AFSA introduces enhancements to the AIFC Credit Rating Agencies framework
The Astana Financial Services Authority (AFSA) has introduced enhancements to the Credit Rating Agencies (CRA) framework in the Astana International Financial Centre (AIFC). Following international practices and the analysis of feedback received from the market, enhancements consider transitioning of CRAs to the Regulated Activities regime. This shift in the regulatory status carries several positive implications and considerations, such as the potential impact on CRAs’ perception by the market and enhance their credibility while signalling to investors, regulators, and market participants that they meet higher regulatory standards.
This transition significantly changes the regulatory landscape for CRAs in the AIFC by intensified regulatory oversight in line with international standards and practices and stricter requirements imposed on CRAs.
The introduced enhancements to the CRAs framework are applicable to both new applicants and existing AIFC CRAs.
The commencement date for the framework is 1 January 2025. A twelve-month transition period is set to implement the relevant requirements for the current CRAs.
The relevant amendments to the AIFC General Rules, AIFC Conduct of Business Rules, AIFC Anti-Money Laundering and Counter-Terrorist Financing and Sanctions Rules, AIFC Glossary, AIFC Fees Rules are published on the AIFC website.
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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 3,500 firms from over 80 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]
