1. In 2015 Astana was designated by the President of Kazakhstan as the location of the Astana International Financial Centre (“AIFC”). He stated the need to establish the AIFC on the base of the Expo-2017 infrastructure and to confer a special status on the AIFC. The AIFC participants, bodies and organisations will enjoy a special tax regime, special migration regime, special currency exchange regulation regime.
2. According to Article 2 of the Constitutional Statute of the Republic of Kazakhstan “On the Astana International Financial Centre” (the “Constitutional Statute”), the purpose of the AIFC is to establish a leading international centre for financial services. The objectives of the AIFC are as follows:
(1) attracting investment into the economy of the Republic of Kazakhstan by creating an attractive environment for investment in the financial services sphere;
(2) developing a securities market in the Republic of Kazakhstan and integrating it with international capital markets;
(3) developing insurance markets, banking services, and Islamic finance markets, in the Republic of Kazakhstan;
(4) developing financial and professional services based on international best practice;
(5) achieving international recognition as a financial centre.
3. Further development of the AIFC legislation requires the establishment of a comprehensive framework for provision of the full range of financial services in the AIFC. According to Article 2 of the Constitutional Statute, as mentioned above, one of the objectives of AIFC is developing a securities market in the Republic of Kazakhstan and integrating it with international capital markets.
4. In this regard, the AFSA as financial regulator of the AIFC strives to develop legislation for securities market in the AIFC by drafting and/or amending relevant AIFC Acts.