Посты с тэгом: AFSA
Astana Financial Services Authority and Central Bank of United Arab Emirates sign Memorandum of Understanding to enhance bilateral cooperation
The Astana Financial Services Authority (“AFSA”) and the Central Bank of United Arab Emirates (“CB UAE”) have entered into a Memorandum of Understanding (“MoU”). The MoU was effected in Abu Dhabi on margins of official visit of the President of the Republic of Kazakhstan H.E. Kassym-Jomart Tokayev to United Arab Emirates.
Parties agreed to promote cooperation in exchange of best practices, holding of mutual consultations, discussion of laws applicable in both jurisdictions, sharing of information between the CBUAE and the AFSA in performance of regulatory and supervisory functions in relation to cross-border establishments in their respective jurisdictions. The MoU was signed by H.E. Mubarak Rashed Al Mansoori, the Governor of the CBUAE and from the AIFC side by Dr Kairat Kelimbetov, the Governor of the AIFC and Mr Mukhtar Bubeyev, Acting CEO of the AFSA.
This Memorandum also establishes conditions for cooperation in capacity building, arranging workshops and exchanging visits.
H.E. Mubarak Rashed Al Mansoori welcomed the signing of the MoU, saying: “The CBUAE is pleased to establish this partnership with the AFSA and further reinforces our commitment to cooperating and collaborating with like-minded institutions”.
Dr Kairat Kelimbetov said: “I welcome establishing cooperation between Central Bank of UAE and AFSA, which will enhance cooperation on a range of bilateral issues of common interest, including exchange of supervisory information”.
Mr Mukhtar Bubeyev stated: “We are pleased to formalise cooperation with the Central Bank of the United Arab Emirates setting out a framework, which would enable mutual beneficial cooperation and facilitate cross-border business between respective jurisdictions of UAE and AIFC”.
Reference:
CBUAE is the Banking Supervisory and Monetary Authority of the UAE which was established under the Union Law No. (10) of 1980 as repealed and replaced by the Federal Decree Law No. (14) of 2018 regarding the Central Bank & Organization of Financial Institutions and Activities.
www.centralbank.ae/en
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 activities related to financial services in the AIFC. As such the AFSA administers the AIFC Regulations and Rules, which provides, among other things, for the authorization, registration, recognition and supervision of financial firms and market institutions.
www.afsa.kz
AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet Region, Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, to ensure their integration with the international capital market, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
www.aifc.kz
The Astana Financial Services Authority licensed Captive Insurer firm, setting a precedence for Kazakhstani companies to transfer operations and capital to Kazakhstan
The Astana Financial Services Authority (AFSA) issued a license to the Kazakhstan Energy Reinsurance Company Ltd. (KERC) to carry on the Regulated Activities of Effecting Contracts of Insurance and Carrying on Contracts of Insurance as a captive insurer. Under AIFC acts, Captive Insurance Business is the business of Effecting or Carrying out Contracts of Insurance only for the business or operations of the Group to which the Captive Insurer belongs.
The transfer of incorporation of the captive insurance firm to the Astana International Financial Centre (AIFC) marks a positive process of relocation of Kazakhstani capital and assets from foreign jurisdictions. According to AIFC regulations, the transfer of incorporation allows KERC to continue to have all the property, rights and privileges, and be subject to all the liabilities, restrictions and debts, that it had before the continuation.
Kazakhstan Energy Reinsurance Company Ltd. is an affiliated company of JSC NC “KazMunayGas”, carrying on insurance business within JSC NC “KazMunayGas” and the National Welfare Fund Samruk-Kazyna, which is its ultimate parent holding company. KERC’s shareholder is a Cooperative KazMunaiGaz U.A., registered outside Kazakhstan.
As part of investment reforms in Kazakhstan, the AIFC is aimed at accelerating economic growth of the country. The AIFC has implemented a regulatory regime that allows attracting capital to the country, including repatriation of assets. The transfer of incorporation or re-domiciliation of KERC from Bermuda, where it has been previously operating since 2004, to the AIFC, allowed KERC to transfer all legal rights and liabilities to the new entity, which is the same legal person as the originally overseas-incorporated company, as well as become the subject of tax preferences and legal regulation in accordance with international standards.
Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA, said: “The transfer of incorporation of the Kazakhstan Energy Reinsurance Company Ltd. to the AIFC gives a clear message that the legal framework of the AIFC supports Kazakhstani companies willing to relocate operations and assets to Kazakhstan through the AIFC, where a regulatory regime is well placed for doing financial services business and the protection of investments.”
Aigul Beknazarova, the Managing Director – Financial Controller of JSC NC “KazMunayGas”: “We believe that the AIFC opens new opportunities for large companies conducting international business. This is a good opportunity, and we are pleased to take advantage of what this jurisdiction offers. This is not our first transaction on this platform, but we took advantage of the opportunity to transfer of company incorporation to the AIFC jurisdiction for the first time. We hope that the AIFC will continue to be a flexible and convenient platform for business.”
Reference:
The Astana International Financial Centre (AIFC) was established by the initiative of the President of Kazakhstan Nursultan Nazarbayev and operates as per the Constitutional Law “On the Astana International Financial Centre” dated December 2015. The AIFC aims at attracting investment into the Kazakh economy through the establishment of an attractive and business friendly environment for financial services and capital markets, including securities, insurance, banking and Islamic finance the Republic of Kazakhstan. www.aifc.kz
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre, a legal entity and statutory body of the Republic of Kazakhstan, 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 activities related to financial services in the AIFC. The AIFC Regulations and Rules provides for the authorization, registration, recognition and supervision of financial firms and market institutions.
Sovereign Wealth Fund Samruk-Kazyna Joint Stock Company is the Fund, where the sole shareholder is the Government of the Republic of Kazakhstan. Following the Presidential Decree in 2008, the Fund was established as a business corporation – an investment holding, whose Mission is to improve the national welfare of the Republic of Kazakhstan and to support the modernization of the national economy.
www.sk.kz
Astana Financial Services Authority and Securities and Exchange Board of India signed agreement to enhance cooperation
The Astana Financial Services Authority (AFSA) and the Securities and Exchange Board of India (SEBI) have entered into a Memorandum of Understanding (MoU) for mutual co-operation and technical assistance.
The MoU was signed by Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA, and Mr. Ajay Tyagi, Chairman of the SEBI. The arrangement enables collaboration on joint initiatives and efforts to bolster the growth of the financial markets in both India and Astana International Financial Centre.
The AFSA and the SEBI seek to encourage exchange of information in supervision and enforcement in order to facilitate cross-border business of financial institutions in both jurisdictions. The signing of the MoU highlights the continuing commitment of both jurisdictions to foster greater regulatory cooperation.
Mr. Bubeyev welcomed the signing of the MoU, saying: “The AIFC seeks to work and build partnerships with regulators in the Asian region to promote cross-border information sharing and cooperation on matters relating to financial services. We are very pleased to have signed this MoU with the Securities and Exchange Board of India and we look forward to building a strong relationship between our institutions.”
Mr. Ajay Tyagi said: “We are pleased to sign this MoU with AFSA which will enhance bilateral co-operation between the authorities and would establish a stronger relationship with AIFC. With the markets increasingly becoming inter-connected and the financial entities operating globally, the MoU will be a valuable tool for cross-border co-operation. The MoU will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments.”
Astana Financial Services Authority and Polish Financial Supervision Authority agreed on enhancing cooperation
The Astana Financial Services Authority (AFSA) and the Polish Financial Supervision Authority (KNF) have entered into a Memorandum of Understanding (MoU).
The MoU was signed by Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA, and Mr. Jacek Jastrzębski, Chair of the KNF.
It establishes a general framework for the KNF and the AFSA to share expertise and relevant information on financial services legislation, regulation and the regulatory practices in each market.
AFSA and KNF will cooperate with each other in the regulation and promoting bilateral ties by sharing information on material developments in the financial markets within their respective jurisdictions. The Authorities agreed to cooperate by sharing views on supervisory issues and to provide to each other relevant information in prompt and timely manner, to the extent allowed by the national legislation.
Mr. Bubeyev said: “We are delighted to sign MoU with the Polish Financial Supervision Authority on issues of common interest. This MoU will enhance cooperation and relationship between the two regulators by promoting stable and transparent financial services in our respective jurisdictions as well as contribute to strengthen investor confidence.”
Astana Financial Services Authority and Central Bank of Armenia sign Memorandum of Understanding to enhance cooperation in financial services supervision
Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the Central Bank of Armenia (“CBA”). The signing ceremony was held in Yerevan.
Under the agreement the Parties will cooperate in supervision and regulation of banking, insurance and capital markets, in particular against money laundering, enforcement, authorisation, supervision, financial recovery etc.
The MoU was signed by Mr Vakhtang Abrahamyan, the Vice-Governor of the CBA, and Mr Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA. Parties agreed to promote cooperation in supervision of cross-border establishments in their respective jurisdictions, facilitate supervisory information sharing and provide mutual assistance between the AFSA and the CBA.
The Memorandum establishes the conditions necessary to provide mutual assistance and facilitate supervisory information sharing between the AFSA and the CBA.
Mr Vakhtang Abrahamyan welcomed the signing of the MoU, saying: “By signing this memorandum we made an important step towards developing relationships between our institutions. The CBA is looking forward for a fruitful cooperation and mutual assistance in diverse world of financial supervision and regulation, where both AFSA and CBA have rich experience to share.”
Mr Bubeyev said: “We are delighted to sign this memorandum which will enhance cooperation between the AFSA and CBA on issues of common interest, to strengthen exchange of information and supervision in the banking, insurance and capital market areas within both jurisdictions.
AIFC hosted the World Investor Week 2019
Astana International Financial Centre (AIFC) has successfully conducted World Investor Week 2019 under the auspices of the International Organization of Securities Commissions (IOSCO). This is the second time when AIFC has joined the global campaign. This year’s World Investor Week 2019 in AIFC has been held from 30th September to 6th October and targeted a more specific audience. More than 1,500 participants in 6 cities of Kazakhstan took part in the World Investor Week 2019 in AIFC: Petropavlovsk (30 September), Aktau (1 October), Karaganda (2 October), Turkestan (3 October), Almaty (4 October), Nur-Sultan (6 October).
The events within the World Investor Week 2019 aimed to foster deeper understanding of the consumers’ protection, financial services and business opportunities offered in AIFC, issuing procedures of Green and Islamic bonds, the benefits of registration and the educational and training programs in AIFC.
Within World Investor Week AIFC has organised Investor Awareness Roadshow. AIFC experts envisaged presentations and information sessions for potential consumers of financial services, academic and business circles in several cities of Kazakhstan.
The Islamic Finance Week has been also held within World Investor Week. AIFC experts held master classes and trainings on actual issues of the Islamic finance industry development and organised the annual Islamic Finance Day conferences in Almaty and Nur-Sultan.
Jointly with Mayor’s Office of Almaty AIFC hosted Almaty Finance Forum. The event has been opened with welcoming remarks by Bakytzhan Sagintayev, Mayor of Almaty city and Kairat Kelimbetov, Governor of AIFC.
The Week has been concluded by the Investor’s Day Conference. The AIFC speakers and invited external experts talked about a wide range of financial services, investment tools and business opportunities in the AIFC in terms of protecting the rights of the financial services consumers.
On the side-lines of the Investor’s Day Conference Mukhtar Bubeyev, Acting CEO of the AFSA, said: “We feel that the consumers and business community have a great interest in opportunities provided by the AIFC. Particularly they are interested in securities and ways of investing, as well as the tools we use to protect their interests. Investor and consumer protection is a priority for AFSA».
AIFC hosts Almaty financial forum within the framework of World Investors Week
The Astana International Financial Centre (AIFC) together with the Almaty Akimat is hosting the Almaty Financial Forum as part of the World Investors Week.
The World Investors Week is held annually under the auspices of the International Organization of Securities Commissions (IOSCO) in 80 countries of the world, with the AIFC as the partner of the event in Kazakhstan.
The AIFC World Investors Week is held in the format of presentations and informational sessions for academic and business circles and the program covers 6 cities of Kazakhstan, such as Petropavlovsk, Aktau, Karaganda, Turkestan, Almaty and Nur-Sultan.
The purpose of the event is to increase public awareness about the protection of consumers of financial services, informing about the basics of investing and the conditions for doing business in the AIFC. The World Investors Week reflects AIFC’s commitment to the IOSCO standard for the protection of consumers of financial services.
The Almaty Financial Forum, where Akim of Almaty Bahytzhan. Sagintayev and the AIFC Governor Kairat Kelimbetov delivered welcoming speeches, gathered representatives of the city’s business community on their site.
As the AIFC Governor Kairat Kelimbetov noted, the joint use of the capabilities of Almaty and the AIFC infrastructure is a good combination that the financial centre could offer to the Kazakhstan business community and the global investment community.
During the forum, the protection of consumers of financial services, the AIFC business opportunities, the peculiarities of issuing green and Islamic bonds, the benefits and the procedure for registering with the AIFC, and the educational programs of the Centre were described in detail.
The Astana Financial Services Authority noted the important role of the AIFC in protecting investor interests. AIFC speakers also touched upon the interaction of the financial centre with the regions, in particular, using the AIFC site and expertise for the implementation of Almaty based projects.
AIFC participants who represent such large corporations of the world as Sberbank of Russia, China’s largest bank China Construction Bank, Wildberries, Ernst & Young and others shared their experience of doing business in the AIFC.
Lectures were held for students and faculty of regional universities in order to form a financial and investment culture of youth and academic circles and information events about the basics of investment were the framework of World Investors Week. A special seminar was also organized for civil servants – students of the Academy of Public Administration under the President of the Republic of Kazakhstan.
Reference:
Astana International Financial Centre (AIFC) was created at the initiative of the First President of the Republic of Kazakhstan Nursultan Nazarbayev. The constitutional law on the establishment of the AIFC was signed on December 7, 2015. AIFC’s goal is to form a leading center of financial services at the international level. The AIFC aims to assist in attracting investment in the country’s economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets.
www.aifc.kz
AFSA is an independent regulator of the AIFC, a legal entity created in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Center” in order to regulate financial services and related activities in the Astana International Financial Centre. The AIFC Regulations and Rules provide for licensing, registration, accreditation and supervision of financial companies and market institutions.
International Organization of Securities Commissions (IOSCO) –an international financial organization that unites national regulatory authorities and is recognized by the global regulatory organization in the field of securities market regulation. IOSCO develops, implements and promotes compliance with internationally recognized standards for the regulation of securities. The organization actively collaborates with the G20 and the Financial Stability Board (FSB) as part of a global regulatory reform.
www.iosco.org
World Investor Week 2019 starts in AIFC
From 30 September to 6 October 2019 the Astana International Financial Centre (AIFC) will hold the World Investor Week in AIFC in order to raise awareness on consumer protection, investors’ education, financial services and to highlight the opportunities for doing business in AIFC.
World Investor Week is held annually under the auspices of the International Organization of Securities Commissions (IOSCO) and over 80 jurisdictions from 6 continents celebrate it. IOSCO is an international organisation that brings together the world’s securities regulators. Its membership regulates more than 95% of the world’s securities markets in more than 115 jurisdictions.
Holding the World Investor Week reflects AIFC’s commitment to the IOSCO’s global standards for the protection of the financial services consumers. Last year, more than 3,500 participants in 7 cities of Kazakhstan took part in the 2018 World Investor Week in AIFC.
This year, the events within the World Investor Week will be held from 30 September to 6 October in 6 cities of Kazakhstan as part of the national campaign called Investor Awareness Roadshow:
30 September – Petropavlovsk;
1 October – Aktau;
2 October – Karaganda;
3 October – Turkestan;
4 October – Almaty;
6 October – Nur-Sultan.
The 2019 World Investor Week in AIFC envisages presentations and information sessions for potential consumers of financial services, academic and business circles. The sessions for the academic community of regional universities will be held in the first half of the day and will focus on financial and investment education. Workshops will also be organised for the students of the Academy of Public Administration under the President of the Republic of Kazakhstan.
In the second half of the day presentations for business,circles will be held, covering such issues as consumer protection, financial services and business opportunities offered in AIFC, issuing procedures of Green and Islamic bonds, the benefits of registration in AIFC and the Centre’s educational and training programs. The event’s speakers will be the AIFC experts on regulation, financial technologies, Green and Islamic Finances, investments and continuous professional development.
The Islamic Finance Week is also planned to be held within the 2019 World Investor Week in AIFC. Masterclasses and trainings will be held on actual issues of the Islamic finance industry development in Kazakhstan and over the world. The Week will be completed by annual Islamic Finance Day conferences in Almaty (4 October) and Nur-Sultan (6 October).
“The Investor Day” Conference – a final event of the World Investor Week – will be held on 6 October in Nur-Sultan. The AIFC speakers and invited external experts will talk about a wide range of financial services, investment tools and business opportunities in the AIFC in terms of protecting the rights of the financial services consumers.
More information, the event program and registration link are available here.
Astana Financial Services Authority has become a member of the Asian Forum of Insurance Regulators
The Astana Financial Services Authority (AFSA), the regulatory body of the Astana International Financial Centre (AIFC), has become the 22nd member of the Asian Forum of Insurance Regulators (AFIR).
AFIR is a key insurance regulatory cooperation mechanism in Asia, uniting regulatory authorities from jurisdictions such as China, South Korea, Singapore, Dubai, Japan, Australia, New Zealand, and others.
Joining the AFIR will facilitate AFSA’s cooperation in the insurance industry, prevention and mitigation of cross-border risks to improve regulatory capacity. It will also promote the exchange of information and industry professionals, as well as the sharing of the regulatory experiences with other member organisations.
As the AFIR member, the AFSA will be able to participate in the development of the Asia-wide insurance regulatory approach and develop common positions on insurance regulation issues.
