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  • AFSA and Bulgarian Financial Supervision Commission agreed on cooperation
27 May, 2020 16:02

AFSA and Bulgarian Financial Supervision Commission agreed on cooperation

Astana Financial Services Authority (AFSA) and Bulgarian Financial Supervision Commission (FSC) have signed the Memorandum on cooperation in financial markets supervision, Strategy2050.kz reports with reference to the press service of the Astana International Financial Center.

AFSA and Bulgarian Financial Supervision Commission agreed on cooperation | Strategy2050.kz

The parties will exchange supervisory information and expand cooperation in the field of capital markets and insurance supervision. This will enable framework conditions for the development of the financial services between two jurisdictions. The regulators have agreed to supervise the operations of cross-border branches, representative offices and subsidiaries of financial enterprises in their respective jurisdictions.

This will ensure that head offices and head financial enterprises exercise adequate and effective control over the activities of their cross-border branches and subsidiaries. According to the signed document, AFSA and FSC will also help each other in ensuring continuous supervision of cross-border organizations on a consolidated basis.

“The signed document is another important step towards expanding cooperation between our institutions. It will contribute to the development of the financial markets in both countries by improving the mechanisms for the exchange of information and regulatory experience”, Mukhtar Bubeyev, acting CEO of AFSA, stated.

“The goal set by both parties signing the Memorandum, is to establish a procedure for cooperation between the two institutions in the regulation and exercise of control over cross-border entities in the capital markets and the insurance sector. The Financial Supervision Commission pursues a policy of international partnership and cooperation in order to share good practices and exchange information. I do believe that the signed Memorandum of Understanding with the Financial Services Authority of the Astana International Financial Centre will be a prerequisite for creating the conditions for better supervision of the relevant markets and for end users’ security”, Boyko Atanasov, Chairman of the FSC, noted.
chronicle 2050

SMEs will make up at least 50% of the GDP

abour productivity will reach up to $126 000 and 3 to 6 y.o. kids will have 100% access to pre-school education in Kazakhstan.

Kazakhstan will fully satisfy its own market of POL in compliance with the new environmental standards

The share of non-primary exports in total exports will double and triple by 2040

Transition to Latin graphics will commence

95% of the population will speak Kazakh

15% of the area under cultivation will make use of water-saving technologies.

The issue of providing water for irrigation will be resolve

GDP per capita will stand at $60 000

The urban population will represent 70% of the total population in Kazakhstan