1. Name

These Regulations are the AIFC Payment System Settlement Finality Regulations 2017.

2. Date of enactment

These Regulations are enacted on the day they are adopted by the Governor.

3. Commencement

These Regulations commence on 1 January 2018.

4. Legislative Authority

These Regulations are adopted by the Governor under article 4 of the Constitutional Statute and subparagraph 3) of paragraph 9 of the Management Council Resolution on AIFC Bodies.

5. Application of these Regulations

These Regulations apply within the Jurisdiction of the AIFC.

6. Interpretation

Schedule 1 contains definitions and other interpretative provisions used in these Regulations.

7. Object of these Regulations etc.

(1) The object of these Regulations is to provide the process for and in relation to, and the effects of, the designation of payment systems in the AIFC, having particular regard to the importance of payment systems to the monetary and financial stability of the AIFC and the Republic of Kazakhstan and to the functioning of the AIFC as an international financial centre.

(2) The Functions of the AFSA under these Regulations will be Exercised:

• (a) to promote the maintenance of a sound and efficient financial system in the AIFC; and
• (b) to avoid the risk of significant damage to the financial system in the AIFC that could result from the Failure of a participant in a Designated Payment System.