AFSA has changed requirements for obtaining license to carry on legal services
Amendments to the AIFC General Rules regarding requirements for obtaining a license to carry on legal services come into effect as of 1 July 2022. In addition, new concepts of “Legal Adviser” and “AIFC Legal Services Board” were introduced to the Glossary.
As per the new amendments, firms wishing to obtain the AFSA legal services license are required to register at least one employee with the AIFC Legal Services Board as a legal adviser.
On 3 May 2023, this requirement will also apply to existing registered AIFC participants who had obtained the AFSA legal services license prior to July 1, 2022.
These amendments are a part of the legal framework aimed at implementing a regulatory regime for legal services in the AIFC. The AIFC Legal Services Regulations were passed on May 3, 2022, and amendments were made to the AIFC General Rules, the AIFC Conduct of Business, and the Glossary, regarding obtaining and maintaining the AFSA license to provide legal services in the AIFC.
You can find more information via the following link: https://aifc.kz/legal-services-regulation/
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 1,400 firms from 64 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. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz
