AFSA, NBK ink Assistance and Cooperation Agreement
The Agreement will provide for formal cooperation arrangements, including the exchange of information and assistance in performing supervisory functions. In particular, it allows the exchange of information to fulfill the tasks assigned to regulators and provides for the creation of mechanisms to discuss issues of mutual interest.
The agreement will serve as a strategic platform for establishing and expanding cooperation in various fields in order to stimulate the growth of the financial services sectors.
AIFC pursues objectives for the development of the securities market, insurance and banking services, Islamic finance and FinTech. Effective cooperation with the National Bank of Kazakhstan is an important priority for the AFSA. It is expected that cooperation with the National Bank of Kazakhstan will allow the two regulators to perform their functions more effectively.
It is to be recalled that the Astana International Financial Centre (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.
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 AIFC. The AIFC Regulations and Rules provides for the authorization, registration, recognition, and supervision of financial firms and market institutions.
The National Bank of the Republic of Kazakhstan (NBRK) is the central bank of the Republic of Kazakhstan and represents, within the limits of its authority, the interests of the Republic of Kazakhstan in relations with the central banks, banks of other countries, international banks and other finance-credit institutions. The primary goal of NBRK is to ensure the stability of prices in the Republic of Kazakhstan, promotion of the financial stability, and regulation, control, and supervision of the financial market and financial organizations.