BAKU, Azerbaijan, June 29
By Nargiz Sadikhova - Trend:
Kazakhstan’s Astana Financial Services Authority (AFSA) signed 17 Memorandums of Understanding with European securities regulators concerning cooperation in supervision of alternative investment fund managers (AIFM) under the European Union (EU) AIFM directive, Trend reports citing the AFSA.
These agreements set the framework conditions and represent new opportunities for AIFC fund managers to market and manage alternative investment funds, such as hedge funds, private equity and real estate funds to professional investors in relevant countries of EU, as well as for EU firms to manage or market alternative investment funds in the AIFC.
In view of growing globalization of the world’s financial markets and the increase in cross-border operations and activities of managers of alternative investment funds formalization of cooperation between AIFC and EU regulators will allow mutual assistance in the supervision of Managers of alternative investment funds, their delegates and depositaries that operate on a cross-border basis.
The signatories to MoUs with the AFSA include regulators from Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Greece, Ireland, Latvia, Liechtenstein, Lithuania, Malta, Poland, Portugal, Romania and Slovakia.
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorization, registration, recognition and supervision of financial firms and market institutions in the AIFC.