AFSA discusses regulation requirements with authorised banks and investment firms of AIFC

Astana Financial Services Authority (‘AFSA’) has recently hosted an online workshop for banks and investment firms, registered in AIFC. The aim of the workshop was to provide an opportunity to discuss the expectations set out in the manuals for preparations of returns and build a shared understanding of what this looks like in practice.

As AFSA Director of Prudential Division Anuar Kaliyev comments: “we want to raise greater awareness and build an understanding of effective reporting of various prudential returns along with instructions for completing the regulatory forms”.

The workshop had been built around a set of guidelines and provided an opportunity for representatives of authorised banks and investment firms to learn from first-hand experience of the regulator. During the Q&A session the Prudential division had provided extra information and answered to questions from workshop attendees.

Feedback from the workshop participants has been very positive with industry welcoming the opportunity to engage directly with AFSA staff and many indicating that they wanted further similar interactions in the future.

Workshop participants noted that “the workshop for authorised banks and investments firms was well structured and gave both the financial community and the regulator an opportunity to discuss existing issues and to explore the possible ways in which the firms can fulfil their duties. One of the other main benefits of the workshop was the opportunity for participants to engage with each other and with the regulator on various issues. This is something that AFSA would like to develop with the participants of AIFC, to encourage and develop better communication between the regulator and the financial community generally”.