Посты с тэгом: AFSA

The Astana Financial Services Authority (AFSA) has issued this Consultation Paper to seek further input on the proposed approaches to Derivatives framework, following the initial proposals set out in Consultation Paper AFSA-P-CE-2024-0004 on Derivatives Framework, Enabling Margin Trading, Short Selling and High Frequency Trading. Given the market feedback, AFSA considers it necessary to undertake further public consultation on these proposals.

The proposals in this paper will be of interest to:

a) Authorised Firms, such as dealers or brokers, who offer or plan to offer to their clients derivatives trading;
b) Authorised Firms which arrange, advise or plan to offer such activities on derivatives trading;
c) Authorised Persons who operate an exchange platform, multilateral or organised trading facilities in relation to derivatives;
d) persons interested in applying for an AFSA Licence to conduct the activities referred from a) to c) above;
e) other industry participants, such as ancillary service providers or those who intend to provide such services to regulated firms from a) to d) above; and
f) persons who obtain, or intend to obtain, the services from firms as referred to from a) to c) above.
We invite comments from interested stakeholders.

The deadline for providing comments is 20 October 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.

AFSA prefers to receive comments by email at [email protected].

The Consultation paper may be found via this link: https://orderly.myafsa.com/articles/consultation-paper-afsa-p-ce-2024-0013-from-20-september-2024-on-proposals-to-derivatives-framework-enabling-margin-trading-short-selling-and-high-frequency-trading.

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 3000 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]

The Astana Financial Services Authority (AFSA) has issued this Consultation Paper to seek further input on the updated proposals concerning our approaches to enhancing the Credit Rating Agencies (CRAs) framework, following the initial proposals set out in Consultation Paper AFSA-P-CE-2024-0007.

CRAs play a critical role in promoting transparency and efficiency in financial markets by providing independent assessments of credit risk and help enhance the safety and soundness of the financial system by providing insights into risk exposures and guiding regulatory actions to maintain stability. Investors and financial institutions heavily rely on credit ratings to make informed investment decisions.

Considering the market responses received during public consultation, AFSA proposes a transition of CRAs from being an Ancillary Services Provider to an Authorised Firm and further enhancement of the existing regulation. This proposal aims to refine the regulatory environment for CRAs, ensuring robust and effective supervision and enhancing the quality and reliability of credit ratings.

The proposals in this paper will be of interest to CRAs, Authorised Persons, legal entities seeking credit ratings from CRAs, all users of credit ratings and any other interested stakeholders, including government and regulatory authorities in Kazakhstan.

We invite comments from interested stakeholders.

The deadline for providing comments is 19 October 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.

AFSA prefers to receive comments by email at [email protected].

The Consultation paper may be found via this link: https://orderly.myafsa.com/articles/consultation-paper-afsa-p-e-2024-0012-from-19-september-2024-on-proposals-to-enhancements-to-credit-rating-agencies-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 3000 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]

The Astana Financial Services Authority (AFSA) has issued the Consultation Paper on Proposals to the amendments to the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Framework to seek public’s opinion.

The current Astana International Financial Centre (AIFC) Anti-Money Laundering, Counter-Terrorist Financing and Sanctions (AML/CFT) framework maintains a regime that acts as a significant deterrent to illegal activities in financial sector, including money laundering, sanctions violations and persons wishing to assist, in any way, terrorism financing and proliferation of weapons of mass destruction.

During the practical implementation of the AIFC AML/CFT framework, AFSA has identified several areas for potential improvement within the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules. Specifically, certain provisions necessitate clarification due to differing interpretations by the AIFC Participants. Additionally, amendments and further clarifications are required to align these provisions more closely with FATF standards.

The proposals in this paper will be of interest to the Authorised Firms, Authorised Market Institutions, FinTech Lab Participants, DNFBPs, and Registered Auditors in the AIFC.

We invite comments from interested stakeholders.

The deadline for providing comments is 20 October 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.

AFSA prefers to receive comments by email at [email protected].

The Consultation Paper may be found via this link: https://orderly.myafsa.com/articles/consultation-paper-asfa-j-ce-2024-0001-from-20-september-2024-on-proposals-to-the-amendments-to-the-aifc-anti-money-laundering-counter-terrorist-financing-and-sanctions-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 3000 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]

The Astana Financial Services Authority (AFSA) has issued the Consultation Paper on Policy Statement on the approach of the AFSA to low-risk financial services firms.

Many jurisdictions have designated firms engaging in certain types of financial services as low-risk financial services firms, applying them less stringent regulatory requirements based on the nature and complexity of the businesses.

Additionally, the necessity for developing a regime for low-risk financial services firms stems from the issues encountered during the review of various applications. The analysis of the application process, relevant regulatory provisions and the requirement specified there have identified challenges in satisfying corporate governance requirements, including outsourcing of key function to service providers.

Based on analysis of best international practices, AFSA proposes to define low-risk financial services firms and apply less stringent regulatory requirements, given the scope of business and potential risk exposure.

The proposals in this paper will be of interest to applicants seeking to carry on financial services in the AIFC, Authorised Persons, third-party service providers and any other interested stakeholders.

We invite comments from interested stakeholders.

The deadline for providing comments is 20 October 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.

AFSA prefers to receive comments by email at [email protected].

The Consultation paper may be found via this link: https://orderly.myafsa.com/articles/consultation-paper-afsa-a-ce-2024-0001-from-20-september-2024-on-policy-statement-on-the-approach-of-the-astana-financial-services-authority-to-low-risk-financial-services-firms.

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 3000 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]

The Astana Financial Services Authority (AFSA) announces that it has agreed a settlement with GB Firms (GB Finance ltd. and GB Insurance ltd.) pertaining to regulatory non-compliance uncovered during supervision in 2022.

Between April-November 2022, GB Firms failed to properly comply with their systems and controls and recognised that their conduct was inconsistent with multiple rules and fundamental principles outlined in the AIFC Acts. GB Finance acknowledged deficiencies across several operational areas, including the inability to meet prudential standards, such as maintaining minimum capital adequacy ratios, adhering to restrictions on related party lending[1], and complying with limits on large exposures[2]. GB Insurance also issued captive insurance contracts outside the scope of its authorisation, admitted to non-compliance with AFSA’s core principles for Authorised Firms, as well as the AIFC Rules on Currency Regulation.

Through the acknowledgment of AFSA’s findings and the payment of financial penalties, GB Firms committed to executing remediation measures aimed at comprehensively addressing the identified cases of regulatory breach.

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 3,000 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] The AIFC Banking Business Prudential Rules set specific requirements to avoid conflicts of interest in transactions with related parties.

[2] According to the AIFC Banking Business Prudential Rules, the total of the Bank’s net exposures to any counterparty or any group of connected counterparties must not exceed 25% of the Bank’s regulatory capital and the total of all of the Bank’s net large exposures must not exceed 800% of that capital.

Angela Knight has been appointed as the Chairperson of the Board of Directors of the Astana Financial Services Authority (AFSA) and member of the AIFC Management Council. Prior to this Ms. Knight has been AFSA’s Deputy Chairperson of the Board and member of the Board of Directors since the establishment of AFSA.

Ms. Knight’s exceptional experience and reputation and her outstanding service in the financial industry globally make her an invaluable asset to the organisation.

Angela Knight also serves as board member of a number of other financial companies and has been awarded Honorary Fellowship of the Chartered Institute for Securities and Investment and the CBE[1] for her services to the financial services industry in the UK.

Angela Knight was chief executive of several trade associations, including the energy industry trade body Energy UK and the British Bankers’ Association during the banking crisis. She was also a Member of Parliament and a Treasury Minister in the 1990s.

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 3,000 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] Commander of the British Empire – a prominent national role in regional affairs through achievement or service to the community, or a highly distinguished, innovative contribution in his or her area of activity.

In a significant step towards enhancing regulatory collaboration, Mr. Nurkhat Kushimov, Chief Executive Officer of the Astana Financial Services Authority (AFSA) and H.E. Abdullah Bin Salem Al Salmi, Executive President of the Financial Services Authority of the Sultanate of Oman (FSA) have signed a Roadmap on Enhancing Cooperation. The signing took place during the Astana Finance Days 2024, marking a new milestone in the bilateral relationship between the two financial regulators.

Formalised in an official ceremony, the Roadmap is designed to deepen cooperation and facilitate the exchange of expertise in key areas such as capital markets, asset management, and digital assets. It also aims to explore the potential for mutual access to each other’s regulated markets, fostering a closer integration of financial markets in both jurisdictions.

This agreement builds upon the Memorandum of Understanding (MoU) signed between the AFSA and the FSA in 2023. The MoU laid the groundwork for mutual cooperation and the exchange of information, and the newly signed Roadmap represents a concrete step forward in realising the objectives outlined in the MoU.

Following the signing ceremony, the two authorities engaged in an overview session on regulated markets, where they exchanged insights and perspectives on the development and regulation of financial markets. This session further underscored the commitment of both parties to learning from each other’s experiences and working together to enhance the financial landscapes of their respective jurisdictions.

AFSA Chief Executive Officer Nurkhat Kushimov: “The implementation of this Roadmap is expected to facilitate closer cooperation between the AIFC and the Sultanate of Oman, not only strengthening the development of financial markets in each jurisdiction but also contributing to the overall growth and integration of financial markets in the region.”

H.E. Abdullah Bin Salem Al Salmi, Executive President of the Financial Services Authority of the Sultanate of Oman: “The signing of this Roadmap represents a significant step forward in our collaboration with the Astana Financial Services Authority. This agreement will focus on key areas such as capital markets, digital assets, raising awareness, and organizing joint events. It is a tangible outcome of the Memorandum of Understanding signed between our authorities in 2023, and it lays a solid foundation for further cooperation. We are particularly delighted to have the opportunity to conduct meetings and discussions following the signing here in Astana, prior to the Astana Finance Days Conference.”

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 3,000 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]