Посты с тэгом: AFSA

Nur-Sultan, Kazakhstan – AIFC is organising Virtual World Investor Week from 5 to 9 October 2020.

The purpose of the event is to raise awareness about financial services consumers’ rights and about basic principles of investing. Organizer is Astana Financial Services Authority (AFSA) at the Astana International Financial Center (AIFC). The co-organizers are the AIFC Authority, Astana International Exchange, Bureau for Continuing Professional Development and FinTech Hub.

World Investor Week is held annually by regulators in 80 countries all over the world under the auspices of the International Organization of Securities Commissions (IOSCO). IOSCO is an international organisation that unites world’s securities regulators. IOSCO members regulate more than 95% of the world’s securities market in more than 115 jurisdictions. Hosting of the World Investors Week reflects AIFC’s adherence to the IOSCO standards on consumer protection in financial services.

In 2018-2019 World Investor Week under the auspices of the IOSCO was organised offline, and more than 5,000 participants from 7 cities of Kazakhstan attended the event: Nur-Sultan, Almaty, Aktau, Aktobe, Karaganda, Petropavlovsk, Turkestan.

This year’s events under the World Investor Week will be held in the format of online presentations and online information sessions. Anyone willing to attend these events can register. The speakers of the event are experts from AIFC, as well as domestic and foreign experts in the field of stock market, consumer and investor protection, financial technology, green and Islamic finance, financial instruments of the securities market, as well as continuing professional development.

More details on the event, agenda and the registration link are available here.

Nur-Sultan, Kazakhstan – Mr. Mukhtar Bubeyev is appointed as the Chief Executive Officer of the Astana Financial Services Authority (AFSA) from 1 October 2020 by the decision of the Board of Directors of the AFSA.

Mr. Bubeyev is a qualified professional in banking supervision and financial services sector. Previously he was heading banking supervision at the Financial Markets Supervision Agency of Kazakhstan and National Bank of Kazakhstan. He also served as a board member of Kazakhstan’s central bank responsible for monetary policy.

Mukhtar joined AFSA as a Chief Policy Officer in January 2017. From 2018 he also served as an Acting CEO of AFSA. He has played an important role in establishment of the Astana International Financial Centre (AIFC) by development of regulatory and legislative framework of 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 authorization, registration, recognition and supervision of financial firms and market institutions in the AIFC.
www.afsa.kz

The Astana International Financial Centre (AIFC) was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. 
The Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020.
In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.
The mission of the AIFC is in assisting the sustainable and long term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.”
The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre.”
www.aifc.kz

Contact information:

Astana Financial Services Authority (AFSA)
Dinara Serikova
[email protected]
+7 701 35 905 70

Nur-Sultan, Kazakhstan – Astana Financial Services Authority has become the 75th member of the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU).

Adopted on 15 February 2007, the IAIS MMoU provides a global framework of compliance and confidentiality to allow for open cooperation and exchange between insurance supervisors. With 75 signatories, the IAIS MMoU signatories represent approximately 76 per cent of worldwide premium volume.

“We are delighted to welcome Astana Financial Services Authority as a signatory to the MMoU,” said Dr Vicky Saporta, IAIS Executive Committee Chair. “In order to achieve our goal of policyholder protection within the global insurance marketplace, an insurance supervisor must be able to cooperate quickly and effectively. The MMoU is an essential regulatory tool – not only in crises but on a day-to-day basis – for supervisors to foster safer and more stable insurance markets”.

“I am pleased that the Astana Financial Services Authority (AFSA) has become a signatory to the IAIS MMoU,” stated Mukhtar Bubeyev, Acting Chief Executive Officer of AFSA. “This agreement strengthens our ability to work cooperatively with other regulators on cross-border supervision of insurers – cooperation that is critically important to promoting effective supervision and protecting consumers of the Astana International Financial Centre.” 

“The 75th signatory marks an important milestone,” commented Jonathan Dixon, Secretary General of the IAIS. “Supervisory cooperation is a necessary precondition for effective cross-border supervision. Thus, the more signatories we have, the more value it provides for IAIS members overall.”

To become a counterpart to the MMoU, applicants undergo a rigorous assessment of their professional secrecy regimes. The MMoU benefits its signatories in that each may rely on the other’s compliance with the strict confidentiality regime. Exchange of confidential information is being executed under appropriate provisions and procedures to protect the confidentiality of all counterparties.  

A complete list of international signatories and a copy of the MMoU can be found here.

Astana Financial Services Authority announces Digital Resident portal has been updated for online applications for registration.

AFSA Office of the Registrar of Companies currently receives only online applications for registration.

To submit an application, please tap the link and follow the instructions below:
Step 1. Open the link
Step 2. Login or create your account
Step 3. Create a new application for registration
Step 4. Choose an organizational-legal form
Step 5. Fill out an application
Step 6. Make a payment.
Payment can be made through the link or you can download an invoice and make a payment through your bank’s internet banking system.
Step 7. Submit application

After an application is submitted, we will contact you within 5 working days.
Documents should be uploaded on the website in PDF format. As regards to current pandemic situation, AFSA temporary is not accepting any original documents until further follow up and instructions.
In case you need assistance in filling an application, please contact registration support team AIFC Business Connect through [email protected].

The Astana International Financial Centre expresses its sincere condolences to Lady Barbara Judge’s family. We are thankful for all the work done by Lady Judge for the Centre.

Lady Judge was an American British lawyer, the commissioner of the US Securities and Exchange Commission, Chairman of CIFAS, the United Kingdom’s fraud prevention service, she was also a Deputy Chairman of the UK Financial Reporting Council and a non-executive director of a number of other public and private tech companies. She was the first Chairman of the Board of Directors of the Astana Financial Services Authority.

Astana Financial Services Authority (AFSA) has conducted a webinar for authorised persons concerning recent amendments to Kazakhstan’s anti-money laundering (AML) and counter terrorist financing (CTF) law. The webinar was attended by regulated firms who are subject to anti-money laundering supervision.

About 50 participants attended the session, including from Authorised Firms, Authorised Market Institutions and FinTech Lab Participants. The webinar was devoted to the amendments to AML/CFT Law of Kazakhstan and details of the AML Guidance adopted by the AFSA on 21 May 2020. AFSA identified around 50 new norms which will extend to AIFC Participants subject to AML supervision pursuant to AIFC AML Rules. Topical issues such as key and related amendments relating to the relevant AIFC Participants were discussed, as well as programmes of AML Guidance which include internal control, ML/FT risk management and AML training requirements.

The webinar also focused on requirements of AML Guidance, which should be implemented by Authorised Persons in its AML policies, controls, and procedures.

In case of further inquiries please feel free to contact AFSA Communications team at [email protected].

On 1 July 2020 Astana Financial Services Authority (AFSA) held a webinar for Designated Non-Financial Business and Professions (DNFBPs) on different aspects of the amendments to Kazakhstan’s anti-money laundering (AML) and counter-terrorist financing (CTF) law signed by the President of Kazakhstan on 13 May 2020.

Over 16 participants from 13 DNBFPs attended the session. The webinar was devoted to the amendments to AML/CFT Law of Kazakhstan and details of the AML Guidance adopted by the AFSA on 21 May 2020. AFSA identified around 50 new norms which will extend to AIFC Participants subject to AML supervision pursuant to AIFC AML Rules. Topical issues such as key and related amendments relating to the relevant AIFC Participants were discussed, as well as programmes of AML Guidance which include internal control, ML/FT risk management and AML training requirements.

The webinar also focused on requirements of AML Guidance, which should be implemented by DNFBPs in its AML policies, controls, and procedures.

In case of further inquiries please feel free to contact AFSA Communications team at [email protected].

Astana Financial Services Authority (AFSA) has introduced a series of amendments to AIFC Acts (AIFC Market Rules, AIFC Prudential Rules for Investment Firms and AIFC Glossary) in order to enhance AIFC capital markets and market institutions framework. These amendments come as part of the AIFC strategy to develop the capital market segment of the Financial centre.

Key elements of the enhanced capital market framework will be effective as of 1 July 2020 and relate to following:

(1) Opening opportunities for more companies to join the capital market by decreasing base capital requirements for AIFC Authorised Firms Dealing in Investments as Principal and Dealing in Investments as Agent:

(2) Introducing a Regional Equity Market Segment (REMS) to allow small and medium business to list on AIX, simplifying the regulatory requirements for this segment proportionate to their risks and listing them in own market segment category;

(3) Subject to certain restrictions allowing an entity, whose Securities or the Securities of the same Class are admitted to trading on Equivalent Regulated Exchange, to be exempted from providing additional disclosure under AIFC market disclosure rules and regulations and/or an Authorised Investment Exchange;

(4) Incorporating certain clarifications and improvements in MAR such as expanding the list of Exempt Securities, amending the compliance framework for issuers of Exempt Securities, allowing an Authorized Investment Exchange to approve a Prospectus produced under a different jurisdiction (provided certain criteria are met), elongating the validity of Expert report on assets or rights owned by Issuers, and other reporting and compliance requirements.

(5) Amending prospectus requirements to ensure their alignment with the best international practice by decreasing the amount of required information;

(6) Introducing miscellaneous amendments such as order and timescale for approval of Prospectus and extension of deadlines for submission of annual and semi-annual reports.

In the course of development of these amendments the latest international standards have been analyzed against the local market conditions. Concerns expressed by potential local medium-sized security issuers have been also addressed to introduce changes that will expand opportunities for businesses and investors, while maintaining reasonable requirements and conditions for safe market operation.

Development of capital markets is one of six strategic pillars of AIFC. The proposed amendments are aimed at building on the development of inclusive regulatory environment for local and foreign businesses and investors.

In case of further inquiries please feel free to contact AFSA Communications team at [email protected].