National Plan - 100 concrete steps

How will be financial services of AIFC regulated

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As everyone knows, the international financial center “Astana” (AIFC) will start operating in Astana in the nearest future, but not many people know that financial services of the AIFC will be regulated by the AIFC Financial Services Regulatory Committee (AFSA). More detailed information was provided by CEO of the AIFC Financial Services Regulatory Committee (AFSA) Stephen Glynn in an interview with IA "Strategy2050.kz".
Astana city25 September , 16:47

"The AFSA is an integrated regulator of all financial and ancillary services offered by the Astana International financial center (AIFC). The AFSA is a prudential regulation and regulator of doing business based on international regulatory standards developed by the international regulators, such as the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision (Basel), the Organization for Economic Cooperation and Development (OECD), the Financial Action Task Force (FATF), the accounting and auditing organization for Islamic financial institutions (AAOIFI), the Islamic Financial Services Board (IFSB), the International Accounting Standards Board, as well as the International Auditing and Assurance Standards Board (IAASB)", S. Glynn explained.

He noted that the main mission of the AFSA is to regulate financial services by providing a regulatory framework and investor safety.

"The vision, mission and values ​​of the AFSA are to become a globally respected regulator of financial services and markets in Eurasia, providing a regulatory framework that will demand high standards of behavior, inspire innovation and confidence, and create an equitable and safe environment in which investors are confident, trusting their business. The mission of the AIFC is to provide a regulatory environment in which financial markets and capital markets are fair and transparent, and individuals and institutions act in good faith. Also, the AIFC intends to become a “beacon” of ethics, being transparent, fair, responsible, acting impartially, with honesty and professionalism", S. Glynn said.

As he noted, the AFSA is an independent financial regulator of the AIFC, regulating providers of financial and ancillary services. As an integrated regulator, the AFSA will coordinate a wide range of financial services, namely the management of the well-being of individuals, asset management and maintenance, investments, securities, capital markets, insurance, new financial technologies such as crypto currency that go beyond the general regulatory framework.

"The types of firms that will provide the above financial services include investment exchanges, clearing houses, banks, brokers, dealers, collective investment funds, Islamic financial institutions, reinsurers and insurance brokers, investment funds and FinTech companies (registered in the AIFC FinTech companies)", the Head of the AFSA added.

In addition, he noted that the AFSA will also license and regulate support services that support financial markets and capital markets.

"In particular, the AFSA will also be the corporate regulator of the AIFC, providing, monitoring, applying global standards of corporate governance. In many ways, the AFSA will be a regulator with similar responsibilities to the Australian Securities and Investment Commission (ASIC), which is also a regulator of corporate and financial services. Unlike the ASIC, AFSA's responsibilities will also extend to prudential regulation", S. Glynn said.

In addition, the AFSA will be a regulator based on principles and risks, setting standards or principles of conduct that all authorized persons must follow.

"For example, authorized persons must observe high standards of honesty, act professionally, with care and diligence, pay due attention to the interests of their clients and be open, cooperate with the regulator. Risk-based regulation means that the AFSA will only apply its resources to those activities that pose the greatest risk to consumers, the financial services industry, markets and the AFSA. Risk-based regulation assumes that the cost and timing of regulation should be proportionate to the benefits", S. Glynn explained.

 

Kairat Zhandybayev




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