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AFSA becomes a signatory of IOSCO Enhanced Multilateral Memorandum of Understanding concerning cross-border enforcement cooperation

23 November 2020 10:57

NUR-SULTAN. KAZINFORM The Astana Financial Services Authority (AFSA) has become a signatory to the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU), Kazinform reports.

The decision came on margins of the Annual Meeting of IOSCO held virtually this year from 9 to 18 November 2020. In particular, the AFSA became signatory to Appendix A2 (ACF powers), which allows AFSA to perform cross-border enforcement cooperation in asset freezes to protect consumers, obtaining compelled testimony and exchange of audit papers.

The EMMoU is the global benchmark for international cooperation in the enforcement of securities and derivatives laws and regulations, which supplements the MMoU adopted in 2002. The first MMoU adopted in 2002 has created a global framework for international cross-border cooperation and exchange of information among securities regulators. However, in response to an increased sophistication of capital markets functioning and latest technological developments the IOSCO has adopted the Enhanced MMoU in 2016. Signatories of the EMMoU agree to provide each other with new forms of assistance in cross-border enforcement cooperation, such as obtaining asset freezes to protect consumers, obtaining compelled testimony, exchange of audit papers etc. More information about the EMMoU can be found here.

AFSA is the first regulator in the region of Central and Eastern Europe, Central Asia and Caucasia to become a signatory to the EMMoU. AFSA is committed to continue its work on enhancing best world’s practice and foster greater cross-border enforcement cooperation and assistance among securities regulators.

Mukhtar Bubeyev, Chief Executive Officer of the AFSA, said: «It is important for us to sign the IOSCO’s Enhanced MMoU because we are committed and open to cross-border enforcement cooperation. Capital markets operate in a globalised and interconnected environment and we are convinced that through international cooperation and enforcement of securities laws we can preserve market integrity and protect consumers of financial services».

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorization, registration, recognition and supervision of financial firms and market institutions in the AIFC.

www.afsa.kz

The Astana International Financial Centre was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the «100 steps to implement five institutional reforms» national program.

The Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020.

In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.

The mission of the AIFC is in assisting the sustainable and long-term development of the region. As the head of state Tokayev noted, «AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.»

The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and «digital financial centre.»

https://aifc.kz/

The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. www.iosco.org


Keywords: Economy,
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