Kazakhstan, UAE agree to promote cooperation in exchange of best practices
BAKU, Azerbaijan, Jan. 28
By Nargiz Sadikhova - Trend:
Kazakhstan and the United Arab Emirates (UAE) agreed to promote cooperation in exchange of best practices, Trend reports with reference to Astana International Finance Center (AIFC).
Within the framework of the official visit of Kazakhstan’s President Kassym Jomart Tokayev to the UAE, which started on Jan. 27, the Astana Financial Services Authority (AFSA) and the Central Bank of the United Arab Emirates (CBUAE) have entered into a Memorandum of Understanding.
The parties agreed to promote cooperation in exchange of best practices, holding of mutual consultations, discussion of laws applicable in both jurisdictions, sharing of information between CBUAE and AFSA in performance of regulatory and supervisory functions in relations to cross-border establishments in their respective jurisdictions.
CBUAE is the Banking Supervisory and Monetary Authority of the UAE.
AFSA is the independent regulator of AIFC, which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Center” for the purposes of regulating activities related to financial services in AIFC. As such, AFSA administers the AIFC Regulations and Rules, which provides, among other things, for the authorization, registration, recognition and supervision of financial firms and market institutions.
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