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The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Astana Financial Service Authority of Astana International Financial Centre (AFSA-AIFC) have signed a Memorandum of Understanding (MoU) at the side of the Annual Conference of the International Organisation of Securities Commissions (IOSCO) held in Budapest.
The agreement enables both Authorities to further collaborate on joint initiatives and efforts to bolster the growth of the financial markets in Abu Dhabi and Kazakhstan.
It establishes a strategic platform for the FSRA and AFSA’s teams to share expertise and relevant information financial services legislation, regulation, and regulatory practices in each market and to facilitate cross-border group activities and supervision. The Authorities will also look into mutually beneficial projects and activities that develop human capital capabilities and foster greater growth in both of the financial markets.
Mr. Philippe Richard, Director of international affairs of FSRA of ADGM said: “This MoU marks an important development in our on-going engagement and collaboration with Astana International Financial Centre and its Regulatory Authority. Through closer collaboration and exchanging of expertise and experience, the two regulators will be able to support financial institutions seeking cross-border operations via both platforms and jurisdictions.”
Mr. Mukhtar Bubeyev, Chief Policy Officer of the AFSA said: “We are very pleased to strengthen our partnership with the FSRA by signing the Memorandum of Understanding. Our legal and regulatory frameworks have many synergies and the ADGM have been supporting our aspirations to establish an international financial centre”.
About the Astana International Financial Centre (AIFC)
The AIFC was established by the initiative of the President of Kazakhstan Nursultan Nazarbayev and operates as per the Constitutional Law “On the Astana International Financial Centre” dated December 2015. The AIFC aims at attracting investment into the Kazakh economy through the establishment of an attractive and business friendly environment for financial services and capital markets, including securities, insurance, banking and Islamic finance the Republic of Kazakhstan. www.aifc.kz
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre, a legal entity and statutory body of the Republic of Kazakhstan, 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 activities related to financial services in the Astana International Financial Centre (the ‘AIFC’). As such the AFSA administers the AIFC Regulations and Rules, which provides, among other things, for the authorization, registration, recognition and supervision of financial firms and market institutions.
