Astana International Exchange streamlines listing requirements
Astana International Exchange (AIX) has streamlined its Business Rules to better meet the needs of potential issuers and investors. In particular, the listing requirements now are broadly equivalent to the UKLA’s Standard listing requirements and requirements of most European Union jurisdictions. The amendments to the AIX Business Rules were approved by the AIX Board of Directors in April 2019 and by the Astana Financial Services Authority (AFSA) in May 2019.
These and other changes to the AIX Business Rules will reduce issuers’ costs, streamline listing procedures and speed up the process of document review. Other amendments and clarifications also affected the disclosure procedures, trading parameters of AIX trading system and disciplinary proceedings.
Tim Bennett, CEO of AIX, commented:
“We continue to work on enhancing our rules and procedures based on market feedback to create the most convenient conditions for issuers while providing investors with high standards of information disclosure especially in relation to corporate governance.”
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Astana International Exchange was created in 2017 within the AIFC development framework. AIX shareholders are: AIFC, GoldmanSachs, Shanghai Stock Exchange, Silk Road Fund and NASDAQ which provides AIX trading platform. Exchange operates within the regulatory environment familiar to international investors, in the English law jurisdiction. The Exchange has developed and fully operational trading infrastructure. An ecosystem of local and international brokers has been created. AIX successfully held IPO of NAC “Kazatomprom” JSC in November 2018. Polymetal international plc, large mining company, passed dual listing in April 2019. In addition, Eurobonds of the Ministry of Finance of the Republic of Kazakhstan and corporate bonds of “Kazakhstan Temir Zholy” JSC were placed on the AIX platform. The securities of “Shubarkol Komir” JSC and “TNC Kazchrome” JSC were added to the “pre-IPO” category. Two custodian banks are the members of the AIX Central Depository (AIX CSD), and over 60,000 investor accounts have been opened at AIX CSD. AIX is a member of the Federation of European and Asian Stock Exchanges. United Kingdom’s HM Revenue & Customs (HMRC) granted AIX with ‘recognized stock exchange’ status in January 2019. AIX CSD is a member of European Central Securities Depositories Association (ECSDA).
AIFC. The AIFC was established on the initiative of the first President of the Republic of Kazakhstan Nursultan Nazarbayev. In December 2015 President Nazarbayev approved the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre for financial services. The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with the international capital markets. www.aifc.kz
