6. Appointment of the Relevant Authority

(1) The Relevant Authority is hereby appointed to administer the provisions of these Regulations in the AIFC.

(2) In exercising its powers under these Regulations, the Relevant Authority must act in an independent manner.

7. Objectives, functions and powers of the Relevant Authority

(3) In performing its functions and exercising its powers, the Relevant Authority must pursue the following objectives:

• (a) to promote good practices and observance of the requirements of these Regulations;
• (b) to administer these Regulations in an effective and transparent manner;
• (c) to prevent, detect and restrain conduct which is, or may be, in contravention of these Regulations;
• (d) to maintain reliable and up-to-date information for, and exchange information with, the Competent Authority, in accordance with these Regulations; and
• (e) to assist the Government in complying with its obligations under any international treaty or other agreement relating to the Common Reporting Standard to which the Republic of Kazakhstan is a party.

(4) The Relevant Authority has such functions and powers as are conferred, or expressed to be conferred, on it:

• (a) by or under these Regulations;
• (b) by the Acting Law of the AIFC;
• (c) by the Competent Authority or the Government; or
• (d) by or under any other applicable legislation.

(5) Without limiting the generality of subsection (2), such powers of the Relevant Authority include, so far as is reasonably practicable, powers to:

• (a) prepare or cause to be prepared draft Regulations or Rules;
• (b) adopt Rules prescribing matters:

(i) required or permitted by these Regulations; or

(ii) necessary or convenient to be prescribed for carrying out or giving effect to these Regulations;

• (c) draft any guidance reasonably required to enable the Relevant Authority to perform its statutory functions under these Regulations;
• (d) issue or prescribe forms to be used for any of the purposes of these Regulations;
• (e) issue or prescribe procedures and requirements relating to these Regulations; and
• (f) specify the method of delivery of information pursuant to these Regulations, whether by electronic or any other means.

(6) The Relevant Authority may prescribe the use of an electronic or computer based system for the filing or delivery of information or documents required under or governed by these Regulations, or as may be required by the Competent Authority pursuant to its duties under the Common Reporting Standard, and may specify the circumstances in which Persons are deemed to have signed or certified documents on an electronic or computer-based system for any purpose under these Regulations.

(7) The Relevant Authority has the power to do whatever it deems necessary for, or in connection with, or reasonably incidental to, the exercise and performance of its powers and functions inclusive of the power of delegation.

(8) Subject to subsection (7), neither the Relevant Authority nor any delegate or agent of the Relevant Authority can be held liable for anything done or omitted to be done in the performance of or purported performance of the functions of the Relevant Authority or in the exercise or purported exercise of any power or discretion of the Relevant Authority.

(9) Subsection (6) does not apply if the act or omission is shown to have been in bad faith.