during business hours.

The Astana Financial Services Authority (AFSA) has issued this Consultation Paper to seek suggestions from the market on the Policy paper and proposed AIFC Security Token Offering Framework (STO Framework). The Consultation Paper is available via this link 

https://orderly.myafsa.com/articles/consultation-paper-on-proposed-astana-international-financial-centre-security-token-offering-framework.

The proposals in this paper will be of interest to current and potential AIFC participants dealing with Security Tokens as well as the market and other stakeholders.
 
Development of the STO Framework was prompted by the need to introduce appropriate regulatory regime for Persons undertaking activities that involve or relate to Security Tokens.
 
AFSA has considered the international standard setting, particularly IOSCO, and the numerous jurisdictions’ regulatory approaches in relation to the Security Token.
 
The proposed amendments in this Consultation Paper contain the following proposals regarding the:
 
·      approach to bringing Security Tokens within AFSA regulation;
·      type of Licence needed to operate a facility for trading and/or clearing Security Tokens;
·      access to facilities for trading and clearing Security Tokens;
·      enhanced requirements for trading and clearing Security Tokens;
·      additional fees for Authorised Market Institutions admitting Retail Clients as Direct Access Members in respect of trading and/or clearing of Security Tokens.
 
We invite comments from interested stakeholders.
 
The deadline for providing comments on the proposed framework is 15 September 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].

AFSA has issued the Consultation Paper on the proposed AIFC Stablecoin Framework (“Framework”) to seek suggestions from the market. The Consultation Paper is available via this link https://orderly.myafsa.com/articles/consultation-paper-on-the-proposed-aifc-stablecoin-framework.

The Framework comprises draft Rules applicable to Authorised Firms Providing Money Services in relation to Digital Assets and issuance of Fiat stablecoins.

The Consultation Paper consists of:
Part I – Background;
Part II – Proposals;
Part III – Public Consultation Questions;
Annex 1 – Draft Rules Applicable to Authorised Firms Providing Money Services in relation to Digital Assets and Issuance of Fiat Stablecoins.

During the public consultation, both existing and potential market participants are invited to comment on the questions outlined in Part III of the Consultation Paper.

The deadline for providing comments is 15 September 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 Astana Financial Services Authority (AFSA) has issued the Consultation Paper on the proposed amendments to AIFC Fees Rules to seek suggestions from the market. The Consultation Paper can be accessed via this link 

https://orderly.myafsa.com/articles/consultation-paper-on-proposed-amendments-to-aifc-fees-rules_2.

The proposals in this paper will be of interest to current and potential AIFC Participants who are interested in exercising business activities in or from the AIFC.

The Consultation Paper consists of:

Part I – Background;

Part II – Key proposals;

Part III – Questions in this consultation paper; and

Annex 1 – Draft Amendments to AIFC Fees Rules.

In the course of public consultation, existing and potential market participants are invited to comment on the questions reflected in Part III of the Consultation Paper.

The deadline for providing comments is 11 September 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 Astana Financial Services Authority (AFSA) has released its Policy Statement on AFSA’s approach to Banks and start-up Banks (Policy Statement). This statement clarifies the approach of AFSA to entities applying for authorisation to become a bank in the AIFC.

AFSA defines “start-up entities” as (i) newly formed business entities that are not owned by or are not a branch of an existing regulated financial institution, or (ii) entities (whether newly formed or not) that are part of a Group that does not contain any entities within the Group that are subject to financial services regulation broadly equivalent to the AFSA’s regulatory regime.

The risks posed by start-up Banks are unique and broader compared to related entities of pre-existing bank. Therefore, the AFSA considers that generally, an applicant for authorization to become a Bank must be either a branch or a Subsidiary of an existing bank, or a newly incorporated entity that is part of a Group that contains a regulated bank or similar comparable financial institution.

The Policy Statement also covers additional requirements for an applicant seeking authorization in the AIFC as a Bank, and details on risk assessment.

This approach does not apply to a start-up entity applying for authorization to become an Islamic Bank.

For more information on the Policy Statement, please visit our website https://afsa.orderly.kz/articles/policy-statement-on-the-afsa’s-approach-to-banks-and-start-up-banks.

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.

Around 2,000 firms from 75 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 Registrar of Companies has suspended the activity of the Representative Office of HITBEAT MUSIC INC., which was registered in the AIFC as a Recognised Company (the “Recognised Company”) on 4 October 2021.

The suspension is made because the Registrar has grounds to believe that the Recognised Company has contravened a number of rules of the AIFC Acting Law, and its activity may harm the market.

According to Section 8 of the AIFC Companies Regulations, the Registrar may suspend the activity of the AIFC Participant on the Registrar’s own initiative, if the Registrar is satisfied that the AIFC Participant is likely to have contravened the AIFC Acting Law or considers it is necessary or desirable in the interests of the AIFC.

The Astana Financial Services Authority previously issued warnings concerning HITBEAT MUSIC INC twice in February and in July 2022. Both warnings were related to the fact that the company had released information in the public domain that risked misleading persons into believing that the company is authorised by AFSA to advice on or manage investments.

AFSA reminds consumers to exercise caution when dealing with firms claiming links with the AIFC who are soliciting investments without holding the relevant licence or authorisation from AFSA. The message from AFSA is for consumers to be careful, and only invest with authorised firms that are appropriately regulated by the 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. Consumers are advised to check the status of authorisation on AFSA’s website at https://publicreg.myafsa.com/authorised/, and avoid dealing with firms not permitted by AFSA to carry out the activities they market.

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.

Around 2,000 firms from 75 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 hosted a panel session “The Results of the Pilot Project on Interaction between Banks of Kazakhstan and Crypto Exchanges registered in the AIFC.” Participants of the pilot project on interaction between Kazakhstan’s retail commercial banks and AIFC-registered crypto exchanges gathered at a panel session to discuss the interim results of the project a year after its launch. The session included moderator Rafal Trepka, General Manager for Central Asia at Mastercard, Chief Executive Officer at ATAIX Eurasia Ltd. Arutyun Pogosyan, General Manager of Binance Kazakhstan Zhaslan Madiyev, Chief Executive Officer of Biteeu Eurasia Ltd. Talgat Dossanov, Advisor to CEO at Eurasian Bank Natalia Romenskaya, Deputy Chief Executive Officer of Altyn Bank Zhanara Aikimbayeva and Managing Director of Bank Freedom Finance Ablaikhan Ospanov.  

The objectives of the project are to provide crypto exchanges with access to the market of Kazakhstan and allow Kazakhstan residents and crypto miners to trade on the platforms of AIFC crypto exchanges; create favorable conditions for investments through fiat channels provided by STBs of Kazakhstan, and amend the national legislation of Kazakhstan and the AIFC Acts based on pilot project’s results.

The pilot involved five crypto exchanges: Binance, Ataix, Intebix, Xignal и Upbit and eight Kazakhstan’s STBs: Halyk Bank, Altyn Bank, Zaman Bank, Freedom Bank, Eurasian Bank, Bereke Bank, Nurbank and CenterCredit.

«If terms of clients, we have users from more than forty countries. We can say that the exchange is international, because somewhere around 70% of clients are foreign clients and 30% are local users. Among legal entities, 35% are AIFC participants and 65% are foreign legal entities. In terms of innovations, we have integration with GSM operators that allow you to replenish the crypto exchange through mobile wallets. The integration has already been done, but we are still waiting for approval. We also decided to develop custodial services, which is also a kind of innovation on our part,” said Arutyun Pogosyan, Chief Executive Officer of ATAIX Eurasia Ltd.

General Manager of Binance Kazakhstan Zhaslan Madiyev said: «I would like to note that such a seemingly small project as the integration of crypto exchanges with the banking sector has served as a locomotive for the development of such related areas and greatly impacted economic and social development. Kazakhstan is the only country in the post-Soviet area that has gone so far both in regulation, in the legislative framework and in market development. Considering all these factors such as legislative, regulated and institutional, it is clear that Kazakhstan is the most prepared for the development of players and the digital asset industry in general.”

“It should be noted that the regulator here is in a very active and very friendly dialogue. It does not take a position to ban everything but takes a position on how to make sure that customers are safe and secure,” said Advisor to CEO at Eurasian Bank Natalia Romenskaya.

“I can say with confidence that this is the most client-oriented regulator. That is, nowhere did we have such an opportunity to communicate by phone, by email every day with the regulator. This is a very big advantage.  I am sure that the regulator is doing everything to ensure that this pilot develops also thanks to Government support. Thanks to this Kazakhstan has become the first in the region to develop in this whole direction,” said Chief Executive Officer of Biteeu Eurasia Ltd. Talgat Dossanov

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.

Around 2,000 firms from 75 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) with AIFC Business Development Team have hosted a panel session “Investing in Emerging Markets – Opportunities Created in the AIFC for Asset Management” during the Astana Finance Days 2023. The session involved AFSA Managing Director and Chief Legal Officer Ishaq Burney, Director of Stakeholder Engagement at Qatar Financial Centre H.E. Sheikh Fahad Jassim  Al Thani, Head of Marketing Markets – Corporate at Pictet Asset Management Alain Nsiona Defise, Partner at Latham Watkins LLP Edward R. Kempson, Member of Management Board of SkyBridge Invest-Director of SkyBridge Invest Branch in the AIFC Zamira Sundetova, Chief Executive Officer of White Hill Capital Ltd Aslan Sultanov and Deputy Chief and Investment Officer at Tokio Marine Asset Management International Pte. Ltd. Sudip Biswas.

The geographically advantageous location of the AIFC, its proximity to the markets of Central Asia with a population of 75 million people and a total GDP worth 350 billion US dollars, as well as a special jurisdiction serve as an ideal platform for creating and maintaining a successful business in this sector.

The session was focused on the environment that the AIFC comprehensive regulatory regime provides for global and local private equity, hedge funds and real estate fund managers to diversify their investment strategies.

The number of asset management companies in the AIFC is showing steady growth. Since the beginning of 2022, this number has increased from six to about thirty.

The speakers also explored the challenges and opportunities of investing in frontier and emerging markets, in Central Asia, the EAEU, sectors and strategies for investing and the role financial hubs and regulators play in such markets.

Alain Nsiona Defise, Head of Emerging Markets – Corporate at Pictet Asset Management said “As far as Kazakhstan is concerned, we have been investing for a long time in the country. One of the elements that we believe is the strength of Kazakhstan is the balance sheet and strong credit. It’s a very attractively valued market.”

“Why have we chosen the AIFC? Because of its common law, tax incentives and highly developed infrastructure; flexible regulation of legal entities. The AIFC has its own technologically advanced ecosystem and that really simplifies operating in the AIFC. There are two ways to become an asset manager in the AIFC: if you have a similar licence in an equivalent jurisdiction, you can get a recognition. Alternatively, you can set up a company from scratch and in that case, you should meet all the regulatory requirements. The process is not relatively simply but it is transparent,” said Zamira Sundetova, Member of the Management Board of SkyBridge Invest – Director of the SkyBridge Invest Branch in the AIFC.

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 2,000 firms from 75 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 Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE). The purpose of the MoU is to enhance mutual cooperation and exchange of information between SCA and AFSA in the fields of general supervision and surveillance on securities markets and financial services companies operating in each jurisdiction. Formalisation of cooperation between AFSA and SCA will facilitate and support cross-border transactions between the capital markets of the Astana International Financial Centre (AIFC) and the United Arab Emirates.

The first business initiative between the AIFC and UAE that will be enabled through signing of this regulatory MoU is access of the Astana International Exchange (AIX), the investment exchange of the AIFC, to the Tabadul Digital Exchange Hub. It is a regional exchange hub, whose current participants are the Abu Dhabi Securities Exchange, Bahrain Bourse and Muscat Stock Exchange, established for purposes of providing mutual market access. Tabadul enables investors to trade directly on the onboarded exchanges through local authorised brokers.

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 1,900 firms from 74 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]