The Astana Financial Services Authority has issued three consultation papers proposing amendments to the Astana International Financial Centre regulatory framework in asset management, financial technology and selected AIFC Rules. The package is aimed at updating the framework in response to market developments and emerging risks, with proposed changes covering collective investment schemes, the FinTech Lab regime, captive insurance, client asset protection and Islamic finance. In asset management, the proposals would revise the collective investment scheme framework by creating a dedicated hedge fund category within the Specialist Funds regime, updating rules for private equity funds, umbrella funds and fund of funds, and clarifying guidance for exchange traded funds and single family office funds. They would also add investment trusts as a vehicle for establishing a collective investment scheme in the AIFC, clarify the regulatory treatment of units, and address operational and investor protection issues. In fintech, the consultation would revise FinTech Lab eligibility criteria, merge the pre-application and application stages, allow authorised persons to enter without a separate FinTech Lab licence subject to engagement with AFSA, raise testing limits including enhanced limits tied to knowledge, experience and qualification assessments, and clarify business commencement, licensing and exit requirements. The targeted AIFC Rules amendments would define "Group" for captive insurers and clarify captive insurance business, strengthen client asset safeguarding through enhanced protection, external audit and crisis preparedness requirements, clarify the treatment of Restricted Profit-Sharing Investment Accounts including accounting standards, segregation and reporting, and expand the recognized list of Islamic financial contracts. AFSA is accepting comments on the proposals until 15 September 2026 and said it will review responses before deciding whether to adjust the amendments.

Original source Back to tracker