AFSA grants relief measures to regulated firms to support its financial community

During this challenging period of COVID-19 pandemic, the Astana Financial Services Authority (AFSA) remains focused on its regulatory objectives to foster financial stability, promote market integrity, protect consumers and support financial markets in the AIFC.

AFSA is closely working with the regulated community to assess financial and economic impacts of the pandemic on operations of financial firms. Based on feedback received the AFSA has decided to grant relief measures to Authorised Firms in several areas in order to allow them to prioritize their business and operational issues during the times of disrupted economic activities. These measures include:

• Extension of the deadlines for submission of reports by Authorised Firms.
• Suspension of the deadlines for implementing recommendations by Authorised Firms and Ancillary Service Providers, that are due to expire during the State of Emergency in the Republic of Kazakhstan. Instead, these firms will be required to report to the AFSA on implementation of the recommendations within 30 calendar days after the end of the State of Emergency in the Republic of Kazakhstan or until provision of further instructions.
• Extension of the time period required by provision 3.4.2 (a) of MAR for making market disclosure by Reporting Entities in relation to its annual financial report at the latest on 1 September 2020.
• Suspension of the requirements envisaged in section 13.7. of AML Rules to submit Annual AML Return for 2019 until 30 calendar days after the end of the State of Emergency for all Ancillary Service Providers that are subject to AML regulation.

These efforts are designed to respond to the impacts and challenges raised by COVID-19. AFSA remains open to constant engagements with the regulated community to ensure financial stability and consumer protection.

Full texts of the notices are published here (link to notices).