Посты с тэгом: AFSA

During this challenging period of COVID-19 pandemic, the Astana Financial Services Authority (AFSA) remains focused on its regulatory objectives to foster financial stability, promote market integrity, protect consumers and support financial markets in the AIFC.

AFSA is closely working with the regulated community to assess financial and economic impacts of the pandemic on operations of financial firms. Based on feedback received the AFSA has decided to grant relief measures to Authorised Firms in several areas in order to allow them to prioritize their business and operational issues during the times of disrupted economic activities. These measures include:

• Extension of the deadlines for submission of reports by Authorised Firms.
• Suspension of the deadlines for implementing recommendations by Authorised Firms and Ancillary Service Providers, that are due to expire during the State of Emergency in the Republic of Kazakhstan. Instead, these firms will be required to report to the AFSA on implementation of the recommendations within 30 calendar days after the end of the State of Emergency in the Republic of Kazakhstan or until provision of further instructions.
• Extension of the time period required by provision 3.4.2 (a) of MAR for making market disclosure by Reporting Entities in relation to its annual financial report at the latest on 1 September 2020.
• Suspension of the requirements envisaged in section 13.7. of AML Rules to submit Annual AML Return for 2019 until 30 calendar days after the end of the State of Emergency for all Ancillary Service Providers that are subject to AML regulation.

These efforts are designed to respond to the impacts and challenges raised by COVID-19. AFSA remains open to constant engagements with the regulated community to ensure financial stability and consumer protection.

Full texts of the notices are published here (link to notices).

3 April 2020 – Astana Financial Services Authority in collaboration with the AIFC Academy of Law held a second webinar for law and consulting firms on different aspects of registration and authorization processes. In view of health and safety considerations in these challenging times the AFSA held the training in the format of a webinar. Over 100 participants attended the session.

The webinar was devoted to registration procedures relating to Public Companies, Special Purpose Companies and Partnerships. It covered topical issues such as working with the self-service portal, compliance with legislative requirements, disclosure of Ultimate Beneficial Owners, transfer of incorporation to the AIFC.

The webinar also discussed applications for regulated activities and ancillary services and covered themes of communications with the home and host regulators, disclosure of controllers, anti-money laundering requirements, regulatory business plan, fitness and propriety of matters, conduct of business (holding Client Money and/or Client Investments) and prudential considerations, etc.

Yerlan Mukhanbediyev, Head of Office of the Legal Consulting Community Limited, noted: “Many thanks for regular Training sessions. It is a very valuable arena which provides an excellent opportunity for legal advisors and consultants ask passionate questions about right application of the AIFC Acting Law in the relation of authorization, registration, recognition and post-registration procedures.”

Tair Kulteleev, CEO of AEQUITAS Law Firm (AIFC Branch), noted: “Thank you for inviting to the Training Session about the AIFC Registration procedures and requirements.  I believe that under the current circumstances Zoom platform is an excellent tool to discuss the AIFC related matters. There are a lot of questions about such a new jurisdiction as the AIFC, and it will not be possible to keep us updated on the registration procedures and requirements in the AIFC without you or exchange information and knowledge.  So, thank you very much for this idea and professional presentation.”.

This is a second outreach event of AFSA for law and consulting firms. Detailed agenda is available here. AFSA plans to hold similar sessions regularly on quarterly basis.

Note on Recognized Non-AIFC Members

The Astana Financial Services Authority (“AFSA”) can recognize non-AIFC financial firms by granting the status of Recognized Non-AIFC Member (“RNAM”), which enables non-AIFC licensed firms to onboard the AIFC Astana International Exchange (“AIX”) as a trading member, according to AIX membership rules and approval process. The RNAM status does not enable a firm to offer any financial services in the AIFC or in Kazakhstan other than having access to trading activities in the AIX. Having remote access to the AIX allows RNAMs to buy and sell securities traded in the AIX on behalf of and to their clients located in jurisdiction where the RNAM is duly authorized to perform financial services. Full list of RNAMs is available here.

To have the right to offer financial services within the AIFC territory, a firm must obtain a license of the AFSA and establish presence in the AIFC. Full list of firms authorized by the AFSA is available here. Unless the RNAM is a licensed firm by the National Bank of Kazakhstan or the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan it cannot offer financial services in Kazakhstan either.

RNAM status enables internationally licensed firms to become a trading member of the AIX, without having to undergo a lengthy application process to be fully licensed when the only sought activity is access and trading on AIX. An internationally licensed firm means that the firm is duly licensed in a jurisdiction other than AIFC. This jurisdiction will be assessed by AFSA to be broadly equivalent with the regulatory framework of AIFC, its laws and supervision of financial activities. Recognition process will provide the RNAM with the possibility to offer trading on AIX to its clients through a specific order.

Acknowledging importance of cross-border financial transactions and role of capital markets in empowering economic development the AFSA is pleased to facilitate recognition process of RNAMs willing to access trading activity on the AIX. Yet, the RNAMs must be cautious when publicizing its recognition status granted by AFSA and limit its client offering to having access to the AIX and trade its listed financial instruments. AFSA will consider any false and misleading information regarding the offer of financial services in the AIFC by RNAMs and non-licensed firms, as a breach of its rules and regulations and may take enforcement actions where it will deem necessary.

Please note that information contained above is purely informative and as such cannot be considered as legal advice for any specific purposes. You should not use the above mentioned information as a basis for decision making without consulting AFSA Officers or a legal consultant first. Accordingly, we expressly disclaim any liability for actions taken or not taken on the basis of information provided.

If you have any further questions, please submit your inquiry to the [email protected]. Should you wish to make complaints please use our online complaint submission tools available here.  

24 February 2020 – Astana Financial Services Authority has hosted its first outreach session for regulated ancillary service provider (ASP) firms. “Training sessions for law and consulting firms about registration and authorisation processes” was attended by over 40 representatives of firms licenced by the AFSA to carry on ancillary services business in the Astana International Financial Centre.

The event allowed informing and building capacity of ASPs on registration procedures and requirements, post-registration services and authorisation processes. In addition, it was aimed at raising awareness of AFSA’s authorisation function as a “gateway” to the regulatory environment, compliance with regulatory and anti-money laundering rules.

Saule Smailova, consultant at Ozara Services Limited in Nur-Sultan, noted: “Such sessions can be useful in many ways helping with small to big questions. Not only can you find useful tips on where to quickly find information required for Application and Registration forms, but also to better understand the rationale behind the Regulator’s appropriately strict requirements for the Licensing process. I would like to add that I found the AFSA experts extremely knowledgeable and approachable;  and very willing to share their opinions for successful registrations and authorisations. I am looking forward to the future AFSA deep-dive workshops.”

Liya Akzhanova, Partner and Deputy Director in Nur-Sultan, Grata Law Firm shared her impressions by saying “The seminar organised by the Registrar of Companies has a practical application for the consultants and advisers. The raised issues are matters which we face in day-to-day activity.  It was also useful due to the direct contact and channel with authorisation team. Such sessions indeed widen the horizons of lawyers”.

AFSA plans to hold similar sessions regularly on quarterly basis.

For more information about the event please click here.   

In light of recent case of redomiciliation of firms from foreign jurisdictions to the Astana International Financial Centre the AFSA publishes a Briefing Note, prepared by law firm Kinstellar “Transfer of Incorporation under the AIFC acts: practical steps”. The Note describes main procedural steps required for the redomiciliation under the Acting Law of the AIFC. It is intended to be a helpful guide, however is not comprehensive and does not constitute legal advice by the Kinstellar.

The Briefing Note is available here.

LEGAL DISCLAIMER
The AFSA shall not be responsible for any liability arising from the use of the information herein. Neither the AFSA nor any of its officers, agents or employees undertake any obligation to publicly update or revise the Note as a result of new information, future events or other information.

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 (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.”

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.”