Astana Financial Services Authority introduces fast-track authorisation for firms from recognised regulatory regimes

The Astana Financial Services Authority has introduced a fast-track authorisation process for financial firms already licensed and supervised under regulatory regimes it considers acceptable. Eligible firms may submit a reduced application package, with the assessment taking account of their licensing status, regulatory history and track record. Certain matters may be addressed through post-authorisation supervision on a risk-sensitive basis. The initial list covers the UK Financial Conduct Authority, Australian Securities and Investments Commission, Monetary Authority of Singapore, Hong Kong Securities and Futures Commission, Hong Kong Monetary Authority, Abu Dhabi Global Market Financial Services Regulatory Authority, Dubai Financial Services Authority and Qatar Financial Centre Regulatory Authority. The process applies to activities including investment dealing and management, collective investment schemes, fund administration, advisory and arranging services, custody, representative offices and credit facilities. Firms may enter through a subsidiary, branch or representative office, subject to applicable requirements. The measures affect authorisation only and do not limit the authority’s supervisory or enforcement powers. The authority may request additional information, conduct further assessments or move an application to the standard process where warranted by risk, and may amend or expand the list of acceptable regimes.