AFSA and Securities and Commodities Authority of UAE enters agreement to cooperate in capital markets

The Astana Financial Services Authority (AFSA) has signed a Memorandum of Understanding (MoU) with the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE). The purpose of the MoU is to enhance mutual cooperation and exchange of information between SCA and AFSA in the fields of general supervision and surveillance on securities markets and financial services companies operating in each jurisdiction. Formalisation of cooperation between AFSA and SCA will facilitate and support cross-border transactions between the capital markets of the Astana International Financial Centre (AIFC) and the United Arab Emirates.

The first business initiative between the AIFC and UAE that will be enabled through signing of this regulatory MoU is access of the Astana International Exchange (AIX), the investment exchange of the AIFC, to the Tabadul Digital Exchange Hub. It is a regional exchange hub, whose current participants are the Abu Dhabi Securities Exchange, Bahrain Bourse and Muscat Stock Exchange, established for purposes of providing mutual market access. Tabadul enables investors to trade directly on the onboarded exchanges through local authorised brokers.

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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 1,900 firms from 74 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 with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/  

Contact information:

Public Relations and Communications Division of AFSA:

+7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]