Astana Financial Services Authority introduces fees for supervision, late filings and change of key individuals in firms, effective 1 May 2022
On 1 May 2022 the AFSA introduced fees for participants for supervision, late filings and for when firms change key individuals. These changes are stipulated in the AIFC Fees Rules and are introduced following a four-year grace period in order to allow firms in the AIFC to properly commence their operations. The relating Consultation paper was published on the AFSA website for public consultation and the last date for comments was 29 April 2022.
The fees will apply to several categories of participants, namely firms that carry on regulated activities, that is those involving the provision of financial services; financial institutions; ancillary service providers; and FinTech companies. Amounts of fees are accessible in the AIFC Fees Rules via this link (AIFC Fees Rules).
Supervision fees are a common market practice in many international jurisdictions, including Dubai, Abu-Dhabi, Qatar, Singapore, Hong Kong, London and other global financial centres. AFSA benchmarked the supervision fees to those charged in its peer international financial centres, while balancing the need to foster growth and financial stability in the AIFC.
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Over 1,300 firms from 63 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others.
The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz
Contact information:
Dina Teltayeva
+7 701 765 40 10
