The Astana Financial Services Authority (AFSA) held the 2nd public discussion about the Astana International Financial Centre (AIFC) Legislation on 24 November 2017. The discussion was attended by Kazakhstan and international brokerage companies, banks, asset managers and Islamic financial companies.
AFSA CEO Mr. Stephen Glynn expressed his gratitude to the drafting team underlying that the, “AFSA together with legal advisers, Hogan Lovells and international experts have been working tirelessly to draft a bespoke legal and regulatory framework for the launch of the AIFC on 1st January 2018’.
Mr. Glynn stated that in August 2017 the AFSA presented and discussed the first tranche of AIFC financial services legislation namely the: Financial Services Framework Regulations, General Rules, Market Rules, Authorised Market Institutions Rules and Recognitions Rules. He said the legislation had been reviewed and approved by the AFSA Board of Directors and are waiting enactment by the Governor of the AIFC.
At the 2nd meeting the AFSA presented and discussed the: Conduct of Business Rules, Anti Money laundering and Counter -Terrorist Financing Rules, Collective Investment Scheme Rules, Recognition Rules, Auditor Rules, Fees Rules, Islamic Finance Rules and Prudential Rules for investment firms, insurance intermediaries and Islamic banking business, the list of qualification requirements to foreign citizens and stateless persons for the conduct of activities in the AIFC and the list of financial services of the AIFC participants exempted from corporate income tax.
Mr. Glynn said the rules were drafted based on international standards and practices of leading international financial centres and after being reviewed by the Legislative Committee of the AFSA Board would be considered by the AFSA Board of Director’s for their approval on December 10, 2017.
The participants expressed their interest in continuing the consultation process with the AFSA. The AFSA said they would conduct regular consultations in 2018 to provide a better understanding of the AIFC legal and regulatory framework.