AIFС Authority published Consultation Paper on the proposed amendments to AIFC Data Protection Regulations and AIFC Data Protection Rules. Deadline for providing comments is 31 December 2024 

The Astana International Financial Centre Authority (the “AIFC Authority”) has issued this Consultation Paper to invite public feedback and comments on the proposed amendments to AIFC Data Protection Regulations and AIFC Data Protection Rules (the “Amendments”).  

The purpose of the introduced amendments is to the AIFC is to align with and implement leading global practices on data protection, applying global standards that will encourage the adoption of new gold standards for processing and storing personal data in the AIFC. 

The proposed Amendments are particularly important because, as of today, all AIFC Bodies and AIFC-registered companies are subject to the AIFC Data Protection Regulations (DPR) and must comply with its requirements. These requirements are critical as they pertain to the processing of clients’ personal data and the sensitive personal data of employees. By enacting these Amendments, the AIFC aims to ensure a more robust and globally aligned framework that enhances compliance, protects individuals’ rights, and fosters trust in data management practices within the AIFC ecosystem. 

One of the introduced Amendments is expected to be well-received by AIFC Participants, as it proposes a reduction in the fees under the AIFC DP Rules. Specifically, the fee for submitting notifications under section 19(2) of the AIFC DP Regulations is proposed to be reduced by 50% for the period commencing on 1 January and concluding on 31 December 2025. This change aims to foster compliance culture, thereby making compliance with the data protection requirements more accessible and less burdensome. 

The proposals in this paper will be of interest to the current and prospective AIFC Participants, as well as all the AIFC Bodies and their organisations, individuals employed by AIFC Participants or AIFC Bodies, or individuals seeking to be employed by AIFC Participants or AIFC Bodies, as well as legal advisors, and, generally, to all interested in providing their feedback to the Amendments. 

We invite comments from interested stakeholders. 

The deadline for providing comments is 31 December 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal. 

AIFC Authority prefers to receive comments by email at [email protected], [email protected] .  

The Consultation paper may be found via this link: https://aifc.kz/legal-framework/open/