Посты с тэгом: AFSA

The case was reviewed by the Small Claims Court and available at AIFC Court official website.

The Astana International Financial Centre (AIFC) has approved the amendments to the Regulations and Rules on registration procedures of the AIFC participants.

The amendments were proposed by the Astana Financial Services Authority (AFSA), the regulatory body of the AIFC, responsible for the regulation of the financial services as well as the registration, authorisation and recognition of the legal entities in AIFC.    

The amendments are related to the repealing of a Commercial Licence and associated fees and issuance procedures, as well as setting a one-time payable fee for incorporation and recognition. Previously AIFC Participants were required to hold a Commercial Licence and pay prescribed renewal fee of $100 annually. Now an applicant (companies, partnerships or non-profit incorporated organizations) seeking to register or be recognized must pay one-time payable fee of $300.

It is important to note that the applicants registered or recognized after July 5, 2018, but before July 5, 2019 are subject to one single payment of $100 within the 12 months period from the date of registration or recognition. For applicants incorporated after July 5, 2019, but before July 5, 2020 a one-time registration or recognition fee is set out at 300 USD with a possibility of paying 200 USD on the date of submission of application and deferred payment of 100 USD during the next 12 months from the date of registration or recognition.

The amendments also set new administrative services fees for post-registration procedures of $50 and processing inquiries of $20.

On 24^th June 2019 the Astana Financial Services Authority (the “AFSA”), a financial regulator of the Astana International Financial Centre (the “AIFC”), with the support of European Bank for Reconstruction and Development developed and introduced regulatory framework for loan- and investment-based crowdfunding platforms, the first such framework in the region.

Crowdfunding is an innovative funding opportunity that allows small and medium enterprises and start-ups to obtain capital through small loans and equity investments from large numbers of investors through an internet-based platform.

Crowdfunding represents an increasingly important alternative non-bank funding sources that will play an important role in the economic growth of Kazakhstan and wider region.

This new framework is one of AFSA’s ongoing commitment to promote innovation in the financial sector consistent with the latest industry developments and best practices of leading financial centres, while safeguarding investor protection and market integrity.

Assylbek Davletov, Chief FinTech Officer of the AFSA, commented: “SMEs have proved to be an important contributor to national prosperity, economic growth and employment. And crowdfunding can become a viable vehicle for bolstering financing options for SMEs and start-ups. By creating this framework AIFC marks another step towards building a vibrant entrepreneurial ecosystem in the region”. 

The AFSA is proposing a flexible and risk-oriented regulatory framework aiming to effectively protect investors and clients of the crowdfunding platform. The proposed features of the regulatory framework include the following: (1) two new Market Activities of Operating a Loan-based Crowdfunding Platform and Operating an Equity-based Crowdfunding Platform; and (2) establishment of prudential and conduct standards for operators of crowdfunding platforms including requirements on anti-money laundering and counter financing terrorist financing, fundraising limits, appropriate systems and controls, risk disclosure, conflict of interest and due diligence of firms using crowdfunding services.

For more details on the AIFC Crowdfunding Framework please click on this link.

The Astana Financial Services Authority (AFSA), the regulatory body of the Astana International Financial Centre (AIFC), has become a signatory to the IOSCO Multilateral Memorandum of Understanding concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMoU).

Becoming a signatory to the MMoU confirms that the AIFC financial regulatory framework complies with global standards for the exchange of information on cross border financial activities in capital markets and protection of confidential information. The AFSA will enhance its supervision of cross-border securities’ transactions to ensure market integrity and stability and to facilitate enforcement of AIFC regulations and rules.

In an increasingly globalised environment for the capital market the MMoU provides critical tools for effective cooperation among regulators. Signing the IOSCO MMoU will allow the AFSA to cooperate on cross-border enforcement with the other 123 regulatory authorities who are also signatories to the MMoU and an integral part of the global capital market.

Mukhtar Bubeyev, Acting CEO of the AFSA, said: “Signing the IOSCO MMoU is an important milestone in formation of regulatory framework of AIFC and development of capital markets in the AIFC. We are very proud to be part of the large group of signatories to the IOSCO MMoU and to demonstrate our commitment to international enforcement cooperation”.

The Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the Banking Regulation and Supervision Agency of Turkey (“BRSA”) in support of regulatory cooperation in banking industry. The signing ceremony was held in Istanbul, Turkey on 12 February 2019.

The MoU was signed by Mr. Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA and Mr. Mehmet Ali Akben, the Chairman of the BRSA.

Mr. Bubeyev said: “The signing of the MoU will enhance information exchange and cooperation in the field of bank supervision between the AFSA and BRSA, marking a new phase of bilateral cooperation between the two regulators.”.

“With the signing of this MoU, I believe that the BRSA and the AFSA will build the necessary grounds for an effective and continuing cooperation between our institutions,” Mr. Mehmet Ali Akben emphasized.

The Memorandum establishes framework conditions for the BRSA and AFSA teams to facilitate cross-border group activities and supervision, share information on financial services legislation and regulatory practices. The Parties will also foster capacity building initiatives to reinforce sound supervisory practices in both jurisdictions and foster growth in respective financial markets.