Alert: Impersonation of Jade Capital OEIC Ltd. and Circulation of a Falsified AFSA Licence

The Astana Financial Services Authority (“AFSA”) is issuing this alert following information received regarding individuals falsely presenting themselves as representatives of Jade Capital OEIC Ltd. and circulating a falsified licence purportedly issued by AFSA. 

These individuals have been soliciting members of the public with offers of financial services, and have been accepting client funds under the false representation that they operate as an Authorised Firm within the Astana International Financial Centre (“AIFC”). 

The AFSA confirms that the licence purportedly issued in its name and circulated by these individuals is falsified and has never been issued by the AFSA. As part of the Collective Investment Scheme structure under the AIFC framework, it is the Fund Manager – not the fund itself – that is required to hold a licence to carry out Regulated Activities. Jade Capital OEIC Ltd. is registered in the AIFC as an investment fund and does not hold a licence in its own right. All Regulated Activities are conducted by its Fund Manager.  

The AFSA warns the public to exercise utmost caution when dealing with entities claiming to provide financial services on the basis of an AFSA licence, and encourages the public to verify the status of any such entity through the Public Register, which contains information on all entities authorised and/or registered by the AFSA. 

Below is an example of a falsified license that is illegally presented to the public as issued by AFSA.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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. afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz

Public Relations and Communications Division of AFSA, [email protected]