AFSA becomes a signatory of IOSCO Enhanced Multilateral Memorandum of Understanding concerning cross-border enforcement cooperation

Nur-Sultan, Kazakhstan – the Astana Financial Services Authority (AFSA) has become a signatory to the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU).

The decision came on margins of the Annual Meeting of IOSCO held virtually this year from 9 to 18 November 2020. In particular, the AFSA became signatory to Appendix A2 (ACF powers), which allows AFSA to perform cross-border enforcement cooperation in asset freezes to protect consumers, obtaining compelled testimony and exchange of audit papers.

The EMMoU is the global benchmark for international cooperation in the enforcement of securities and derivatives laws and regulations, which supplements the MMoU adopted in 2002. The first MMoU adopted in 2002 has created a global framework for international cross-border cooperation and exchange of information among securities regulators. However, in response to an increased sophistication of capital markets functioning and latest technological developments the IOSCO has adopted the Enhanced MMoU in 2016. Signatories of the EMMoU agree to provide each other with new forms of assistance in cross-border enforcement cooperation, such as obtaining asset freezes to protect consumers, obtaining compelled testimony, exchange of audit papers etc. More information about the EMMoU can be found here.

AFSA is the first regulator in the region of Central and Eastern Europe, Central Asia and Caucasia to become a signatory to the EMMoU. AFSA is committed to continue its work on enhancing best world’s practice and foster greater cross-border enforcement cooperation and assistance among securities regulators.

Mukhtar Bubeyev, Chief Executive Officer of the AFSA, said: “It is important for us to sign the IOSCO’s Enhanced MMoU because we are committed and open to cross-border enforcement cooperation. Capital markets operate in a globalised and interconnected environment and we are convinced that through international cooperation and enforcement of securities laws we can preserve market integrity and protect consumers of financial services».