AFSA

06 October 2023 08:04:12

The Guidance clarifies principles and framework under which authorisation to perform the activities that are regulated under the AIFC Financial Services Framework Regulations are required.

The Guidance may be of interest to potential applicants for a licence and existing licence holders who seek modifications to the licence.

In addition to the regulatory perimeter, the Guidance contains provisions on the AIFC currency perimeter, which sets boundaries for offering services to the residents of the Republic of Kazakhstan and is regulated by the AIFC Rules on Currency Regulation and Provision of Information on Currency Transactions in the AIFC.

The Guidance includes the following chapters:

1. Introduction – This chapter gives introduction on the application, purpose, overview and status of the Guidance, brief description on the acting Law of the AIFC, terms of updating the Guidance, defined terms and list of general guidance to be found in the Guidance;
2. Authorisation (Getting Regulated) – This chapter contains several big sections with description of general requirements and provisions related to becoming regulated by AFSA.

• Financial Promotion and Communication – This chapter describes AFSA’s approach to financial promotion, gives examples of communications to be considered as financial promotion;

1. Currency Regulation – This chapter outlines the currency regulatory perimeter, currency residency, services and transactions of the AIFC participants and reporting on them;
2. Unregulated Activities – This chapter gives brief guidance about AFSA’s approach to unregulated activities;
3. Miscellaneous – This chapter gives guidance on certain AML and CFT requirements applicable to firms if their activities constitute them being Designated Non-Financial Business and Profession.

The full Guidance is available at this link.