The Astana Financial Services Authority (AFSA), the independent regulator of the Astana International Financial Centre (AIFC), and the Securities and Exchange Board of India (SEBI), which regulates the securities markets in India, have entered into a Memorandum of Understanding (MoU) for mutual co-operation and technical assistance.
The agreement was signed on Dec.23, by AFSA Acting Chief Executive Officer Mukhtar Bubeyev and SEBI Chairperson Ajay Tyagi. The objective of the bilateral MoU is to strengthen cross border co-operation in the area of securities regulation.
This will facilitate mutual assistance, contribute towards the efficient performance of the supervisory functions, and enable effective enforcement of laws and regulations governing the securities markets.
Bubeyev welcomed the signing of the MoU, saying:
“The AIFC seeks to work and build partnerships with regulators in the Asian region to promote crossborder information sharing and cooperation on matters relating to financial services. We are very pleased to have signed this MoU with the Securities and Exchange Board of India and we look forward to building a strong relationship between our institutions.”
For his part, Tyagi said:
"We are pleased to sign this MoU with AFSA which will enhance bilateral co-operation between the authorities and would establish a stronger relationship with AIFC. With the markets increasingly becoming inter-connected and the financial entities operating globally, the MoU will be a valuable tool for cross-border co-operation. The MoU will also promote exchange of information for technical assistance and training needs, apart from facilitating cross-border investments.”
India's market watchdog has signed bilateral MoUs with securities regulators of a number of jurisdictions. SEBI is also a signatory to the Multilateral MoU of International Organization of Securities Commissions (IOSCO).
AFSA has also signed other bilateral agreements, Earlier in December, it entered into a MoU with the Polish Financial Supervision Authority (KNF). AFSA was launched on 1 January 2018. It is a regulator of both financial and non-financial services activities. It regulates Centre Participants carrying out financial and ancillary services and capital markets activities within the territory of AIFC.
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.
AFSA's vision iis to become a globally respected regulator of financial services in Eurasia that ensures a regulatory framework that requires high standards of behavior, inspires innovation development and creates a fair and safe environment to build confidence among investors and confidence in business. AFSA is also the regulator of companies registered by the AFSA that carry out non-financial services activities.