The delegation of the Astana International Financial Centre (AIFC) visited the Republic of Malta to establish contacts and explore the local experience in the development of the financial services market. Malta is one of the fastest-growing financial centres in the European Union with flexible regulatory and tax regimes.
Kairat Kelimbetov, the AIFC Governor, negotiated with the government representatives, top managers of the single regulator for financial services activities Malta Financial Services Authority, such financial organizations as FinanceMalta and Malta Funds Industry Association, and Malta Stock Exchange.
In addition, during the visit, the delegation met with representatives of state bodies, including Malta Residency Visa Agency, and leading law firms Henley & Partners and Chetcuti Cauchi Advocates.
As the result of the meetings and negotiations, the parties agreed to exchange experience, jointly organize seminars, round tables and events on the topics related to the key pillars of the AIFC’s strategic development.
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 is introduced in the AIFC. English is 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 Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. It was established by law on 23 July 2002 taking over supervisory functions previously carried out by the Central Bank of Malta, the Malta Stock Exchange and the Malta Financial Services Centre. The Authority is a fully autonomous public institution and reports to Parliament on an annual basis.
The financial services sector incorporates all financial activity including that of credit institutions, financial and electronic money institutions, securities and investment services companies, regulated markets, insurance companies, pension schemes and trustees.
Malta Residency Visa Agency is a special state agency established in July 2017. The main objectives of the Agency are to improve the range of services for investors applying for the Malta Residence & Visa Program (MRVP) program and to increase the quality of applications’ verification process. The MRVA’s activity has made the MRVP program one of the most attractive among all resident programs in Europe and the world.
FinanceMalta, a non-profit public-private initiative, was set up to promote Malta as an international business and financial centre within, as well as outside, Malta. It brings together and harnesses the resources of the industry and government to ensure Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial services sector can continue to grow and prosper.