AFSA has eased requirements relating to Representative offices in AIFC

Astana Financial Services Authority (AFSA) has simplified supervisory requirements for Authorised Firms carrying on Regulated Activity of Operating a Representative Office.

The liberalisation of the supervisory measures for the Representative Office relate to the waiver of the following requirements:

(1) residency requirement for a Principal Representative;

(2) mandatory appointments of Approved and Designated Individuals;

(3) applicability of the AIFC AML Rules.

These measures are intended to ease supervisory requirements and allow Representations to focus on marketing of services and products in the AIFC. This will improve the overall conditions and environment for operating of the Representative Offices in the AIFC, facilitate establishment in the Centre and development of business. Accordingly, Representations will face rather simplified authorisation and risk-based supervision processes.

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

In case of further inquiries please feel free to contact AFSA Communications team at [email protected].