Посты с тэгом: AFSA
AFSA extends the consultation period on the proposed AIFC Providing Money Services framework. The new deadline for providing comments is 31 December 2024.
The Astana Financial Services Authority (AFSA) has extended a deadline for a Consultation Paper on Providing Money Services (PMS) framework until 31 December 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.
The initial consultation period was set until 23 October 2024. However, given the importance of the framework and potential consequences of certain policy measures proposed to the industry, AFSA expects to collect more feedback from a wider number of stakeholders and, therefore, decided to extend the consultation period until the end of December 2024.
Specifically, the framework aims to promote innovations in the AIFC by proposing to use digital assets for payment purposes within the perimeter of money services providers. If accepted, this approach might have wider implications for providing financial services with digital assets and will result in the expanding of the regulatory perimeter of AFSA by embracing more types of financial services (e.g. the proposed requirement on digital asset self-custody service providers to be licenced in the AIFC). Another related proposal is on defining the scope of the activity of Providing Money Services in relation to Digital Assets, as it aims to cover money services related to both fiat and digital assets.
Another proposal where AFSA considers that feedback would contribute for the framework is where the paper proposes to extend the scope of money services beyond the existing services and thus offers to include the following: acquiring of payment transactions[1], payment initiation[2], account information[3], providing or operating of a payment account and arranging of currency exchange[4]. In addition to the above, in the proposal we offer to distinguish what constitutes providing money services and what doesn’t as this distinction has raised multiple questions and requests for clarification.
However, to have a comprehensive and holistic view, we suggest that market participants review the entire framework and get acquainted with all public consultation questions as per the link below.
The proposals in this paper will be of interest to current or potential applicants, who are seeking to engage in money services activities from the AIFC, ancillary service providers and professional advisors.
During the public consultation, both existing and potential AIFC participants, as well as other stakeholder are invited to comment on the questions outlined in the Consultation Paper.
AFSA prefers to receive comments by email at [email protected].
The Consultation Paper may be accessed via this link:https://orderly.myafsa.com/articles/consultation-paper-afsa-f-ce-2024-0001-from-23-september-2024-on-on-providing-money-services-framework
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 3300 firms from over 80 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]
[1] Facilitating transactions on behalf of merchants, allowing them to accept payment methods like credit or debit cards from customers (e.g. accepting payments for online shopping etc.)
[2] An online service that is usually more user-friendly and/or more convenient provided by a fintech firm that lets a customer start a payment from their account at another financial service provider (e.g. bank)
[3] A service that allows to aggregate financial information (account balance, transaction history etc.) from several financial services providers (e.g. banks)
[4] Facilitating for clients currency exchange services by engaging entities that are permitted to provide such currency exchange services under the AIFC Rules on Currency Regulation and Provision of Information.
AFSA extends the consultation period on the proposed AIFC Providing Money Services framework. The new deadline for providing comments is 31 December 2024.
The Astana Financial Services Authority (AFSA) has extended a deadline for a Consultation Paper on Providing Money Services (PMS) framework until 31 December 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.
The initial consultation period was set until 23 October 2024. However, given the importance of the framework and potential consequences of certain policy measures proposed to the industry, AFSA expects to collect more feedback from a wider number of stakeholders and, therefore, decided to extend the consultation period until the end of December 2024.
Specifically, the framework aims to promote innovations in the AIFC by proposing to use digital assets for payment purposes within the perimeter of money services providers. If accepted, this approach might have wider implications for providing financial services with digital assets and will result in the expanding of the regulatory perimeter of AFSA by embracing more types of financial services (e.g. the proposed requirement on digital asset self-custody service providers to be licenced in the AIFC). Another related proposal is on defining the scope of the activity of Providing Money Services in relation to Digital Assets, as it aims to cover money services related to both fiat and digital assets.
Another proposal where AFSA considers that feedback would contribute for the framework is where the paper proposes to extend the scope of money services beyond the existing services and thus offers to include the following: acquiring of payment transactions[1], payment initiation[2], account information[3], providing or operating of a payment account and arranging of currency exchange[4]. In addition to the above, in the proposal we offer to distinguish what constitutes providing money services and what doesn’t as this distinction has raised multiple questions and requests for clarification.
However, to have a comprehensive and holistic view, we suggest that market participants review the entire framework and get acquainted with all public consultation questions as per the link below.
The proposals in this paper will be of interest to current or potential applicants, who are seeking to engage in money services activities from the AIFC, ancillary service providers and professional advisors.
During the public consultation both existing and potential AIFC participants, as well as other stakeholder are invited to comment on the questions outlined in the Consultation Paper.
AFSA prefers to receive comments by email at [email protected].
The Consultation Paper may be accessed via this link:https://orderly.myafsa.com/articles/consultation-paper-afsa-f-ce-2024-0001-from-23-september-2024-on-on-providing-money-services-framework
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 3300 firms from over 80 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]
[1] Facilitating transactions on behalf of merchants, allowing them to accept payment methods like credit or debit cards from customers (e.g. accepting payments for online shopping etc.)
[2] An online service that is usually more user-friendly and/or more convenient provided by a fintech firm that lets a customer start a payment from their account at another financial service provider (e.g. bank)
[3] A service that allows to aggregate financial information (account balance, transaction history etc.) from several financial services providers (e.g. banks)
[4] Facilitating for clients currency exchange services by engaging entities that are permitted to provide such currency exchange services under the AIFC Rules on Currency Regulation and Provision of Information.
AFSA introduces dedicated regime for low-risk financial services firms
The Astana Financial Services Authority has introduced a dedicated regime for low-risk financial services firms in the Astana International Financial Centre (AIFC). The new framework, grounded in AFSA’s risk-based regulation approach, addresses the unique needs of boutique financial firms, offering them a streamlined regulatory process. It recognises that businesses with limited scope and complexity do not pose the same risks as larger entities. By easing governance and operational requirements, AFSA aims to support the growth of these firms while maintaining robust oversight. The regime is designed to reduce the regulatory burden without compromising financial integrity, ensuring a more efficient, competitive financial ecosystem within the AIFC.
The proposed regime sets criteria for identifying entities eligible to be classified as low-risk financial services firms. One of the key regulatory reliefs under this regime is the flexibility in forming the Governing Body. For such firms, Controllers (natural persons), Senior Executive Officers, either individually or jointly with Controllers and/or other Approved Individuals, may fulfil the role of the Governing Body. Additionally, the mandatory appointment of a Finance Officer is waived for entities offering advisory and arranging services, provided they have an adequate accountancy arrangement in place. The regime further allows the outsourcing of Controlled Functions[1], thereby permitting the firms to outsource certain Controlled Functions to third-party service providers.
The proposed regime for low-risk financial services firm is applicable for both new applicants and existing Authorised Firms falling under the scope of this regime. The existing Authorised Firms seeking to be classified as low-risk financial services firms are required to contact the relevant Supervision Relationship Manager.
The Policy Statement on the approach of the Astana Financial Services Authority to low-risk financial services firms, has been published on the AFSA website.
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 3200 firms from 82 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]
[1] A function of an Authorised Person that may only be carried out by an Approved Individual.
AFSA introduces amendments to Multilateral and Organised Trading Facilities rules
The Astana Financial Services Authority has introduced Amendments to the AIFC Multilateral and Organised Trading Facilities Rules to enhance the regulatory regime regarding safeguards and to offer Multilateral and Organised Trading Facilities the capacity to facilitate secondary trading across a broad spectrum of financial instruments.
In accordance with the AFSA`s gradual approach to frameworks for tokenised financial instruments, the regulatory regime has been enhanced to allow Multilateral and Organised Trading Facilities (MTF/OTF) to facilitate secondary trading of Qualified Investment Tokens.
The existing regulatory regime for MTF/OTF continues to apply to platforms dealing in Qualified Investment Tokens.
These enhancements, including amendments to the AIFC Multilateral and Organised Trading Facilities Rules, AIFC Conduct of Business Rules and AIFC Glossary, are published on the AIFC website and will come into force on 18 October 2024.
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 3,200 firms from 82 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]
AFSA enacts AIFC Investment Token Framework
The Astana Financial Services Authority has enacted the AIFC Investment Token Framework to introduce a comprehensive regulatory regime that governs trading of Investment Tokens within the Astana International Financial Centre (AIFC).
In line with AFSA’s policy approach, the regulatory regime for Investment Exchanges and Clearing Houses continues to apply to platforms that trade and/or clear Investment Tokens.
The regulatory framework now includes Derivative Tokens, alongside Security Tokens and Environmental Instrument Tokens, all unified under the term “Investment Token.”
The Investment Token Framework aims to provide clarity, legal certainty, and investor protection in the field of tokenised financial instruments, fostering a secure and well-regulated environment for businesses and investors.
The Investment Token Framework has been developed by introducing the amendments to the AIFC Financial Services Framework Regulations, AIFC Authorised Market Institution Rules, AIFC Conduct of Business Rules, AIFC Fees Rules and AIFC Glossary, which are published on the AIFC website and will come into force on 18 October 2024.
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 3,200 firms from 82 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]
AFSA enacts AIFC Tokenised Commodities framework
The Astana Financial Services Authority (AFSA) has enacted the AIFC Tokenised Commodities framework.
The framework is focused on trading of Commodity Derivative Tokens and Environmental Instrument Tokens, which are part of the Investment Token scope, on Exchange platforms. It also covers the issuance of Commodity stablecoins that may be traded on Digital Asset Trading Facilities.
The new regulatory regime on tokenised commodities builds on AFSA’s efforts to create a strong infrastructure for both financial and commodities markets. By extending its regulatory perimeter to include tokenised instruments linked to commodities, the regime promotes market innovation, facilitates trading of new types of instruments, and encourages broader participation on digital asset and investment exchange platforms. This move further strengthens the AIFC’s position as a leading hub for fintech and commodities trading.
The framework consists of the amendments to the following AIFC Acts:
The amendments to the Acts listed above come into effect on 18 October 2024.
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 3,200 firms from 82 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]
AFSA issues repeated alert to the public over the expired licence of Proportunity Management Company Limited
Astana Financial Services Authority (AFSA) informs the public that the FinTech Lab licence of Proportunity Management Company Limited expired on July 1, 2024.
Proportunity Management Company Limited has a registered address in the AIFC. However, it is not authorised by AFSA and has no licence for providing or promoting its financial services to the public, including services and products related to Islamic Banking Business and Islamic Financing.
The previous alert can be found here.
Only firms authorised by AFSA can carry on financial services in the AIFC.
AFSA advises consumers to only deal with AIFC companies that are appropriately authorised to provide financial services and therefore properly regulated. Consumers are advised to check the status of authorisation on AFSA’s website at Public Register and avoid dealing with firms not permitted by AFSA to carry on the activities they promote or advertise.
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 3,200 firms from 82 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]
AFSA appoints Evgeniya Bogdanova as Chief Executive Officer
The Astana Financial Services Authority (AFSA) is pleased to announce the appointment of Evgeniya Bogdanova as Chief Executive Officer from 21 October 2024 by the decision of the AFSA Board of Directors.
Nurkhat Kushimov, who previously held the position of AFSA’s Chief Executive Officer, has become adviser to the AIFC Governor.
Evgeniya has over 25 years of experience working on international financial markets. Before joining AFSA, Evgeniya had led for five years Regulation & Compliance at the Astana International Exchange (“AIX”), supervising listings of financial instruments, market conduct of AIX trading members, developing regulatory framework for AIX market participants and enforcing compliance therewith, as well as overseeing the AIX Group’s functions in compliance, corporate governance, risk management and internal audit. Prior to joining the AIX, Evgeniya had managed Legal and Corporate Governance affairs at investment bank Renaissance Capital.
While practicing law at White & Case, she advised on a broad range of securities products and cross-border capital markets matters, representing leading global investment banks, major corporations, sovereigns and funds.
She began her career at the Federal Commission for the Securities Market where she was involved in policymaking for Russian securities market and the adoption of global standards supported by international development institutions.
AIFC Governor Renat Bekturov said:
“I would like to express my gratitude to Nurkhat Kushimov for his tremendous contribution to the development of AFSA. I am also very pleased to welcome Evgeniya on board and we are confident that her extensive knowledge and experience will lead AFSA to its further development goals.”
AFSA Chief Executive Officer Evgeniya Bogdanova said:
“I am happy to be part of the Astana International Financial Centre family and to contribute to the continued success of building fair and transparent financial markets and further development of the business-friendly environment for doing business within AIFC jurisdiction.”
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 3,200 firms from 82 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]
AFSA issues AIFC ESG Disclosure Guidance
The Astana Financial Services Authority (AFSA) has issued the AIFC Environmental, Social and Governance (ESG) Disclosure Guidance effective from 14 October 2024.
This Guidance applies to all Banks, Fund Managers, and Insurers to support the integration of ESG factors into their operations and decision-making processes, fostering a more sustainable and responsible financial ecosystem within the AIFC.
AFSA is taking a gradual approach to the introduction of ESG disclosure practices for the financial entities in the AIFС, starting with a voluntary stage. This allows financial entities to familiarise themselves with best practices and adapt their operations and reporting processes accordingly.
Link: https://orderly.myafsa.com/articles/aifc-environmental-social-and-governance-disclosure-guidance.
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 3,200 firms from 82 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]
