For Press

29/05/2017

The Astana International Financial Centre (AIFC) established the Astana Financial Service Authority (AFSA)

Today, the first meeting of the Astana Financial Service Authority (AFSA) Board of Directors was held.

During the meeting of the Board of Directors, a number of key management decisions were adopted to ensure the functioning of the AFSA as an independent financial regulator of the AIFC. In addition, acts on the registration and accreditation of the AIFC participants were reviewed.

The Board of Directors includes highly professional specialists of international level with extensive experience in the financial sector and the regulation of financial markets, such as Angela Knight, former Chief Executive of the British Bankers' Association; Gregory Tanzer, former Secretary General of IOSCO; Masood Ahmed, President of the Center for Global Development; Akash Deep, Harvard University’s Senior Lecturer; Iain Saville, European Central Bank consultant.

The Board of Directors is the supreme body of the AFSA supervising the Executive Body and general management; it also determines the strategic directions of activity.

 

Reference:

Astana Financial Services Authority (AFSA) The AFSA is one of the bodies of the AIFC, which regulates financial services. The main goal of the AFSA – to ensure the stability of the financial system on the territory of the AIFC, as well as to ensure the functioning of financial markets on the AIFC site on the principles of transparency, fairness and efficiency. AFSA will carry out its activities in accordance with international standards established by such recognized international organizations as IOSCO, IAIS, BIS, etc., and the best international practice in the sphere of regulation and supervision of financial services and financial markets.

 

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 the 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, ensuring their integration with the international capital markets, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.