Registrar of Companies suspends the activity of the Representative Office of HITBEAT MUSIC INC. in the AIFC

The Registrar of Companies has suspended the activity of the Representative Office of HITBEAT MUSIC INC., which was registered in the AIFC as a Recognised Company (the “Recognised Company”) on 4 October 2021.

The suspension is made because the Registrar has grounds to believe that the Recognised Company has contravened a number of rules of the AIFC Acting Law, and its activity may harm the market.

According to Section 8 of the AIFC Companies Regulations, the Registrar may suspend the activity of the AIFC Participant on the Registrar’s own initiative, if the Registrar is satisfied that the AIFC Participant is likely to have contravened the AIFC Acting Law or considers it is necessary or desirable in the interests of the AIFC.

The Astana Financial Services Authority previously issued warnings concerning HITBEAT MUSIC INC twice in February and in July 2022. Both warnings were related to the fact that the company had released information in the public domain that risked misleading persons into believing that the company is authorised by AFSA to advice on or manage investments.

AFSA reminds consumers to exercise caution when dealing with firms claiming links with the AIFC who are soliciting investments without holding the relevant licence or authorisation from AFSA. The message from AFSA is for consumers to be careful, and only invest with authorised firms that are appropriately regulated by the AFSA.  It is important to note that the AIFC Participant status does not allow offering financial services without obtaining a licence for carrying on regulated financial activities from AFSA. It is also critical that consumers distinguish between an entity registered/incorporated within the AIFC from an entity that is authorised to carry on regulated activities or other permitted activities. Consumers are advised to check the status of authorisation on AFSA’s website at https://publicreg.myafsa.com/authorised/, and avoid dealing with firms not permitted by AFSA to carry out the activities they market.

Reference:

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.

Around 2,000 firms from 75 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]