NOTICES

Notice

AFSA Notice № AFSA-O-EC-2024-2087 from 19 November 2024 on striking Branch of Alma Audit LLP in the AIFC off the Register

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Under Section 167 (4) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Branch of Alma Audit LLP in the AIFC (BIN 240541900534) off the Register.

FACTS AND MATTERS RELIED UPON

Pursuant to Section 167(1) of the AIFC Companies Regulations: the Registrar of Companies may strike the name of a Company off the Register: (a) if the Company is not conducting business or is not in operation.

The Registrar has a reasonable ground to believe that:

1) The Recognised Company is not in operation due to the Company’s filled application to be struck off the Register by the submitted resolution of shareholders;

2) Due to the technical issues in the system, the Recognised Company has been registered twice with another BIN 240541900534.

The proposed decision comes into effect within 14 from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-Q-OA-2024-0028 from 18 November 2024 on modification of the requirement to have a Fund Administrator under AIFC Collective Investment Scheme Rules

To	IPS Capital Ltd in relation to ITS Shariah ETF Fund OEIC PLC
Business Identification Number	230740900405
Permitted Activity	- Managing Investments - Managing a Collective Investment Scheme
The address of the Registered Office	55/23 Mangilik El, office 133, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of Table A is modified to the extent shown in the right-hand column of Table A, and the right-hand column of Table A applies to IPS Capital Ltd in relation to ITS Shariah ETF Fund OEIC PLC subject to conditions below. In this table, underlining indicates new text and striking through indicates deleted text; otherwise, the Rule remains unaltered.

TABLE A. Modified Rule

AIFC Act

Modified Rule

AIFC Collective Investment Scheme Rules,

Rule 8.2(a)

8.2. Requirement for Fund Administrator

(a) A Fund to which this chapter applies must have an Eligible Custodian ~~and a Fund Administrator, in both cases~~ acceptable to the AFSA. This is subject to the exception to appoint an Eligible Custodian contained in Rule 8.2(b) and Rule 8.2(e).

EFFECTIVE PERIOD

This notice comes into effect on the date of incorporation of the ITS Shariah ETF Fund OEIC PLC and remains in force for a period of 1 year or until the Fund’s assets under management reach 10,000,000 USD (whichever occurs first).

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-Q-OA-2024-0026 from 4 November 2024 on Suspension of the Licence of Kazakhstan Islamic Finance Company Ltd.

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Sections 98(1)(c) of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Kazakhstan Islamic Finance Company Ltd. (the “Firm”) No. AFSA-A-LA-2021-0031 dated 22 October 2021 until 1 November 2025 or further notice of the AFSA, whichever occurs first.

The suspension is made according to request and consent of the Firm.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE No. AFSA-Q-OA-2024-0025 from 4 November 2024 on Suspension of the Licence of Al Saqr Islamic Bank LTD.

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 (1) (c) of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Al Saqr Islamic Bank Ltd. No. AFSA-A-LA-2021-0006 dated 03 March 2021 until 1 June 2025 or further notice of the AFSA, whichever occurs first.

The suspension is made according to the request and consent of the Firm.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE № AFSA-A-NB-2024-0020 from 4 November 2024 on Class Modification for Low-Risk Financial Services Firms

To	Low-risk financial services firms as identified in the Policy Statement on the approach of the Astana Financial Services Authority to low-risk financial services firms (“low-risk financial services firms”)
Regulated Activity	Regulated Activities as identified in the Policy Statement on the approach of the Astana Financial Services Authority to low-risk financial services firms

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

1. The Rules specified in the left-hand column of Tables A and B are modified to the extent shown in the right-hand column of the Table A and B, and right-hand column of Tables A and B apply to the low-risk financial services firms under conditions below.

2. The Rules specified in the left-hand column of Table C are modified in relation to low-risk financial services firms to the extent shown in the right-hand column of the Table C and right-hand column of Table C apply to the low-risk financial services firms carrying on or seeking to carry on the Regulated Activities of Advising on Investments, Arranging Deals in Investments, Advising on a Credit Facility and Arranging a Credit Facility under conditions below.

3. In these tables, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

TABLE A – RULES MODIFIED

AIFC Act

Modified Text

AIFC Glossary, definition of “Governing Body”

The board of directors, Partners, committee of management, Controller(s) (natural person(s) only), Senior Executive Officer either individually or jointly with Controller(s) (natural person(s) only) or/and other Approved Individuals or/and Designated Individuals, or other governing body of an Undertaking.

TABLE B – RULES MODIFIED

AIFC Act

Modified Text

Rule 5.3.2. of AIFC General Rules

An Authorised Person’s Governing Body must comply with the requirements set out below:

(a) ~~the composition of~~ the Governing Body of an Authorised Person must reflect an adequately broad range of experience;

(b) the Governing Body must possess adequate ~~collective~~ knowledge, skills and experience in order to understand the Authorised Person’s activities and risks; and

(i) commit sufficient time to perform their functions on the Governing Body; and

(ii) act with honesty, integrity and independence of mind;

(iii) effectively assess and challenge, where necessary, the decisions of the senior management, if applicable, and oversee and monitor decision making.

TABLE C – RULES MODIFIED

AIFC Act

Modified Text

Rule 2.1.1.(1) of AIFC General Rules

Appointments to be filled by Approved Individuals

(1) Subject to (2) an Authorised Person must make the following appointments and ensure that they are held by one or more Approved Individuals at all times:

(a) Senior Executive Officer;

~~(b) Finance Officer;~~

(d) Money Laundering Reporting Officer.

Rule 6.3 (1) (a) of AIFC Prudential Rules for Investment Firms

6.3 Signing Returns

(1) A prudential return must be signed 2 ~~individual, and in each case:~~

~~(a) one of those individuals must be the individual approved to exercise the Finance Officer Function~~ at least by the Senior Executive Officer.

CONDITIONS

This notice is applicable provided that requirements and conditions under the Policy Statement on the approach of the Astana Financial Services Authority to low-risk financial services firms are met to the satisfaction of AFSA, including:

1) modifications under the Table A and B are applicable to low-risk financial services firms provided that the Controller(s) confirm their competence to oversee the management of a “low-risk financial services firm” within the AIFC and obtain approval for carrying on the Controlled Functions (paragraph 4.1. of the Policy Statement);

2) modifications under the Table C are applicable provided that low-risk financial services firms provide accountancy arrangements during the authorisation stage and thereafter.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-T-NB-2024-0009 from 24 October 2024 ON SUSPENSION OF THE LICENCE OF ASPAN PRIME CAPITAL LTD.

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Sections 98 and 100 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Aspan Prime Capital Ltd. (the “Firm”) No. AFSA-A-LA-2024-0003 dated 23 January 2024 for a period of one year.

The suspension is made according to request and consent of of the Firm.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 1 October 2025 or further notice of the AFSA.

INTERPRETATION

AFSA NOTICE No. AFSA-N-NB-2024-0010 from 18 October 2024 ON WAIVER (ITS CSD)

To	ITS Central Securities Depository Limited
Business identification number	240440900248
Permitted Activity	- Operating a Clearing House - Providing Custody
The address of the Registered Office	010016, Astana, Esil district, 16 Dostyk,office 2

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

With regard to the waiver application submitted by ITS Central Securities Depository Limited (“ITS CSD”), the decision was made that Rule 2.5.4 (a) of the AIFC Authorised Market Institution Rules (AMI) shall not apply to ITS CSD regarding the requirement for Business Rules to be made available for market consultation for no less than 30 days, as specified in the right-hand column of Table A.

Pursuant to AMI 2.5.5., the AFSA may waive or modify the requirement for market consultation in AMI 2.5.4 (a) where it considers it necessary or desirable to do so, including but not limited to, cases of emergency, force majeure, typographical errors, minor administrative matters, or to comply with applicable laws.

Table A. WAIVED AIFC RULE

AIFC Act

Waived Rule

AIFC AUTHORISED MARKET INSTITUTION RULES,

Rule 2.5.4.(a)

2.5.4 Amendment of rules

Any amendment to an Authorised Market Institution's Business Rules must, prior to the amendment being effective, be:

(a) made available for market consultation for no less than 30 days; and

CONDITIONS

This Notice will be applicable solely to the ITS CSD Business Rules amendments approved by AFSA on 18 October 2024. Any further amendments to the Business Rules of ITS CSD will be subject to Rule 2.5 of the AMI Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA NOTICE № AFSA-T-NB-2024-0007 from 08 October 2024 ON MODIFICATION (SkyBridge Invest JSC)

To	SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC" in relation to SBI Lazard Select Fund Open-Ended Investment Company Plc
Business Identification Number	181141900093
Permitted Activity	-Dealing in Investments as Principal -Dealing in Investments as Agent -Managing Investments -Managing a Collective Investment Scheme -Advising on Investments -Arranging Deals in Investments
The address of the Registered Office	55/21 Mangilik El Ave, office 146, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right hand column of the Table A and right hand column of the Table A apply to the “Branch of SkyBridge JSC in the AIFC” that intend to invest in sub-funds of the funds, which are structured as umbrella funds.

In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

TABLE A. Modified Rules

AIFC Act

Modified Text

AIFC Collective Investment Scheme Rules,

Rule 2.4-1.(b)(i) (E)

2.4-1. Other Specialist Funds

The following types of Funds are considered as other Specialist Funds for purposes of CIS 2.4.(b)(v):

(…)

(b) A Fund of Funds, which is a Fund where:

(i) A Fund Manager of a Fund of Funds may not invest in:

(A) another Fund of Funds; and

(B) a Feeder Fund; and

(D) any Fund which is dedicated to investment in a single Fund or in a single investment trusts; and

~~(E) any Sub-Fund of an Umbrella Fund or Sub-Fund of any other Fund which is equivalent to a Fund within (A) to (E);~~

EFFECTIVE PERIOD

This notice comes into effect on the date of incorporation of the SBI Lazard Select Fund Open-Ended Investment Company Plc and remains in force until it is revoked by AFSA or further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-Q-OA-2024-0019 from 30 September 2024 on Class Modification (Annex 2)

CLASS MODIFICATION NOTICE

To	Authorised Firms licensed to carry out the Regulated Activity of Providing Islamic Financing
Regulated Activity	Providing Islamic Financing

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The AFSA Notice No. AFSA-Q-OA-2023-0007 dated 07.06.2023 on Granting Class Modification to Islamic Banks and Islamic Financing Companies is replaced by this notice in relation to Islamic Financing Companies.

The Rule specified in the left hand column of Table A herein do not apply to the Islamic Financing Companies in the form appearing in the AIFC Islamic Banking Business Prudential Rules (IBB) but instead applies as modified in the right hand column of Table A.

In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

Reference to the relevant Acts

Modified Rule/Regulation

AIFC Islamic Banking Business Prudential Rules,

Rule 4.7(c)

Rule 4.7 Base Capital Requirement

The Base Capital Requirement is:

…

“Point A” from its authorisation:

(i) in case if only own funds are used – USD 100,000;

(ii) in case if not only own funds are used - USD 500,000;

“Point B” from 18th month of its authorisation:

(i) in case if only own funds are used – USD 500,000;

(ii) in case if not only own funds are used - USD 1,000,000;

“Point C” from 24th month of its authorisation:

(i) in case if only own funds are used – USD 1,000,000;

(ii) in case if not only own funds are used - USD 1,500,000;

“Point D” from 36th month of its authorisation:

(i) in case if only own funds are used – USD 2,000,000;

(ii) in case if not only own funds are used - USD 2,000,000;

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 30 September 2029.

This notice is applicable to Islamic Financing Companies, authorised before the 1^st October 2024 and such Islamic Financing Companies may use the modified Base Capital Requirement starting from “Point A” since 1^st October 2024 and must follow the required gradual increase of Base Capital Requirement set by this notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-T-OA-2024-0109 from 16 September 2024 On modification of the requirement to have a Fund Administrator under AIFC Collective Investment Scheme Rules

Annex 1 to the ORDER of the Chief Executive Officer

of the Astana Financial Services Authority (“AFSA”)

MODIFICATION NOTICE

To	IPS Capital Ltd in relation to ITS World ETF Fund OEIC PLC
Business Identification Number	230740900405
Permitted Activity	- Managing Investments - Managing a Collective Investment Scheme
The address of the Registered Office	55/23 Mangilik El, office 133, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of Table A is modified to the extent shown in the right-hand column of Table A, and the right-hand column of Table A applies to IPS Capital Ltd in relation to ITS World ETF Fund OEIC PLC subject to conditions below. In this table, underlining indicates new text and striking through indicates deleted text; otherwise, the Rule remains unaltered.

TABLE A. Modified Rule

AIFC Act

Modified Rule

AIFC Collective Investment Scheme Rules,

Rule 8.2(a)

8.2. Requirement for Fund Administrator

EFFECTIVE PERIOD

This notice comes into effect on the date of incorporation of the ITS World ETF Fund OEIC PLC and remains in force for a period of 1 year or until the Fund’s assets under management reach 10,000,000 USD.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-N-OA-2024-0016 from 16 September 2024 for ITS

To	International Trading System Limited (ITS)
Business identification number	230140900295
Permitted Activity	Operating a Multilateral Trading Facility Operating a Clearing House Providing Money Services
The address of the Registered Office	010016, 16, Dostyk st., office 2, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of Table A is modified to the extent shown in the right-hand column of Table A and the right-hand column of Table A applies to the above mentioned Person, who intends to become an Authorised Market Institution Member, under the certain conditions set by this notice.

In Table A, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

TABLE A – RULES MODIFIED

AIFC Act

Modified Text

AIFC Authorised Market Institutions Rules,

Rule 2.6.1.(1)

2.6.1. Persons eligible for Membership

(1) An Authorised Market Institution, may only admit as a Member a Person who satisfies admission criteria set out in its Membership Rules and who is either:

(a) an Authorised Firm ~~whose Licence permits it to carry on the Regulated Activities of Dealing in Investments~~;

(b) a Recognised Non-AIFC Member;

(c) Person intending to deal in Commodity Derivatives or Environmental Instruments who meets the criteria in GEN 1.1.14; or

(d) A Person not referred to in (a), (b), or (c) with access to the facility, on which Security Tokens are traded or cleared or both traded and cleared, in respect of their trading or clearing of Security Tokens only.

CONDITIONS

The scope of ITS Membership will be limited to proprietary trading for the purpose of executing client orders only by ITS trading (clearing) members.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA NOTICE No. AFSA-Q-EC-2024-0042 from 9 September 2024 on Licence Withdrawal (Cashdrive)

Dear Mr. Gennadiy Kim,

Having considered the official application of CASHDRIVE Ltd. (the “Company”) to withdraw a Licence to carry on Regulated Activities dated 12 August 2024 and supporting documents to it, the AFSA informs you of its decision to approve the withdrawal of the Licence of the Company #AFSA-A-LA-2021-0023 dated 2 September 2021 in accordance with Section 98 of the AIFC Financial Services Framework Regulations.

Following the decision above, the statuses of the following Approved Individuals are withdrawn, and Designated Individuals are removed:

- Gennadiy Kim, Senior Executive Officer, Director;

- Aidin Vakhidov, Finance Officer;

- Dina Aitkulova, Compliance Officer;

- Eduard Li, Risk Manager;

- Almagul Byrkitbayeva, Internal Audit manager.

This Notice comes into effect on the date of issue and the information on withdrawal of the Licence of the Company will be reflected in the Public Register on the AFSA’s official website.

Valikhan Gusmanov

Chief Supervision Officer

Astana Financial Services Authority

AFSA NOTICE № AFSA-N-NB-2024-0009 from 8 August 2024 ON MODIFICATION (Unsponsored listing)

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In order to develop the AIFC’s capital market and expand financial instruments on the authorised investment exchange, the Acts specified in the left-hand column of Table A are modified to the extent shown in the right-hand column of the Table A, and the right-hand column of the Table A applies to the Members of an Authorised Investment Exchange with regard to the admission of Securities to an Official List of Astana International Exchange Limited without the consent of the issuer (Unsponsored listing).

TABLE A– RULES MODIFIED:

In this table, underlining indicates new text, otherwise the Act remains unaltered.

AIFC Act

Modified Rule/Regulation

AIFC

Authorised Market Institution Rules, Rule 3.6.5 (1)

3.6.5 Application for admission of Securities or Units in a Listed Fund to an Official List

(1) Applications for the admission of Securities or Units in a Listed Fund to an Official List must be made by the issuer of such Investments, or by a third party on behalf of and with the consent of the issuer of such Investments. This is subject to the exception for the admission of Securities to an Official List segment intended for Securities to trading only without the consent of the issuer of such Securities made by the Member of an Authorised Investment Exchange in accordance with the Listing Rules of the Authorised Investment Exchange.

AIFC

Authorised Market Institution Rules, Rule 3.6.6

3.6.6. Undertaking to comply with AIFC rules

An Authorised Investment Exchange may not admit Securities or Units in a Listed Fund to an Official List unless the issuer of such Investments, except Securities sought to be admitted to an Official List segment intended for Securities to trading only without the consent of the issuer of such Securities in accordance with Listing Rules of the Authorised Investment Exchange:

(a) gives an enforceable undertaking to the AFSA to submit unconditionally to the jurisdiction of the AFSA in relation to any matters which arise out of or which relate to its use of the facilities of the Authorised Market Institution, including but not limited to requirements in MAR relating to Reporting Entities;

(b) agrees in writing to submit unconditionally to the jurisdiction of the AIFC Courts in relation to any disputes, or other proceedings in the AIFC, which arise out of or relate to its use of the facilities of the Authorised Market Institution;

(c) agrees in writing to subject itself to the AIFC laws in relation to its use of the facilities of the Authorised Market Institution; and

(d) appoints and maintains at all times, an agent for service of process in the AIFC and requires such agent to accept its appointment for service of process.

AIFC Financial Services Framework Regulations, Section 81

81. Definition of Reporting Entity

A Person is a Reporting Entity if the Person:

(1) has Securities or Units admitted to an Official List except Securities admitted to an Official List segment intended for Securities to trading only without the consent of the issuer of such Securities in accordance with Listing Rules of the Authorised Investment Exchange.

(2) is the Fund Manager of a Listed Fund; or

(3) is declared by the AFSA to be a Reporting Entity.

AIFC

Market Rules, Rule 1.2.2

1.2.2. Exempt Securities

(1) An Authorised Investment Exchange may admit Securities to trading, and permit the offer of Securities (admitted or sought to be admitted to the Official List) in or from the AIFC, without a Prospectus, if such Securities satisfy one or more of the conditions specified below:

[……………………….]

(n) Securities already admitted to trading on another Regulated Exchange, where:

(i) the Person requesting the admission to trading of the Securities under this exemption is a Member of the Authorised Investment Exchange;

(ii) the ongoing disclosure obligations of the Issuer are equivalent to all relevant market disclosure requirements of the AFSA and the Authorised Investment Exchange on which Securities are sought to be admitted to the Official List;

(iii) the Person requesting the admission to trading of the Securities makes available to the public an information which states where the most recent Prospectus can be obtained and where the financial information published by the Issuer pursuant to its ongoing disclosure obligations is available; and

(iv) the Person requesting the admission to trading of the Securities complies with all relevant requirements of the Authorised Investment Exchange on which Securities are sought to be admitted to the Official List

AIFC

Market Rules, Rule 2

2. GOVERNANCE OF REPORTING ENTITIES

Guidance: Definition of Reporting Entity

Section 81 of the Framework Regulations provides:

A Person is a Reporting Entity if the Person

(a) has Securities or Units admitted to an Official List, except Securities admitted to an Official List segment intended for Securities to trading only without the consent of the issuer of such Securities in accordance with Listing Rules of the Authorised Investment Exchange.

(b) is the Fund Manager of a Listed Fund; or

AIFC

Market Rules, Rule 2.1(3)

2.1. Application

(3) Under AMI 3.2.3 and 3.6.6 a Person who seeks to have Securities admitted to trading on an Authorised Investment Exchange and/or the Issuer of Securities admitted to an Official List maintained by an Authorised Investment Exchange must give enforceable undertakings to the AFSA to submit unconditionally to the jurisdiction of the AFSA in relation to any matters which arise out of or which relate to its use of the facilities of the Authorised Market Institution, including but not limited to requirements in MAR relating to Reporting Entities.

EFFECTIVE PERIOD

This notice shall become effective as of the date of signing and shall remain in force until further instructions from the AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalization of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalization of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-O-EC-2024-1714 from 01 August 2024 on Waiver (SBI Lazard)

WRITTEN NOTICE ON THE WAIVER

To	SBI Lazard Select Fund Open-Ended Investment Company Plc
Address	55/21 Mangilik El Ave, office 146, Astana, Kazakhstan
BIN No.	181141900093

THE REGISTRAR OF COMPANIES OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE HEREBY GIVES NOTICE THAT:

With regard to the Waiver application submitted by SkyBridge Invest JSC doing business in the AIFC as “Branch of SkyBridge JSC in the AIFC” dated 16 July 2024, the decision was made that subsection 3 (a) of section 43 (Minimum share capital) of the AIFC Companies Regulations does not apply to SBI Lazard Select Fund Open-Ended Investment Company Plc (hereinafter – the Fund), a Public Investment Company proposed to be incorporated in the AIFC by Skybridge Invest JSC doing business in the AIFC as "Branch of Skybridge JSC in the AIFC", as specified in the right-hand column of Table A.

Pursuant to section 195 of the AIFC Companies Regulations, the Registrar of Companies has the power to modify or waive provisions of the AIFC Companies Regulations, the Rules, and any other Legislation Administered by the Registrar on the application or with the consent of a Person.

Table A. Waived AIFC Rule

AIFC Act	Waived Rule/Regulation
AIFC Companies Regulations, Part 7, Chapter 3, section 43 subsection (3)(a)	Section 43. Minimum share capital (…) (3) A Public Company: (a) must have an allotted share capital (excluding treasury Shares) of no less than U.S. $100,000 at any time; and

AIFC Act

Waived Rule/Regulation

AIFC Companies Regulations, Part 7, Chapter 3, section 43 subsection (3)(a)

Section 43. Minimum share capital

(…)

(3) A Public Company:

(a) must have an allotted share capital (excluding treasury Shares) of no less than U.S. $100,000 at any time; and

EFFECTIVE PERIOD

This notice comes into effect on the date of incorporation of the Fund and remains in force from the date of incorporation or until it is withdrawn by the Registrar of Companies.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE № AFSA-T-NB-2024-0005 from 29 July 2024 ON WAIVER (SkyBridge Invest JSC)

To	SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC"n relation to SBI Lazard Select Fund Open-Ended Investment Company Plc
Business Identification Number	181141900093
Permitted Activity	-Dealing in Investments as Principal -Dealing in Investments as Agent -Managing Investments -Managing a Collective Investment Scheme -Advising on Investments -Arranging Deals in Investments
The address of the Registered Office	55/21 Mangilik El Ave, office 146, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the Table A herein do not apply to the above-mentioned Person in the form appearing in the AIFC Collective Investment Scheme Rules.

TABLE A. Waived Rule

AIFC Act

Waived Rule

AIFC Collective Investment Scheme Rules,

Rule 8.2(a)

8.2. Requirement for Fund Administrator

(a) A Fund to which this chapter applies must have an Eligible Custodian and a Fund Administrator, in both cases acceptable to the AFSA. This is subject to the exception to appoint an Eligible Custodian contained in Rule 8.2(b) and Rule 8.2(e).

EFFECTIVE PERIOD

This notice comes into effect on the date of incorporation of the SBI Lazard Select Fund Open-Ended Investment Company Plc and remains in force for a period of 1 year subject for reconsideration.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-O-EC-2024-1699 from 29 July 2024 On striking ARUDIT SECURITY Limited off the Register

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Under Section 167 (4) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike ARUDIT SECURITY Limited (BIN 240340900056) off the Register.

FACTS AND MATTERS RELIED UPON

If an application is made by a Company to strike the Company’s name off the Register following a voluntary winding up in accordance with the procedures under the AIFC Insolvency Regulations, the Registrar of Companies may strike the Company's name off the Register if the requirements of subsection (5) to (9) are met.

The proposed decision comes into effect within 3 months from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

AFSA NOTICE № AFSA-N-NB-2024-0008 from 26 June 2024 ON EQUIVALENT REGULATED EXCHANGES FOR SECURITIES AND LISTED FUNDS

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The following Regulated Exchanges are determined as Equivalent Regulated Exchanges for Securities and Listed Funds to be admitted to the Official List maintained by the Astana International Exchange (AIX) in accordance with MAR 1.2.2(2) and AIFC Glossary (Equivalent Regulated Exchange for Listed Funds):

No.	Equivalent Regulated Exchange	Effective Date
1.	London Stock Exchange
	- Main Market	28 February 2019
	- Alternative Investment Market	10 September 2019
2.	Euronext Dublin	10 September 2019
3.	Hong Kong Stock Exchange
	- Main Board	1 November 2019
	- Growth Enterprise Market	1 November 2019
4.	Shanghai Stock Exchange
	- Main Board	10 January 2020
5.	Toronto Stock Exchange	3 November 2021
6.	Frankfurt Stock Exchange
	- General Standard	3 November 2021
	- Prime Standard	3 November 2021
7.	Australian Securities Exchange	20 April 2022
8.	New York Stock Exchange	20 April 2022
9.	Nasdaq Stock Market	20 April 2022
10.	Shenzhen Stock Exchange	13 October 2022
11.	Warsaw Stock Exchange	6 November 2023
12.	Luxembourg Stock Exchange	6 November 2023
13.	Budapest Stock Exchange	6 November 2023
14.	Euronext Brussel	6 November 2023
15.	Moscow Stock Exchange	6 November 2023
16.	Kyrgyzstan Stock Exchange	6 November 2023
17.	Georgia Stock Exchange	6 November 2023
18.	Bucharest Stock Exchange	20 June 2024
19.	Baku Stock Exchange	20 June 2024
20.	Borsa Istanbul	20 June 2024
21.	Singapore Exchange	20 June 2024
22.	Republican Stock Exchange “Toshkent”	20 June 2024

INTERPRETATION

THIS NOTICE IS CONSIDERED TO BE A REPLACEMENT FOR AFSA NOTICE № AFSA-N-NB-2023-0005

AFSA Notice № AFSA-O-EC-2024-1579 from 25 June 2024 on striking Kaufman Holding Limited off the Register

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Under Section 167 (4) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Kaufman Holding Limited (BIN 200640900069) off the Register.

FACTS AND MATTERS RELIED UPON

The proposed decision comes into effect within 3 months from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

AFSA NOTICE № AFSA-A-NB-2024-0011 from 21 June 2024 on Recognised Jurisdictions for applications for Foreign Fund Manager status

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Schedule 2 to the AIFC Collective Investment Scheme Rules, the following table specifies the list of Recognised Jurisdictions that AFSA considers as having met the eligibility criteria:

1.	Georgia
2.	Qatar Financial Centre
3.	Dubai International Financial Centre
4.	Abu Dhabi Global Market
5.	United Kingdom
6.	United States of America
7.	Singapore
8.	European Member States
9.	Switzerland
10.	Australia
11.	Malaysia
12.	Hong Kong

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains effective until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (b) OF AIFC COLLECTIVE INVESTMENT SCHEME RULES BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-N-NB-2024-0006 from 21 June 2024 ON STANDARD MODIFICATION (BI-Development)

To	BI-Development LLP
Business identification number	091240004107
The address of the Registered Office	010000, Republic of Kazakhstan, Astana, Nura district, Syganak st., building № 17M

NOTICE No. AFSA-N-NB-2024-0006

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of the Table does apply to the above-mentioned Person as modified to the extent shown in the right-hand column of the Table herein. In this Table, underlining indicates new text, and striking through indicates deleted text, otherwise, the Rule remains unaltered.

TABLE – RULES MODIFIED:

AIFC Act

Proposed modification

AIFC

Market

Rules

3.4.2 Related to Financial Reports

Time period for making market disclosure

(1) A Reporting Entity must disclose its required annual and semi-annual reports within the following time periods:

(a) in relation to its annual report: as soon as possible after the financial statements have been approved, but no later than ~~150 days~~ 185 days after the end of the financial period; and

(b) in relation to its semi-annual report: as soon as possible and in any event no later than 75 days after the end of the period to which the report relates.

(2) A Reporting Entity which is an Issuer of REMS Shares pursuant to MAR1.3.1(c) for the first time may postpone disclosure of the first annual report and the first semi-annual report by two (2) months from the due dates specified above.

EFFECTIVE PERIOD

This notice comes into effect from the signing date and remains effective until the submission of the semi-annual report of the above-mentioned Person. Once the report is submitted, the original version of AIFC MAR 3.4.2 will be applicable and this notice will lose its force.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-C-OA-2024-0454 from 17 June 2024 ON MODIFICATION (Domestic Fund Managers of Exempt Funds)

CLASS MODIFICATION NOTICE

To	Domestic Fund Managers of Exempt Funds
Regulated Activity	Managing a Collective Investment Scheme

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

To develop and enhance the asset management framework and to expand the distribution channels of Units of Exempt Funds registered in the AIFC, the AIFC Acts in the left-hand column of the Table A are modified to the extent shown in the right hand column of the Table A and the right hand column of the Table A applies to Domestic Fund Managers of Exempt Funds that intend to have Units admitted to trading on an Authorised Investment Exchange, under certain conditions set by this notice. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the AIFC Act remains unaltered.

Table A - Modified AIFC Acts

AIFC Act

Modified text

AIFC Financial Services Framework Regulations, Section 62 (c)(i)

62. Prohibition – Admission to trading

A Person may not have Securities or Units in a Listed Fund admitted to trading on an Authorised Investment Exchange unless:

(a) such Investments have been admitted to the Official List maintained by the Authorised Investment Exchange; and

(b) in relation to Securities, a Prospectus in relation to the relevant Securities containing the information prescribed for this purpose by the AFSA has been approved by the Authorised Investment Exchange; and

(i) the Fund is a Non-Exempt Fund or an Exempt Fund under the AIFC Collective Investment Scheme Rules; and

(ii) there are Offering Materials in relation to the relevant Units and the Authorised Investment Exchange has satisfied itself that such Offering Materials satisfies the requirements in AIFC Collective Investment Scheme Rules.

Guidance: Units in a Listed Fund

For the avoidance of doubt, a Prospectus is not required in relation to Units in a Listed Fund. The requirements in relation to Offering Materials, which apply to Units in a Listed Fund (other than Overseas Listed Funds), are set out in the CIS. The requirements in relation to Offering Materials for Overseas Listed Funds will be regulated according to the Business Rules.

AIFC Market Rules, Rule 7.1.2.

7.1.2 – Conditions for admission of Units to trading

An Authorised Investment Exchange may not admit Units to trading unless:

(a) the Units have been admitted to the Official List maintained by the Authorised Investment Exchange in accordance with section 66 of the Framework Regulations; and

(b) in relation to Units of Listed Funds other than Overseas Listed Funds:

(i) the Fund is a Non-Exempt Fund or an Exempt Fund registered under the AIFC Collective Investment Scheme Rules; and

~~Guidance: Listing Exempt Funds~~

~~Exempt Funds may be admitted to the Official List, but not to trading, as they can only be offered on a private placement basis to certain investors.~~

AIFC Collective Investment Scheme Rules, Rule 2.2 (a)

2.2. Exempt Funds and Non-Exempt Funds

(a) An Exempt Fund is a Collective Investment Scheme the Units of which are Offered in the AIFC ~~only~~ by way of a private placement or by being admitted to trading on an Authorised Investment Exchange:

(i) to Persons who are Professional Clients; and

(ii) in minimum subscription amounts of US$ 50,000.

AIFC Collective Investment Scheme Rules, Rule 4.2.(a)

4.2. Application for registration

(a) The following entities must apply to the AFSA to register the following types of Fund:

(i) a Domestic Fund Manager that intends to manage a Non-Exempt Fund;

(ii) a Centre Participant that wishes to market a Non-Exempt Fund in the AIFC; and

(iii) a Foreign Fund Manager that intends to manage an Exempt Fund;

(iv) a Domestic Fund Manager that intends to manage an Exempt Fund and to have Units admitted to trading on an Authorised Investment Exchange.

CONDITION

Domestic Fund Manager of Exempt Funds the Units of which are admitted to trading on an Authorised Investment Exchange should obtain written approval from AFSA to seek to have Units admitted to trading on an Authorised Investment Exchange.
Domestic Fund Manager of Exempt Funds the Units of which are admitted to trading on an Authorised Investment Exchange should provide a monthly report to the AFSA on the Units admitted.
Domestic Fund Manager of Exempt Funds the Units of which are admitted to trading on an Authorised Investment Exchange may outsource its functions or activities to comply with Chapters 2, 3, 4, 8 and 9 of AIFC Conduct of Business Rules to appointed Authorised Investment Exchanges’ Members. The Members of Authorised Investment Exchange, admitted in accordance with Rule 2.6.1.(1)(a) of AIFC Authorised Market Institutions Rules, distributing Units of Exempt Funds under this Class Modification will be responsible for compliance with Chapters 2, 3, 4, 8, and 9 of AIFC Conduct of Business Rules in respect of distributed Units.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains effective until further Notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-N-NB-2024-0005 from 04 May 2024 ON STANDARD MODIFICATION (AIX)

To	Astana International Exchange
Business identification number	171140900016
The address of the Registered Office	010000, Astana, Esil district, 55/19, Mangilik El

NOTICE No. AFSA-N-NB-2024-0005

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

TABLE – RULES MODIFIED:

AIFC Act

Proposed modification

AIFC

Authorised Market Institution Rule

3.4.1 Related to Pre-trade transparency obligations

3.4.1 Pre-trade transparency obligation

An Authorised Investment Exchange must make available to the public on a continuous basis during normal trading hours the current bid and offer prices of Securities, Units in a Listed Fund, Commodity Derivative, or Environmental Instrument traded on its systems and the depth of trading interests at those prices, except for negotiated deals / block trades.

EFFECTIVE PERIOD

This notice shall become effective as of the date of signing and shall remain in force until further instructions from the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-F-OA-2024-0416 ON MODIFICATION (BTS Digital Ventures Limited)

To	BTS Digital Ventures Limited
Business Identification Number	190640900144
Permitted Activity	Managing a Collective Investment Scheme
The address of the Registered Office	15/1, Kabanbay Batyr street,office A6-1, Astana

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left-hand column of Table A are modified to the extent shown in the right-hand column of Table A, and the right-hand column of Table A applies to BTS Digital Ventures Limited. In this table, underlining indicates new text and striking through indicates deleted text; otherwise, the Rule remains unaltered.

Table A. Modified Rule

AIFC Act

Modified Rule

AIFC General Rules,

Rule 6.3.9.(b)

6.3.9. Audit reports

An Authorised Person must:

(a) require, in writing, its Auditor to:

(i) conduct an audit of and produce a report on the Authorised Person’s financial statements in accordance with the International Standards on Auditing; and

(ii) such other reports as the AFSA may require; and

(b) submit any reports so produced to the AFSA within ~~four~~ six months of the Authorised Person’s year end.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 30 June 2024.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA AFSA-T-NB-2024-0003 ON SUSPENSION OF THE LICENCE OF HORIZON CAPITAL LTD

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Sections 98 and 100 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Horizon Capital Ltd. (the “Firm”) No. AFSA-A-LA-2022-0024 dated 18 November 2022 until further notice.

The suspension is made according to request and consent of Horizon Capital Ltd.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTIONS 98 AND 100 OF THE FSFR.

AFSA NOTICE AFSA-T-OA-2024-0037 Freedom Finance Global PLC FFG

To	Freedom Finance Global PLC (FFG)
Business identification number	200240900095
Regulated Activity	-Dealing in Investments as Principal -Dealing in Investments as Agent -Managing Investments -Managing a Collective Investment Scheme -Advising on Investments -Arranging Deals in Investments
The address of the Registered Office	010016, 16 Dostyk St, integral non-residential facility No.2, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

Rule 6.2.3 (d) of the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules (AML Rules), “Establishing a business relationship before Customer Due Diligence is complete” is modified to Freedom Finance Global PLC as specified in the right-hand column of Table A under the certain conditions set by this written notice.

TABLE A – RULES MODIFIED

The Rule specified in the left-hand column of the table below is modified to the extent shown in the right-hand column of the table below. In Table A, underlining indicates new text; otherwise, the Rule remains unaltered.

Table A. Modified AIFC Rule

AIFC Act

Modified Rule / Regulation

6.2.3 (d) of the AIFC AML Rules

6.2.3. Establishing a business relationship before Customer Due Diligence is complete

A Relevant Person may establish or retain a business relationship with a customer before completing the verification required by AML 6.3.1 if the following conditions are met:

[….]

(d) subject to (c), the relevant verification is completed as soon as reasonably practicable before or during the establishment of a business relationship and when transactions for occasional customers are being conducted; and in any event, no later than 120 days after the establishment of a business relationship.

CONDITIONS

1. To provide an undertaking letter assuring that all new clients originating from Freedom Securities Trading Inc. incorporated in Belize will undergo Customer Due Diligence (CDD) procedures, with measures in place to minimise the risk of engaging with sanctioned individuals.

2. To adopt risk management procedures with respect to the conditions under which a customer may utilise the business relationship prior to verification, envisaged by Rule 6.2.3.

3. To split the CDD procedures into two stages: The first stage involves checking all customers against sanctions lists to prevent the establishment of relationships with sanctioned individuals or entities. Once the authorised firm has completed the first stage and received approval from the AFSA, the company may proceed with the next steps of CDD, albeit considering the risks associated with deferring customer verification, including limitations on transactions and close monitoring of activities.

4. To promptly terminate any business relationships with customers listed on the sanctioned lists of the United States, European Union, and United Kingdom. (OFAC, EU, HMT UK inclusive but not limited to).

5 To submit a monthly report to the AFSA (in addition to the register already required to be maintained) with a list of all relevant customers, originating from Freedom Securities Trading Inc. incorporated in Belize, whose business relationship has been terminated for whatever reasons, stating the reason for the termination of the relationship, the total balance of the client’s account with FFG and the date that the client’s relationship commenced with the Freedom Securities Trading Inc..

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains effective until further Notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2024-0008 ON CLASS MODIFICATION

CLASS MODIFICATION NOTICE

Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds

Regulated Activity

Managing a Collective Investment Scheme (in respect of Exempt Funds)

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rules specified in the Table herein apply to Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds under the certain conditions set by this notice.

To have control over the financial risks and market stability in short- and mid-term periods the AFSA will keep its intervention power, outlined in Rule 2.2.3 of PRU INV.

The other requirements set by PRU INV, including chapters 4 and 6, remain applicable for Authorised Firms authorised to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds.

TABLE – RULES MODIFIED

Chapter 3 of the AIFC Prudential Rules for Investment Firms (“PRU INV”), Minimum Capital Requirement, is applicable to Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds, from the authorisation stage until the date of Risk Mitigation Programme closure and 24 months after it, as specified in the right-hand column of Table below.

In this Table, bold* indicates specific applications described below, otherwise, the Rule remains unaltered.

Table. Modified AIFC Rule

AIFC Act

Modified Rule

AIFC Prudential Rules for Investment Firms

Rule 2.2.1 Financial resources

(1) A PRU Investment Firm, other than an Externally Regulated PRU Investment Firm, must have and maintain, at all times*, Capital Resources and Liquid Assets of at least the minimum kinds and amounts required by, and calculated in accordance with, these PRU(INV) Rules.

(2) A PRU Investment Firm to which Rule 2.2.1(1) applies must have and maintain, at all times*, Capital Resources and Liquid Assets that are adequate in relation to the nature, scale and complexity of its business and its risk profile, to ensure that there is no significant risk that its liabilities cannot be met as they fall due.

Rule 3.3 Minimum Capital Requirement

(1) A PRU Investment Firm must ensure that it maintains at all times* Capital Resources of at least its Minimum Capital Requirement.

*The requirement to maintain and ensure that it maintains at all times Capital Resources shall be applied to Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds from the authorisation stage until the date of Risk Mitigation Programme closure and 24 months after it.

CONDITION

The Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds enjoying such grace period are required to disclose the grace period applied expressly in their Offering Materials for Unitholders and disclose the Firms’ capital resources, calculated according to the Chapter 3 of PRU INV.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA Notice № AFSA-O-EC-2024-1353 On striking Grove Regulatory Consultancy Limited - AIFC Branch off the Register

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167(1) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Grove Regulatory Consultancy Limited - AIFC Branch off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

× the Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

The proposed decision comes into effect within 2 months of the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-F-NB-2024-0006 ON EXTENSION OF LICENCES IN FINTECH LAB OF ASTANA FINANCIAL SERVICES AUTHORITY

AFSA NOTICE No. AFSA-F-NB-2023-0006 ON EXTENSION OF LICENCES IN FINTECH LAB OF ASTANA FINANCIAL SERVICES AUTHORITY.

NOTICE No. AFSA-F-NB-2024-0006

THE AFSA HEREBY GIVES NOTICE THAT:

The extension of the validity of licences in the Fintech Lab is applicable only to those AIFC Participants who can provide a justified and reasoned case for their extension request. The AFSA recognises the importance of supporting innovation in the financial technology sector. However, it is also committed to ensuring that all licenced entities meet the necessary standards and requirements. Therefore, the decision to extend a licence will be made on a case-by-case basis, considering the merits of each individual application.

Licence holders seeking an extension are required to submit a detailed report outlining the reasons for their request. This report should include:

1) The specific challenges or circumstances necessitating the extension.

2) The steps taken to address these challenges or circumstances.

3) The proposed timeline for achieving full compliance with the licencing requirements.

Please note that the submission of a report does not guarantee the approval of an extension. The AFSA will review each application thoroughly and make a decision based on the strength of the case presented.

The AFSA encourages all AIFC Participants who are holding licences to continue striving for excellence and compliance, as these are the cornerstones of a robust and innovative financial technology sector.

EFFECTIVE PERIOD

This notice comes into effect from 12 April 2024 and remains effective until further Notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 and 32 OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE FINANCIAL SERVICES FRAMEWORK REGULATIONS AND 3.2.2(b)(v)(i) AIFC FINANCIAL TECHNOLOGY RULES BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2024-0002 ON MODIFICATION (BRILLINK BANK)

To	Brillink Bank Corporation Limited
Business identification number	201240900236
Regulated Activity	Accepting Deposits Providing Credit Advising on a Credit Facility [limited] Arranging a Credit Facility [limited] Providing Money Services
The address of the Registered Office	Z05T3F56, 55/22, Mangilik El, office 346, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right-hand column of the Table A apply to Brillink Bank Corporation Limited as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Table A. Modified AIFC Rule

Reference to the relevant Acts

Modified Rule/Regulation

AIFC Banking Business Prudential Rules, Rules 5.26 (7) and (8)

5.26 Management of Concentration risk exposures

Limits on exposures

(7) The total of the Bank’s net exposures to any 1 counterparty or any 1 group of connected counterparties must not exceed 25% of the Bank’s regulatory capital by excluding the Bank’s balances at correspondent accounts.

(8) The total of all of the Bank’s net large exposures must not exceed 800% of that capital by excluding the Bank’s balances at correspondent accounts.

CONDITION

#	Conditions	Timeframe
1.	To modify the requirement set by Section 5.26 (7) the total of the Bank’s net exposures to any 1 counterparty or any 1 group of connected counterparties must not exceed 25% of the Bank’s regulatory capital by excluding the Bank’s balances at correspondent accounts with China Construction Bank (Astana Branch), China Construction Bank Asia Limited and Bank of Communication (Hong Kong) Limited until 31 December 2025 subject to the Bank's control, in accordance with its internal policies, procedures, systems, and controls.	Until 31 December 2025
2.	To modify the requirement set by Section 5.26 (8) the total of all of the Bank’s net large exposures must not exceed 800% of that capital by excluding the Bank’s balances at correspondent accounts with China Construction Bank (Astana Branch), China Construction Bank Asia Limited and Bank of Communication (Hong Kong) Limited until 31 December 2025 subject to the Bank's control, in accordance with its internal policies, procedures, systems, and controls.	Until 31 December 2025
3.	The counterparties must maintain a minimum ownership share of 30% held by the Chinese government and state-owned entities to ensure stability and reliability until 31 December 2025.	If any of the designated counterparty banks fails to meet any of the stipulated conditions, Brillink Bank must immediately notify AFSA. The Bank will have 90 calendar days to reallocate the excess balance to an alternative bank which satisfies the above-mentioned conditions.
4.	Each counterparty must maintain a credit rating of at least "BBB+" according to prominent rating agencies like Fitch, Moody's, or Standard & Poor's.

This notice comes remains in force for correspondent accounts and remains effective until 31 December 2025.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-N-NB-2024-0002 ON STANDARD WAIVER (Astana International Exchange Central Securities Depository Ltd)

To	Astana International Exchange Central Securities Depository Ltd
Business identification number	180840900020
The address of the Registered Office	010000, Astana, Esil district, 55/19, Mangilik El

NOTICE No. AFSA-N-NB-2024-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

TABLE – RULES Waived:

AIFC Act

Proposed modification

AIFC

Fees Rule

Schedule 6, 6.2 Annual supervision fee for Market Activity, Formula 2, Settlement Value Fee calculation.

6.2 Annual supervision fees for Market Activities

SVF – Settlement value fee (excluding On-Exchange Trades on Secondary Market and free of charge transfers), calculated as 0.001% of settlement value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter)

“Free of charge transfers” means financial instruments transferred without cost, maintaining current ownership or to a legal successor.

EFFECTIVE PERIOD

This notice shall become effective as of the date of signing and shall remain in force until further instructions from the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE AFSA-O-EC-2024-1234 ON THE WAIVER (SKYBRIDGE INVEST JSC)

Written notice on the waiver

To	SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC"
Address	55/21 Mangilik El avenue, Yessil district, Astana, Kazakhstan, Z05T3E
BIN No.	181141900093

THE REGISTRAR OF COMPANIES OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE HEREBY GIVES NOTICE THAT:

With regard to the Waiver application submitted by SkyBridge Invest JSC doing business in the AIFC as “Branch of SkyBridge JSC in the AIFC” dated 12 March 2024, the decision was made that subsection 3 of section 43 (Minimum share capital) of the AIFC Companies Regulations does not apply to SBI Active Fund Open-Ended Investment Company PLC (hereinafter – the Fund), a Public Investment Company proposed to be incorporated in the AIFC by Skybridge Invest JSC doing business in the AIFC as "Branch of Skybridge JSC in the AIFC", as specified in the right-hand column of Table A.

Table A. Waived AIFC Rule

AIFC Act	Waived Rule/Regulation
AIFC Companies Regulations, Part 7, Chapter 3, section 43 (3)(a)	Section 43. Minimum share capital (…) (3) A Public Company: (a) must have an allotted share capital (excluding treasury Shares) of no less than U.S. $100,000 at any time; and (b) must not allot a Share except as Paid-up at least as to 1/4 of its nominal value.

AIFC Act

Waived Rule/Regulation

AIFC Companies Regulations, Part 7, Chapter 3, section 43 (3)(a)

Section 43. Minimum share capital

(…)

(3) A Public Company:

(a) must have an allotted share capital (excluding treasury Shares) of no less than U.S. $100,000 at any time; and

(b) must not allot a Share except as Paid-up at least as to 1/4 of its nominal value.

EFFECTIVE PERIOD

This notice comes into effect on the date of incorporation of the Fund and remains in force until is revoked by the Registrar of Companies of by the Fund or its Fund Manager.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE AFSA-F-NB-2024-0005 ON ASTANA FINANCIAL SERVICES AUTHORITY’S EXPECTED APPROACH TO DIGITAL ASSET PRODUCTS AND SERVICES PROVIDED BY FINTECH LAB PARTICIPANTS

THE AFSA HEREBY GIVES NOTICE THAT:

The Astana Financial Services Authority (“AFSA”) pursues fostering the development of financial technologies in the Astana International Financial Center (“AIFC”) according to its Regulatory Objective under the AIFC Rules and Regulations. The recent two years were pivotal in the development of the digital asset industry in the AIFC and generally, in Kazakhstan. The AFSA along with the state authorities of the Republic of Kazakhstan completed number of significant projects to test the activity of Digital Asset Service Providers (“DASP”) and develop a comprehensive regulatory framework for providing Digital Asset services in the AIFC.

Notably, the key driver for the developments in digital asset sector in the AIFC was the launch of the “Pilot Project on Interaction of AIFC cryptoexchanges with Commercial Banks of Kazakhstan” in June 2022. The 1,5 year-long project successfully ended on 01 January 2024, and provided feedback that was instrumental in the development and enactment of the AIFC Rules “On Digital Asset Activities” and “The Rules and mechanisms of cooperation of Unbacked Digital Asset Exchanges and/or Centre Participants authorised to carry out digital assets-related activities with second-tier bank of the Republic of Kazakhstan” (“AIFC Rules”) at the end of 2023. The AIFC Rules became effective on 1 January 2024 establishing comprehensive requirements (e.g. in relation to conduct of business, prudential, market integrity) that AIFC authorised DASPs must comply with when providing services in relation to Digital Assets, as well as key measures that commercial banks and DASPs must implement in relation to fiat transactions.

The results of the Pilot Project also laid down robust regulatory foundation for DASPs and can now serve as a leverage for DASPs and the AFSA for further crypto innovations in the AIFC. AFSA witnesses global rapid development of the DLT-related technologies, wider assets tokenisation trend and offerings of the multitude of the financial services in relation to Digital Assets

Following the receipt of market feedback on the need to expand the Digital Asset related services by new services to keep up with market trends and global competitiveness, the AFSA is committed to support further development of the Digital Asset sector in the AIFC to become a regional crypto-hub.

In light of above, with the purpose of further promotion of FinTech innovation in the AIFC, the AFSA invites all Digital Asset Service Providers authorised in its FinTech Lab to test the new types of products and services in relation to Digital Assets. These new types of Digital Asset services and products may include Digital Asset margin trading, peer-to-peer, derivatives trading, staking, non-fungible trading, Digital Asset loans and other services. AFSA notes that the list of products is non-exhaustive given the ever-evolving nature of DLT-related technologies.

It must also be noted that no complete taxonomy has been done by the AFSA in relation to the additional services. The AFSA aims to complete it throughout the testing period of these new services. By issuing this Notice, AFSA gives its expected approach to Digital Asset products and services that is provided below (see “Astana Financial Services Authority’s Expected Approach to Digital Asset products and services provided by Fintech Lab Participants”).

At the same time, AFSA recognizes that the innovative fintech services may bring novel risks and therefore, the testing of new Digital Asset services/products will be conducted under conditions, boundary limits and safe environment of the AFSA’s FinTech Lab (regulatory sandbox) to ensure consumer protection and market integrity.

If you as a DASP are interested to test your new product or services, as a first step please contact the AFSA (relevant case officer) for further guidance on the launch of the new Digital Asset products or services, while those persons willing to start authorised operations and simultaneously test new products and services in the AIFC needs to contact AFSA via following contact details: +7 (7172) 64-73-72 or fintechlab@afsa.kz

AFSA notes that no standard conditions, boundary limits and other mitigating measures will be imposed on new products and services of an applicant, since each case will be considered individually on a risk-based approach taking into consideration risks level of the specific product and the applicant.

ASTANA FINANCIAL SERVICES AUTHORITY’s EXPECTED APPROACH TO DIGITAL ASSET PRODUCTS AND SERVICES PROVIDED BY FINTECH LAB PARTICIPANTS

CHAPTER A. GENERAL

INTRODUCTION

1.1. This “AFSA’s EXPECTED APPROACH TO DIGITAL ASSET PRODUCTS AND SERVICES PROVIDED BY AIFC LICENCED FINTECH LAB PARTICIPANTS” (“Approach”) sets out the AFSA’s expected approach regarding provision by the AIFC Digital Asset Service Provider (“DASP”) of new Digital Asset products and services under the environment of AFSA’s FinTech Lab, including the definitions for some types of products or services, types of licenсe that have to be obtained for the provision of certain services, the specific conditions for each product or service.

1.2. This Approach is expected to apply to the AFSA’s FinTech Lab Participants that intends to provide Digital Asset services and products described in this Approach. However, AFSA notes that the list of products and services is non-exhaustive given the ever-evolving nature of DLT-related technologies.

1.3. FinTech Lab Participants that intend to offer or provide the Digital Asset products and services specified under this Approach should seek AFSA’s approval to extend the activities and should rely on requirements, boundary conditions, and restrictions envisioned under this Approach. Additional requirements, boundary conditions, and restrictions will come into force following the FinTech Lab Participant’s application to the AFSA to modify its Licence Notice, including requirements, boundary conditions and restrictions, AFSA’s approval and issuance of a Licence Notice.

1.4. The Digital Asset products and services are specified in Chapter C of this Approach. Some products and services may not be covered within this Approach, however, they may have features and characteristics of products and services envisaged in Chapter C of this Approach.

OBJECTIVES OF THE APPROACH

1.5. Having published this Approach, the AFSA aims to promote FinTech innovation in the AIFC by providing AFSA’s expectations to the AIFC FinTech Lab Participants intending to offer or provide Digital Asset products and services to Clients. At the same time, AFSA addresses the risks of innovation by providing expectations on safeguards to protect the interests of Clients and maintaining market integrity, specifically by testing the Digital Asset products and services within the AFSA’s FinTech Lab environment and via additional requirements, boundary conditions, and restrictions.

1.6. The aim of this Approach is to help the AIFC FinTech Lab Participants to navigate the AIFC regulatory framework when offering or providing Digital Asset products and services and to provide AFSA’s expectations on definitions of new Digital Asset products and services, the expected type of licence(s) that might be required to obtain in order to conduct new activities.

CHAPTER B. DEFINITIONS OF THE DIGITAL ASSET PRODUCTS AND SERVICES UNDER THE APPROACH

2. AFSA outlines following definitions that might be applicable to Digital Assets products and services under this Approach:

2.1. Managing Digital Asset - means managing Clients’ Digital Assets for the purposes of investing them and distributing portion of the profit from investments to Clients.

2.2. Digital Asset Margin - means pre-agreed amount a Client is required to pay (or deposit as a Collateral) to open and maintain a position relating to a Digital Asset Derivative.

2.3. Operating a Peer-to-peer (“P2P) trading platform - means operating a platform that brings together multiple parties that allows buying, selling of Digital Assets for a Fiat Currency, where Clients post bid/ask quotes on the platform to trade directly with each other.

2.4. Providing a Digital Asset Loan - means any arrangement or agreement which extends credit in Digital Assets to its Client.

2.5. Providing Liquidity Mining (or Yield Farming) Services - means managing, investing, or locking Clients’ Digital Assets in decentralised finance and blockchain products, services and arrangements to earn rewards and distributing portion of rewards to Clients.

2.6. Providing Digital Asset Margin Trading Services - means the financing made by a FinTech Lab Participant of a proportion or multiple of the market value of the Digital Assets financed on margin and secured as a Collateral by the Digital Assets or any other Collateral.

2.7. Providing Staking Services - means locking of Clients’ Digital Assets in a blockchain(s) to earn rewards from validating transactions on that blockchain(s) and distributing portion of rewards to Clients.

CHAPTER C. DIGITAL ASSET PRODUCTS AND SERVICES

3. Operating a Peer-to-peer (‘’P2P”) trading platform

3.1. According to the Chapter B of this Approach Operating a Peer-to-peer trading platform (“P2P services”) is defined as:

“Operating a Peer-to-peer (“P2P”) trading platform - means operating a platform that brings together multiple parties that allows buying, selling of Digital Assets for a Fiat Currency, where Clients post bid/ask quotes on the platform to trade directly with each other.”

3.2. P2P services may be provided under the Licence to Operate a Digital Asset Trading Facility.

3.3. Transfer of the Digital Assets when P2P service is provided is enabled by the Operator of Digital Asset Trading Facility via “escrow services” by temporary locking of Clients’ Digital Assets on its facility. Therefore, it is expected that the Operator of Digital Asset Trading Facility will additionally hold a licence to Provide Custody services with Digital Assets.

3.4. A FinTech Lab Participant that provides P2P services is expected to impose a time limit on T+1 basis for withdrawals exceeding US$ 10 000 or equivalent in Digital Assets.

3.5. A FinTech Lab Participant that provides P2P services is expected to ensure that Fiat Currency settlement occurs on its bank account. Alternatively, a FinTech Lab Participant that provides P2P services may implement systems and controls that may ensure that verification of the “fiat leg” of transaction by exchange of information with bank(s) where Client has opened a bank account or that issued a payment instrument.

3.6. A FinTech Lab Participant that provides P2P services should be able to match identity of its Client to the payment method used for the Fiat Currency settlement.

4. Digital Asset Derivative

4.1. According to AIFC Glossary Digital Asset Derivative is defined as:

“Digital Asset Derivative - A Derivative the value of which is determined by reference to:

(a) a Digital Asset; or

(b) an index that includes a Digital Asset.”

4.2. A FinTech Lab Participant may operate a facility on which Digital Assets Derivatives are traded under the Licence to Operate a Digital Asset Trading Facility.

4.3. For the purpose of this Approach Digital Asset Derivative should include an Option, a Future. Digital Asset Derivative that includes Contract for Differences should be provided only to the Professional Clients.

5. Providing Digital Asset Margin Trading Services

5.1. According to Chapter B of this Approach Digital Asset Margin and Providing Digital Asset Margin Trading Services are defined as:

“Digital Asset Margin - means the pre-agreed amount a Client is required to pay (or deposit as a Collateral) to open and maintain a position relating to a Digital Asset Derivative.”

“Providing Digital Asset Margin Trading Services - means the financing made by a FinTech Lab Participant of a proportion or multiple of the market value of the Digital Assets financed on margin and secured as Collateral by the Digital Assets or any other Collateral.”

5.2. A FinTech Lab Participant may provide Digital Asset Margin Trading Services to Clients under the Licence to Operate a Digital Asset Trading Facility.

5.3. FinTech Lab Participants should at all times ensure that they have sufficient Digital Assets to provide Digital Asset Margin Trading Services and can satisfy Client obligations.

5.4. AFSA may approve an application for Providing Digital Asset Margin Trading Services, given that the FinTech Lab Participant can demonstrate, to the AFSA’s satisfaction, compliance with the following requirements:

a) the FinTech Lab Participant has submitted for AFSA’s approval details of the terms and conditions upon which it proposes to offer Digital Asset Margin Trading Services to Clients, including a copy of the template margin trading agreement to be used by the FinTech Lab Participant, together with information relating to the FinTech Lab Participant’s financial condition;

b) the Fintech Lab Participant is required to undertake preventative measures to ensure that its Client shall not owe to the FinTech Lab Participant;

c) the FinTech Lab Participant should establish and should be able to demonstrate to AFSA upon request, appropriate policies and procedures as well as systems and controls with regards to Digital Asset Margin Trading Services, which should include but not be limited to:

i. the Digital Asset Margin which may be called, the applicable Digital Asset Margin rates and the method of calculating the Digital Asset Margin;

ii. the acceptable methods of Digital Asset Margin payment and forms of Collateral;

iii. the circumstances under which a Client may be required to provide Digital Asset Margin and additional Digital Asset Margin, and the consequences of a failure to meet a Digital Asset Margin call, including the actions which the FinTech Lab Participant may be entitled to take; and

iv. applicable escalation procedures where a Client fails to meet Digital Asset Margin calls

d) the FinTech Lab Participant should be able to demonstrate to AFSA upon request, that Digital Assets collected as Collateral for initial Digital Asset Margin and maintenance Digital Asset Margin purposes are liquid and can be liquidated within a reasonable timeframe.

5.5. Notwithstanding having an approval from the AFSA for offering and provision of Digital Asset Margin Trading Services, AFSA should have the power to direct FinTech Lab Participant to take any of the following actions, at its sole and absolute discretion from time to time, and Fintech Lab Participants should comply with such directions:

a) suspend Digital Asset Margin Trading Services for specified Digital Assets or Clients, including cases when intervention needed to prevent Client losses; and,

b) increase initial Digital Asset Margin and/or maintenance Digital Asset Margin requirements.

6. “Over-the-counter trading” (or “OTC trading”)

6.1. A FinTech Lab Participant may provide “Over-the-counter trading” (or “OTC services”) service under the Dealing in Investments as Agent or as Principal Licences.

6.2. This modification allows DASPs to offer or provide “Over-the-counter trading” or broker-dealer services to Clients with Digital Assets.

6.3. An Operator of Digital Asset Trading Facility permitted to conduct OTC trading by AFSA holding a licence of Dealing in Investments as Agent is not allowed to conduct transaction in the capacity of broker using Digital Asset Trading Facilities order book.

6.4. DASP authorised to carry out Dealing in Investments as Agent and as Principal service should comply with relevant conduct of business (e.g. best execution), financial promotion and other applicable requirements of AIFC Rules and regulations applicable to a Fintech Lab Participant authorised to provide service of Dealing in Investment as Agent and as Principal.

6.5. A Fintech Lab Participants that intends to provide OTC services with Digital Assets under the full regulatory regime should follow an applicable regulatory material which may be published by the AFSA separately.

7. Non-fungible token (“NFT”) and related activities

7.1. According to AIFC Glossary Non-fungible token (“NFT”) is defined as:

“Non-Fungible Token (“NFT”) - an Investment which:

(a) is unique and not fungible with any other Non-Fungible Token;

(b) related to an identified asset; and

(c) is used to prove the ownership or provenance of the asset.”

7.2. NFT is a type of unique Token that relates to an identified asset (e.g., art, a collectible, other object of intellectual property) and is used to demonstrate the ownership or provenance of that asset. While these types of Tokens can be traded in various marketplaces, and be accumulated speculatively, they are not readily interchangeable and the relative value of one NFT to another, each being unique, cannot be ascertained by means of comparison to an existing market or equivalent assets.

7.3. NFT related activities industry is developing fast, it requires imposing limited measures (see sections below) by AFSA to ensure safe innovation due to certain risks, such as money laundering and terrorist financing.

7.4. All NFT-related activities are captured for KYC and AML/CTF requirements, and in general, subject to AIFC AML Rules.

7.5. FinTech Lab Participants that conduct NFT activities should submit monthly reports on trading volumes of NFT-related transactions as per terms and conditions of AIFC Rules and regulations and provide other information as per AFSA’s request.

7.6. A Digital Asset Trading Facility Operator which is a FinTech Lab Participant should before admitting any NFT to trading be satisfied that the requirements under its Admission to Trading Rules, have been or will be fully complied with in respect of such NFT (collection of NFT’s) ensure that NFTs do not have features of Digital Assets.

7.7. FinTech Lab Participants that conduct NFT activities should notify the AFSA 10 days prior to the date of the admission of the NFTs to trading.

8. Managing Digital Asset

8.1. According to Chapter B of this Approach Managing Digital Asset service is defined as:

“Managing Digital Asset - means managing Clients’ Digital Assets for the purposes of investing them and distributing portion of the profit from investments to Clients.”

8.2. A FinTech Lab Participant may manage Digital Assets under Managing Investments Licence.

8.3. Digital Assets held by FinTech Lab Participant are not depository liabilities or assets of the FinTech Lab Participant and should be managed on trust.

8.4. A FinTech Lab Participant Managing Digital Assets should prominently disclose on its website (including on the relevant section of the service) and should include in its client agreement that:

a) Digital Assets accepted by FinTech Lab Participant are not guaranteed by Government of Kazakhstan or any other government entity of Kazakhstan, by Astana International Financial Center and by Astana Financial Services Authority.

b) a statement as to the ability of clients to have access to and withdraw their Digital Assets, particularly in times of extreme volatility;

c) a statement explaining that Clients’ Digital Assets managed by the FinTech Lab Participants in the course of the provision of Managing Digital Assets services may be at risk, including the types and nature of such risks, and a statement on the likelihood and severity of any losses which may be suffered.

8.5. A FinTech Lab Participant that provides Managing Digital Asset service should ensure compliance with conduct of business, financial promotion and other applicable requirements of AIFC Rules and regulations.

9. Providing a Digital Asset Loan

9.1. According to Chapter B of this Approach Providing a Digital Asset Loan is defined as:

«Providing a Digital Asset Loan – means any arrangement or agreement which extends credit in Digital Assets to its Client»

9.2. Providing a Digital Asset Loan may be provided under Managing Investments Licence.

9.3. Providing a Digital Asset Loan may include facilitating collateralised lending of Digital Assets only.

9.4. Liquidity. FinTech Lab Participants providing Digital Asset Loans should at all times, ensure that sufficient Collateral has been posted by borrowers in accordance with agreed amounts, and that both are monitored and audited on a regular basis.

9.5. Risk management. FinTech Lab Participants should ensure that liquidity, credit and market risks are each monitored and tested regularly, and appropriate measures should be put in place to address any such risk in a prompt manner. FinTech Lab Participants should ensure that, to the extent that Digital Asset Collateral, is held by them, such Collateral is adequate and appropriately protects the FinTech Lab Participant against applicable risks. FinTech Lab Participants should monitor any such risk and record the assessment of such risk regularly and on an ongoing basis. FinTech Lab Participants should put appropriate measures in place as required to address any such risk in a prompt manner.

10. Providing Liquidity Mining (or Yield Farming) Services

10.1. According to AFSA’s Approach on Digital Asset products and services Providing Liquidity Mining (or Yield Farming) Service is defined as:

“Providing Liquidity Mining (or Yield Farming) Services - means managing, investing and/or locking Clients’ Digital Assets in decentralised finance and blockchain products, services and arrangements to earn rewards and distributing portion of rewards to Clients.”

10.2. Providing Liquidity Mining (or Yield Farming) Services may be provided under Managing Investments Licence subject to AFSA’s Approach on Digital Asset products and services.

10.3. Digital Assets held by FinTech Lab Participant are not depository liabilities or assets of the FinTech Lab Participant and should be managed on trust.

11. Providing Staking Services

11.1. According to Chapter B of this Approach Providing Staking Services is defined as:

“Providing Staking Services – means locking of Clients’ Digital Assets in a blockchain(s) to earn rewards from validating transactions on that blockchain(s) and distributing portion of rewards to Clients.”

11.2. Providing Staking Services may be provided under Managing Investments Licence.

11.3. Digital Assets held by FinTech Lab Participant are not depository liabilities or assets of the FinTech Lab Participant and should be managed on trust.

11.4. FinTech Lab Participants should ensure before making investments that the blockchains used for staking purposes are secure and safe.

12. Blockchain project launch platform services

12.1. Advising in launching of the blockchain product and in raising of funds for Digital Asset products and services should be subject to obtaining Advising in Investments Licence.

12.2. A FinTech Lab Participant that Advising in launching of the blockchain product and in raising of funds should ensure compliance with conduct of business, financial promotion and other applicable requirements of AIFC Rules and regulations.

13. Management of Mining Pool Services

13.1. Providing management of mining pool services, including facilitating mining of new Digital Assets remains outside AFSA regulatory oversight.

13.2. FinTech Lab Participants providing management of mining pool services should ensure compliance with national Digital Asset mining legislation of the Republic of Kazakhstan or of other jurisdiction of its operation.

14. Gift cards

14.1. A gift card is an instrument issued by the FinTech Lab Participant for Clients, that can be transferred to other Clients only, and that gives rights to the recipient/holder of gift cart rights to claim Digital Assets.

14.2. Issuance and transferring gift cards by FinTech Lab Participants are outside of AFSA’s regulatory perimeter.

14.3. All gift card related activities should be captured for KYC and AML/CTF purposes, and subject to AIFC AML Rules.

CHAPTER C. OTHER REQUIREMENTS, BOUNDARY CONDITIONS AND RESTRICTIONS

15. Miscellaneous

15.1. FinTech Lab Participants should inform AFSA well in advance before they start providing services that are outside of the AFSA’s regulatory perimeter (gift card, management of mining pool services and others under this Approach) according to 4.2.11. AIFC GEN Rules.

Artificial Intelligence

15.2. If a FinTech Lab Participant uses tools/software that enables automated provision of Digital Asset products and services in Chapter C of this Approach, including by use of artificial intelligence (“AI”) technology tools/software, it should appoint an independent third-party to assess at least on annual basis that the artificial intelligence technology/software used by them complies with AIFC Rules and Regulations.

15.3. While there is no consensus on a single definition of AI, it is generally accepted that AI is the simulation of human intelligence by machines, including the use of computer systems, which have the ability to perform tasks that demonstrate learning, decision-making, problem solving, and other tasks which previously required human intelligence. Machine learning is a sub-branch of AI. AI, a branch of computer science, is complex and evolving in terms of its precise definition. It is broadly seen as part of a spectrum of computational and mathematical methodologies that include innovative data analytics and data modelling techniques.

Decentralised Finance

15.4. Decentralised finance (or “DeFi”) is a new way of delivering financial services through automated software protocols (or “DeFi protocols”). Instead of engaging an intermediary financial institution, DeFi uses distributed ledger technology (“DLT”) to enable users to access financial services directly, by interacting with smart contracts on the blockchain.

15.5. DeFi protocol – a distributed application running on a public blockchain that automates the provision of financial services. Most DeFi protocols are smart contracts on a public blockchains.

16. Boundary conditions (testing limits)

16.1. The Digital Asset products and services should be provided to Clients of FinTech Lab Participants subject to limits and boundary conditions under AIFC Rules and regulations, Licence Notice and other applicable documents.

16.2. FinTech Lab Participants that offer or provide Digital Asset products and services (all services provided under this Approach including spot trading) should maintain effective systems and controls to ensure that a Retail Client using its service does not invest or deposit (for residents of Kazakhstan), in respect of such services and products in aggregate calculated over a period of one month, an amount of USD 1,000.

AFSA NOTICE NO. AFSA-A-NB-2024-0002 ON MODIFICATION OF THE AIFC FSFR 92(2)

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Section 92 (2) of the AIFC Financial Services Framework Regulations (FSFR) specified in the right-hand column of Table A is modified for the AIFC Participants authorised to carry on the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds, their Approved Individuals, and Foreign Fund Managers.

Table A. Modified AIFC Act

AIFC Act	Modified Rule
AIFC Financial Services Framework Regulations	92. Definition of Collective Investment Scheme (2) The arrangements must be such that the Persons who are to participate do not have day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions. It is hereby stipulated that Section 92 (2) herein shall not apply to the AIFC Participants authorised to carry on the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds, their Approved Individuals and Foreign Fund Managers.

AIFC Act

Modified Rule

AIFC Financial Services Framework Regulations

92. Definition of Collective Investment Scheme

(2) The arrangements must be such that the Persons who are to participate do not have day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions.

It is hereby stipulated that Section 92 (2) herein shall not apply to the AIFC Participants authorised to carry on the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds, their Approved Individuals and Foreign Fund Managers.

CONDITIONS

1. Implementation of robust systems and controls designed to effectively manage potential conflicts of interest, ensure best execution, and uphold principles of fair treatment.

2. Onboarding not less than two independent Unitholders.

3. The Fund Manager must obtain approval from a majority of independent Unitholders of a Fund prior to applying the provisions of the modification.

4. Revision of offering materials, the constitution of the funds, and all associated documents following the granted modification, ensuring alignment with the provisions outlined in the Acting Law of the AIFC.

EFFECTIVE PERIOD

This notice comes into effect on the date of publishing and remains effective until 1 April 2026.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-O-EC-2024-0109 ON STRIKING VENTURE ROCKET EURASIA LTD. OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167(1) (a) and (b) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Venture Rocket Eurasia Ltd. off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

× the Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

× the Company is contravening Section 26 (1) of the AIFC Companies Regulations.

The proposed decision comes into effect within 3 months from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-F-NB-2023-0012 ON REGULATION OF CROWDFUNDING PLATFORMS IN FINTECH LAB OF ASTANA FINANCIAL SERVICES AUTHORITY

THE AFSA HEREBY GIVES NOTICE THAT:

AFSA FinTech Lab Participants that previously obtained licenses of "Operating a Loan Crowdfunding Platform" and "Operating an Investment Crowdfunding Platform" (hereinafter referred to as “Crowdfunding activities”) have been testing Crowdfunding activities within the environment of AFSA’s FinTech Lab for several years now. As a result, Crowdfunding activities have demonstrated their status as well-established business models in the financial services industry in AIFC. Following this testing period in the Fintech Lab environment, AFSA has adopted a comprehensive regulatory framework for Crowdfunding activities.

At this stage in its evaluation of Crowdfunding activities, AFSA FinTech Lab does not consider majority of them to be eligible for testing purposes at AFSA FinTech Lab. Therefore, entities applying to obtain a License to carry on the Market Activities of "Operating a Loan Crowdfunding Platform" and "Operating an Investment Crowdfunding Platform" shall be subject to the full regulatory regime and approach AFSA Authorisations rather than AFSA FinTech Lab.

AFSA FinTech Lab may still consider applications for Crowdfunding activities in rare circumstances where these activities would involve application of technology material to development of Crowdfunding activities within the AIFC. However, AFSA would like to emphasize that majority of the proposed Crowdfunding activities would likely to fall outside this category.

EFFECTIVE PERIOD

This notice comes into effect from 20 December 2023 and remains effective until further Notice.

INTERPRETATION

AFSA NOTICE No. AFSA-Q-OA-2023-0021 ON APPROVAL OF ASSETS ELIGIBLE TO BE LIQUID

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with the Rule 4.3(1)(f) of the AIFC Prudential Rules for Investment Firms, Astana Financial Services Authority approves the assets as comprising a Liquid Asset, which satisfy the following conditions:

1) Government securities of the Republic of Kazakhstan, issued by the Ministry of Finance of the Republic of Kazakhstan and the National Bank of Kazakhstan;

2) Treasury Bills of the United States of America, which have a credit rating of AA (or equivalent) and higher from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

3) Sovereign bonds of the United States of America, which have a credit rating of AA (or equivalent) and higher from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

4) ETFs, which track Sovereign bonds of the United States of America, which have a credit rating of AA (or equivalent) and higher from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

5) Money deposited with a regulated bank or deposit-taker of the Republic of Kazakhstan which has a credit rating not lower than the sovereign rating of the of Republic of Kazakhstan (or equivalent) and above from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

6) Demand deposits with a tenor of 1 year or less with a bank or deposit-taker in (5) of this Notice.

The above assets can be included in the total stock of the Liquid Assets without any limit (i.e. up to 100% of the Liquid Assets).

The assets specified in 1) – 4) can represent at most 60% of the minimum value of the Liquid Assets required by the Rule 4.2(1) of the AIFC Prudential Rules for Investment Firms.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains effective until 31 December 2024.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO RULE 4.3(1) OF THE AIFC PRUDENTIAL RULES FOR INVESTMENT FIRMS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No.AFSA-Q-OA-2023-0018 ON MODIFICATION (Brillink Bank Corporation Limited )

MODIFICATION NOTICE

To	Brillink Bank Corporation Limited
Business identification number	201240900236
Regulated Activity	Accepting Deposits Providing Credit Advising on a Credit Facility Arranging a Credit Facility Providing Money Services
The address of the Registered Office	Z05T3F56, 55/22, Mangilik El, office 346, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

Section 4.10 (a) of AIFC Banking Business Prudential Rules, Base Capital Requirement is not applied to Brillink Bank Corporation Limited as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Table A. Modified AIFC Rule

Reference to the relevant Acts

Modified Rule/Regulation

AIFC Banking Business Prudential Rules, Chapter 4, Section 4.10 (a)

4.10 Base Capital Requirement

The Base Capital Requirement is:

(a) for a Bank – USD 10 7,5 million;

…

CONDITION

Conditions

Timeframe

To modify the requirement set by section 4.10 (a) of AIFC Banking Business Prudential Rules to maintain required ongoing capital, at all times, of at least equal to higher of its Base Capital Requirement equal to 7,500,000 USD until 1 November 2024.

Until 1 November 2024

To limit the Regulated Activities of:

- Accepting Deposits,

- Providing Credit,

- ~~Advising on a Credit Facility~~ [limited],

- ~~Arranging a Credit Facility~~[limited],

- Providing Money Services.

Until the providing of evidence on bringing the regulatory ongoing capital in compliance with the 4.9 of BBR based on the highest of rule-based Base Capital in the amount of 10 million USD (according to section 4.10 of BBR) and Risk-based Capital requirements, after receiving the Written Notice

This notice comes remains in force for Base Capital Requirement and remains effective until 1 November 2024.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No.AFSA-Q-OA-2023-0019 ON WAIVER (MOST INVESTMENT LIMITED)

NOTICE

To	MOST Investment Limited
Business identification number	210240900106
Regulated Activity	Managing a Collective Investment Scheme in respect of Exempt Funds
The address of the Registered Office	Z05T3E5, Mnagilik Yel 55/21, office 319, Astana, Esil District, Republic of Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

Section 2.2.1 (1) of AIFC Prudential Rules For Investment Firms, Financial resources is not applied to MOST Investment Limited as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Table A. Waived AIFC Rule

Reference to the relevant Acts

Waived Rule/Regulation

AIFC Prudential Rules For Investment Firms, chapter 2, section 2.2.1 (1)

2.2.1 Financial resources

(1) A PRU Investment Firm, other than an Externally Regulated PRU Investment Firm, must have and maintain, at all times, Capital Resources and Liquid Assets of at least the minimum kinds and amounts required by, and calculated in accordance with, these PRU(INV) Rules.

CONDITION

This notice comes remains in force for a period of 8 months for Capital Resources requirement and for a period of 12 months for Liquid Assets requirement.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-Q-NB-2023-0005 ON SUSPENSION OF THE LICENCE OF AL SAQR ISLAMIC BANK LTD.

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Al Saqr Islamic Bank Ltd. (the “Firm”) No. AFSA-A-LA-2021-0006 dated 03 March 2021 until further notice.

The suspension is made according to request and consent of Al Saqr Islamic Bank Ltd.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE № AFSA-O-EC-2023-1126 ON STRIKING GRC EURASIA LIMITED OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167 (1) (a) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike GRC Eurasia Limited (BIN 180640900172) off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

× The Recognised Company is not conducting business or is not in operation pursuant to Section 167 (1) (a) of the AIFC Companies Regulations;

The proposed decision comes into effect within 14 days from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE №AFSA-T-NB-2023-0002 ON GRANTING WAIVER TO SKYBRIDGE INVEST JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC" in relation to SBI Active Fund Open-Ended Investment Company

NOTICE No. AFSA-T-NB-2023-0002

To	SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC"
Business Identification Number	181141900093
Regulated Activities	- Dealing in Investments as Principal - Dealing in Investments as Agent - Managing Investments - Managing a Collective Investment Scheme - Advising on Investments - Arranging Deals in Investments
The address of the Registered Office	55/21 Mangilik El, 142 office, Astana, 010000, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The requirement specified in AIFC CIS Rule 8.2. on having a Fund Administrator is waived on application of SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC", Fund Manager of SBI Active Fund Open-Ended Investment Company Ltd for the effective period.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force for a period of 1 year from the date of incorporation of SBI Active Fund Open-Ended Investment Company Ltd subject for reconsideration.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-O-EC-2023-1058 ON SCAM ALERT

THE REGISTRAR OF COMPANIES HEREBY GIVES PUBLIC ALERT NOTICE:

Following is general notice and reminder to Astana International Financial Centre unregistered soliciting entity. Astana Financial Service Authority revealed and established entity: Branch of Asyl Tukymdy Sharuashylyk Ordabasy Sut Onymdery LLP of the AIFC falsely claim to be registered, licensed, under AIFC jurisdiction and illegally using of other company’s registration number.

It was established that Branch of Asyl Tukymdy Sharuashylyk Ordabasy Sut Onymdery LLP of the AIFC falsely claim to be registered, licensed, under following license: Agroculture, however such case did not approach Astana Financial Service Authority (hereinafter-AFSA).

In many cases, AFSA investigation reveals that the soliciting entities are not registered, licensed at the AIFC jurisdiction as they claim or imply. In an effort to warn the public about these entities, the AFSA is publishing information it has learned in reviewing these complaints.

Evidence:

1. Licence

AFSA NOTICE № AFSA-N-NB-2023-0005 ON EQUIVALENT REGULATED EXCHANGES FOR SECURITIES AND LISTED FUNDS

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

No.	Equivalent Regulated Exchange	Effective Date
1.	London Stock Exchange
	- Main Market	28 February 2019
	- Alternative Investment Market	10 September 2019
2.	Euronext Dublin	10 September 2019
3.	Hong Kong Stock Exchange
	- Main Board	1 November 2019
	- Growth Enterprise Market	1 November 2019
4.	Shanghai Stock Exchange
	- Main Board	10 January 2020
5.	Toronto Stock Exchange	3 November 2021
6.	Frankfurt Stock Exchange
	- General Standard	3 November 2021
	- Prime Standard	3 November 2021
7.	Australian Securities Exchange	20 April 2022
8.	New York Stock Exchange	20 April 2022
9.	Nasdaq Stock Market	20 April 2022
10.	Shenzhen Stock Exchange	13 October 2022
11.	Warsaw Stock Exchange	6 November 2023
12.	Luxembourg Stock Exchange	6 November 2023
13.	Budapest Stock Exchange	6 November 2023
14.	Euronext Brussel	6 November 2023
15.	Moscow Stock Exchange	6 November 2023
16.	Kyrgyzstan Stock Exchange	6 November 2023
17.	Georgia Stock Exchange	6 November 2023

INTERPRETATION

THIS NOTICE IS CONSIDERED TO BE A REPLACEMENT FOR AFSA NOTICE № AFSA-N-NB-2022-0004

AFSA NOTICE № AFSA-O-EC-2023-1043 ON STRIKING REPRESENTATIVE OFFICE OF HITBEAT MUSIC LTD. IN THE AIFC OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167 (1) (a), (b) and (c) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Representative Office of HITBEAT MUSIC INC. in the AIFC (BIN 211042900093) off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

× The Recognised Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

× the Recognised Company is contravening Sections 147 (1) (d) and 148 (1) of the AIFC Companies Regulations.

× the Recognised Company is contravening the number of rules of the AIFC Acting Law, and its activity may entail reputational risks to the AIFC and harm the market.

The proposed decision comes into effect within 14 days from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-O-EC-2023-1025 ON STRIKING ARTIFICIAL INVESTMENTS COMPANY LTD. OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167(1) (a) and (b) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Artificial Investments Company Ltd. off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

× the Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

× the Company is contravening Sections 26 (1) and 17 (1) of the AIFC Companies Regulations.

The proposed decision comes into effect within 14 days from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-F-NB-2023-0007 ON CLASS MODIFICATION

CLASS MODIFICATION NOTICE No. AFSA-Q-OA-2023-0007 (amended by No. AFSA-Q-OA-2024-0019 from 30.09.2024)

To	Authorised Firms licensed to carry out the Regulated Activity of Islamic Banking Business
Regulated Activity	Islamic Banking Business

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of Table A herein do not apply to the Islamic Banks in the form appearing in the AIFC Islamic Banking Business Prudential Rules (IBB) but instead applies as modified in the right-hand column of Table A.

In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

Reference to the relevant Acts

Modified Text

AIFC Islamic Banking Business Prudential Rules,

Rule 4.7(a)

Rule 4.7 Base Capital Requirement

The Base Capital Requirement is:

(a) for an Islamic Bank ~~— USD 10 million~~ as follows:

from 1st November 2023 – USD 5 mln;

from 1st November 2024 – USD 6 mln;

from 1st November 2025 – USD 7 mln;

from 1st May 2026 – USD 8 mln;

from 1st November 2026 – USD 9 mln; and

from 1st May 2027 – USD 10 mln.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 1 May 2027.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

Table of Digital Assets approved by the Astana Financial Service Authority to trading on the Digital Asset Trading Facilities licensed in AIFC TO AFSA NOTICE No. AFSA-F-NB-2023-007

Table of Digital Assets approved by the Astana Financial Service Authority to trading on the Digital Asset Trading Facilities licensed in AIFC (updated 05.07.2024)

(according to AFSA NOTICE No. AFSA-F-NB-2023-0007 ON CLASS MODIFICATION IN RESPECT OF OBTAINING OF APPROVAL FOR DIGITAL ASSETS THAT WERE PREVIOUSLY APPROVED BY THE ASTANA FINANCIAL SERVICE AUTHORITY TO TRADING ON THE DIGITAL ASSET TRADING FACILITIES.)

№	Digital Asset	Symbol
1.	Bitcoin	BTC
2.	Bitcoin Cash	BCH
3.	Ethereum	ETH
4.	Litecoin*	LTC
5.	Tether USDt	USDT
6.	BNB	BNB
7.	Cardano	ADA
8.	XRP (Ripple)	XRP
10.	Solana	SOL
11.	STEPN	GMT
12.	Polygon	MATIC
13.	EOS	EOS
14.	Ethereum Classic	ETC
15.	Chainlink	LINK
16.	TRON*	TRX
17.	Biteeu Commodities Exchange Gold	BCXG
18.	DAI	DAI
19.	Galxe	GAL
20.	ApeCoin	APE
21.	GALA	GALA
22.	Unify Protocol DAO	UNFI
23.	Waves	WAVES
24.	NEAR Protocol	NEAR
25.	Cosmos	ATOM
26.	Mask Network	MASK
27.	Aptos	APT
28.	Algorand	ALGO
29.	Avalanche	AVAX
30.	Stellar	XLM
31.	1Inch Network	1INCH
32.	Fantom	FTM
33.	Audius	AUDIO
34.	Balancer	BAL
35.	Band Protocol	BAND
36.	Pax Dollar	USDP
37.	Nexo	NEXO
38.	Ocean Protocol	OCEAN
39.	Bifrost	BFC
40.	The Sandbox	SAND
41.	Ethereum Name Service	ENS
42.	dYdX	DYDX
43.	Curve DAO Token	CRV
44.	Fetch.ai	FET
45.	Aave	AAVE
46.	Chilliz	CHZ
47.	SPACE ID	ID
48.	Celo	CELO
49.	COTI	COTI
50.	Convex Finance	CVX
51.	Uniswap	UNI
52.	Filecoin	FIL
53.	Lido DAO	LDO
54.	The Graph	GRT
55.	Hot Cross	HOTCROSS
56.	Wrapped BTC	WBTC
57.	VeChain	VET
58.	Axie Infinity Shards	AXS
59.	Basic Attention Token	BAT
60.	Immutable	IMX
61.	Jasmy Coin	JASMY
62.	Label Foundation	LBL
63.	Livepeer	LPT
64.	Loopring	LRC
65.	Maker	MKR
66.	Pax Gold	PAXG
67.	pStake Finance	Pstake
68.	Quant	QNT
69.	Scallop	SCLP
70.	Skale	SKL
71.	Yearn.finance	YFI
72.	Arbitrum	ARB
73.	Compound	COMP
74.	Multiverse X	EGLD
75.	Conflux	CFX
76.	Enjin Coin	ENJ
77.	Golem	GLM
78.	Hedera	HBAR
79.	Hooked Protocol	Hook
80.	Decentraland	MANA
81.	Internet Computer Protocol	ICP
82.	Rocket Pool	RPL
83.	Stacks	STX
84.	Injective	INJ
85.	Frax Share	FXS
86.	Trust Wallet Token	TWT
87.	THORChain	Rune
88.	PancakeSwap	Cake
89.	Zilliqa	ZIL
90.	WAX	WAXP
91.	Osmosis	OSMO
92.	SingularityNET	AGIX
93.	NEM	XEM
94.	Gnosis	GNO
95.	Theta Fuel	TFUEL
96.	Ravencoin	RVN
97.	Flow	Flow
98.	Render	RNDR
99.	Optimism	OP
100.	Klaytn	Klay
101.	GMX	GMX
102.	eCash	XEC
103.	Kava	KAVA
104.	0x Protocol	ZRX
105.	Synthetics	SNX
106.	Theta Network	Theta
107.	Toncoin	TON
108.	USD Coin	USDC
109.	Polkadot*	DOT
110.	Sui	SUI
111.	Binance USD	BUSD
112.	Lido Staked ETH	stETH

Notes:

* - Digital Asset’s blockchain has an optional privacy feature that makes the transaction untraceable. Approval is conditional upon demonstration of evidence of availability of necessary systems and controls that detect the Digital Asset with privacy feature.

AFSA NOTICE № AFSA-Q-NB-2023-0004 ON SUSPENSION OF THE LICENCE OF KAZAKHSTAN ISLAMIC FINANCE COMPANY LTD.

NOTICE No. AFSA-Q-NB-2023-0004

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Kazakhstan Islamic Finance Company Ltd. (the “Firm”) No. AFSA-A-LA-2021-0031 dated 22 October 2021 until further notice.

The suspension is made due to the failure of the Firm to comply with prudential requirements (minimum capital requirements) set out in the AIFC Islamic Banking Business Prudential Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE No. AFSA-O-EC-2023-0915 ON SCAM ALERT

NOTICE No. AFSA-O-EC-2023-0915

THE REGISTRAR OF COMPANIES HEREBY GIVES PUBLIC ALERT NOTICE:

Following is general notice and reminder to Astana international financial Centre unregistered soliciting entity. Astana Financial Service Authority revealed and established entity: AIFCS falsely claim to be registered, licensed, under AIFC jurisdiction in their solicitation of investors.

It was established that AIFCS falsely claim to be registered, licensed, under following license: advising on investments and arraigning deals in investments, however such case did not approach Astana Financial Service Authority (hereinafter-AFSA).

Evidence:

1. AIFC licence

AFSA NOTICE No. AFSA-A-NB-2023-0014 ON MODIFICATION OF THE AIFC FEES RULES (‘Tabadul’ initiative)

WAIVER AND MODIFICATION NOTICE NO. AFSA-A-NB-2023-0014

For ADX Members in the framework of the ‘Tabadul’ initiative applying for RNAM status in

the AIFC

Permitted Activity

Recognised Non-AIFC Member status

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

1. The AFSA places great emphasis on ensuring that all RNAMs are treated fairly and equally, without showing any favoritism towards specific market players. When making modifications to the relevant AIFC Acts, the AFSA carefully examines the proposed changes to determine if they could potentially discriminate against other market participants who are not part of a defined circle of players. To ensure fairness and transparency for all players, the AFSA is modifying the application and annual recognition fees for those applying for RNAM status under the Tabadul initiative. This is to ensure reciprocity with the peer regulator and promote collaboration among regulators. The relevant peer regulator has also revised its fees structure for trading members joining via Tabadul, making it appropriate for the AFSA to make this collaborative effort. Therefore, the current AIFC RNAMs and AFSA licensed brokers who trade on the AIX have the option to apply for remote membership status with the SCA. They will also receive preferred fees when joining the Tabadul framework.

2. The proposed changes do not favor any particular applicant and do not undermine competition. It should be noted that trading through the Tabadul initiative does not provide the same level of access as regular RNAMs trading on AIX. The instruments, conditions, clearing, and settlement processes through Tabadul are tied to an electronic trading system, unlike trading members with full access to securities traded on AIX. Considering the correlation between the quantity of RNAM candidates who participate in the Tabadul initiative, and the AFSA application fees, a reduction in expenses could potentially lead to an increase in the number of RNAM applications submitted through the Tabadul initiative.

3. The AFSA emphasises that it is unwavering in its commitment to upholding equality and has a strict policy of zero tolerance towards all forms of discrimination. In this regard, to encourage potential applicants for the global cross-border initiative, the AFSA is proposing temporary modifications. The AFSA notes that these modifications will be valid for a limited promotion period and will be subject to further instructions from the AFSA.

4. The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right-hand column of the Table A and right-hand column of the Table A apply to the trading members Abu Dhabi Exchange P.J.S.C. applying for a Recognised Non-AIFC Member status in the AIFC via ‘Tabadul’ initiative.

Table A. Modified AIFC Act

AIFC Act	Modified text
Section 1.1 of Schedule 4 of FEES. Application fees for recognition as a Recognised Non-AIFC Market Institution, Recognised Non-AIFC Member and Foreign Fund Manager	Modified. 1.1 Application fees for recognition as a Recognised Non-AIFC Market Institution, Recognised Non-AIFC Member and Foreign Fund Manager.
		Application fee	Fee (USD)
		Recognised Non-AIFC Member	1 000
Section 6.4 of Schedule 6 of FEES. 6.4 Annual recognition fees for Recognised Non-AIFC Market Institutions and Recognised Non-AIFC Members	Modified. 6.4 Annual recognition fees for Recognised Non-AIFC Market Institutions and Recognised Non-AIFC Members. Recognition fee Fee (USD) Recognised Non- For Recognised Non-AIFC Members AIFC Member that are admitted to trading by an Authorised Investment Exchange: calculated according to formula 1 below. Formula 1 *RF= FF+TVF,* where RF – Annual recognition fee FF – Fixed fee, which is 500 USD pro-rated over a calendar year TVF – Trading volume fee, calculated as 0.001% of trading volume in one year, applicable only to Recognised Non-AIFC Members admitted to trading by Operator of an Investment Exchange, whose trading volume is over 100 million USD (paid within one month following each corresponding quarter).

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further instructions from the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED PERSUANT TO SECTION 9 OF THE FINANCIAL ERVICES FRAMEWORK REGULATIONS BE THE ASTANA FINANCIAL SERVICES AUTHORITY.

Name: Nurkhat Kushimov

Position: Chief Executive Officer, AFSA

DATE OF ISSUE: 15 September 2023

AFSA NOTICE No AFSA-O-EC-2023-0888 ON WITHDRAWAL OF THE LICENCES TO CARRY ON ANCILLARY SERVICES

NOTICE № AFSA-O-EC-2023-0888

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Pursuant to Rule 1.3.6(e) of the AIFC General Rules, the AFSA has withdrawn the following Licences to carry on Ancillary Services:

Firm name	Licence number
Rich Consulting Limited	112018-011
«Axe Capital Consulting» LLP	AFSA-A-LA-2019-0056
ABROY Boutique Law Firm Ltd	AFSA-A-LA-2020-0028
Caspian Research Group Ltd.	AFSA-A-LA-2020-0034
German & Partners Ltd.	AFSA-A-LA-2020-0026
Tauekel Services Ltd.	AFSA-A-LA-2022-0017

The withdrawal is made due to the failure of the Firms to comply with Rule 3 (Annual Supervision Fees Payable to the AFSA) of the AIFC Fees Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

AFSA NOTICE № AFSA-O-EC-2023-0891 ON STRIKE OFF VERSOR ENGINEERING LTD.

NOTICE No. AFSA-O-EC-2023-0891

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with section 167(1) of the AIFC Companies Regulations, the Registrar of Companies (the “Registrar”) intends to strike the name of VERSOR Engineering Ltd. (the “Company”) off the Register on 05 September 2023. The Registrar has reason to believe that it is prejudicial to the interests of the AIFC for the Company to remain in the Register and that the Company is Contravening the AIFC Companies Regulations.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Companies Regulations. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 167(3)(a) OF THE AIFC COMPANIES REGULATIONS.

AFSA NOTICE No. AFSA-O-EC-2023-0800 ON ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RESPECT OF POST-REGISTRATION PROCEDURES AND PROCESSING INQUIRIES

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

The fees for administrative services (excluding post-registration and processing inquiries fees for Non-Profit Incorporated Organisations and Foundations) set out in SCHEDULE 5-1 are applied as follows:

Administrative Services	Fee (USD)
Administrative Services	Online*	paper
Processing inquiries**	20	40
Post-registration procedures***	50	100

* Online means submission through the AIFC approved digital systems (excluding email).

**Fees for administrative services for Foundations and Non-Profit Incorporated Organisations is 100 USD for online based and 200 USD for paper-based processing inquiries.

***Fees for administrative services for Foundations and Non-Profit Incorporated Organisations is 150 USD for online based and 300 USD for paper based post-registration procedures.

AFSA NOTICE № AFSA-N-NB-2023-0003 ON MODIFICATION

To	Ozon Holdings PLC
Business identification number	230150005411
The address of the Registered Office	Arch. Makariou III, 2-4, Capital Center, 9th floor, 1065, Nicosia, Cyprus

NOTICE No. AFSA-N-NB-2023-0003

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of the Table does apply to the above-mentioned Person as modified to the extent shown in the right-hand column of the Table herein. In this Table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

TABLE – RULES MODIFIED:

AIFC Act

Proposed modification

AIFC

Market

Rules

2.5.3 Related party transaction procedures

If a Reporting Entity enters into a Related Party Transaction or a series of Related Party Transactions in any 12-month period and the value of such transaction(s) is greater than ~~5% of value of the net assets of~~ ~~the Reporting Entity as stated in its most recent financial reports~~ USD 20 million, the Reporting Entity must, no later than the time when the terms of the transaction or arrangement are agreed, make public disclosure which sets out:

(a) the nature of the Related Party relationship;

(b) the name of the Related Party;

(d) any other information necessary to assess whether the transaction or arrangement is fair

and reasonable from the perspective of the Reporting Entity and of the stakeholders who are not a Related Party, including minority shareholders and creditors.

EFFECTIVE PERIOD

This notice comes into effect from the date of issue and remains effective until the value of the net assets of the above-mentioned Person in its most recent financial reports is positive. Once the value becomes positive, the original version of AIFC MAR 2.5.3 will be applicable and this notice will lose its force until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2023-0007 ON GRANTING CLASS MODIFICATIONS TO ISLAMIC BANKS

CLASS MODIFICATION NOTICE No. AFSA-Q-OA-2023-0007 (amended by No. AFSA-Q-OA-2024-0019 from 30.09.2024)

To	Authorised Firms licensed to carry out the Regulated Activity of Islamic Banking Business
Regulated Activity	Islamic Banking Business

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

Reference to the relevant Acts

Modified Text

AIFC Islamic Banking Business Prudential Rules,

Rule 4.7(a)

Rule 4.7 Base Capital Requirement

The Base Capital Requirement is:

(a) for an Islamic Bank ~~— USD 10 million~~ as follows:

from 1st November 2023 – USD 5 mln;

from 1st November 2024 – USD 6 mln;

from 1st November 2025 – USD 7 mln;

from 1st May 2026 – USD 8 mln;

from 1st November 2026 – USD 9 mln; and

from 1st May 2027 – USD 10 mln.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 1 May 2027.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-A-NB-2023-0003 ON THE MODIFICATION (iKapitalist Ltd.)

MODIFICATION NOTICE

To	iKapitalist Ltd.
Address	Office 265, Mangilik El 55/21, Astana, Z05T3E5
AFSA Licence No.	AFSA-A-LA-2023-0005
Notice No.	AFSA-A-NB-2023-0003

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The AIFC Authorised Market Institution Rules (AMI) 7.3.12, 7.3.16 and 7.3.22 apply to iKapitalist Ltd. (the “Applicant”) with the modification as specified in the right-hand column of the table below.

Regarding the requested modification on the provisions of the AMI Rules 7.3.12, 7.3.16 and 7.3.22, pursuant to section 9 of the FSFR the AFSA has a power to modify or waive the Rules made pursuant to the FSFR (Rules) on the application of a Person under the following conditions:

(a) compliance by the Person with the Rules, or with the Rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the Rules were made, and
(b) the direction would not adversely affect the advancement of any of the AFSA’s regulatory objectives.

Please note, protecting interests of consumers of financial services are the key regulatory objectives of the AFSA.

Table MODIFIED AIFC Act

Reference to the relevant Acts	Action
AMI 7.3.12. (Equal treatment of lenders or Investors)	… (2) If an Authorised Crowdfunding Platform provides an auto-lending or auto-investment system, or any other facility that provides some lenders or Investors with the opportunity to lend money ahead of other lenders or Investors, it must disclose prominently on its website that some lenders or Investors may have preferential access to alternative proposals or terms. (a)Guidance: An ‘auto-lending system’ or ‘auto-investing system’ is a facility that automatically allocates certain loans or Investments to a lender or investor according to parameters chosen by the lender or investor.
AMI 7.3.16 (Facility for transfer of Permitted Loans or Permitted Investments)	If an Authorised Crowdfunding Platform provides a facility that assists the transfer of rights or obligations under a Permitted Loan or the sale of Permitted Investments, it must ensure that (as applicable): … in the case of a Permitted Loan (except Debentures), a lender must transfer the rights and obligations relating to the whole of a Permitted Loan made (and not just a part of the Permitted Loan); …
AMI 7.3.22. (Target funding amount)	(1) “An Authorised Crowdfunding Platform must ensure that all loan proceeds are only provided to the Borrower or offering proceeds are only provided to the ~~Investor~~ Issuer when the aggregate capital raised from all lenders or Investors: (a) is equal to or greater than the target funding amount and allow all lenders or Investors to cancel their commitments to lend or invest, as the AFSA shall determine appropriate; or (b) is equal or greater than 90% of the target funding amount in cases when up to 10% of Investors/lenders cancelled their commitments after the target funding amount is raised, provided that both Borrowers/Issuers and the remaining committed Investors/lenders express consent in writing. Guidance: In case of (b), the Authorised Crowdfunding Platform shall ensure compliance with the requirements related to material changes affecting the Borrower or Issuer as per AMI 7.3.10.

EFFECTIVE PERIOD

This notice comes into effect on the date of issuance and remains effective until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY REPRESENTED BY:

Name: Gareth Ling

Position: Deputy Chief Executive Officer, Chief Regulatory Officer, Astana Financial Services Authority

DATE OF ISSUE: 27 April 2023

AFSA NOTICE No. AFSA-O-EC-2023-0467 ON ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RESPECT OF POST-REGISTRATION PROCEDURES AND PROCESSING INQUIRIES

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

Administrative Services	Fee (USD)
Administrative Services	online	paper
Processing inquiries	20	20
Post-registration procedures	50	50

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 31 May or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE NO. AFSA-O-EC-2023-0391 on the waiver confirmation

THE REGISTRAR OF COMPANIES OF THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Section 134 (1) Qualification and registration of Auditors of AIFC Companies Regulations is not applied to ALTAAQA ALTERNATIVE SOLUTIONS KAZAKHSTAN LLP as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Regarding the requested waiver of the provision of the AIFC Companies Regulations, pursuant to section 195 of the AIFC Companies Regulations, the Registrar of Companies has the power to modify or waive provisions of Regulations and Rules administered by the Registrar on the application of a Person.

Table A. Waived AIFC Act

Reference to the relevant Acts

Waived Rule/Regulation

AIFC Companies Regulations, Part 10, chapter 3, section 134 (1)

134. Qualification and registration of Auditors

(1) In this Part, a reference to an Auditor is a reference to a Person who is registered by the Registrar as an auditor under this Chapter.

CONDITION

The potential external audit service provider must be one of the leading top-tier global auditors that comply with the most known international audit standards.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until the end of the financial year 2025 or revoked by the Registrar of Companies or by the Company.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES

AFSA Notice № AFSA-O-EC-2023-0289 on the modification confirmation

THE REGISTRAR OF COMPANIES OF THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Section 17(1) (Notification of change in Registered Details of Company), Section 22(2) (Change of Company name) are applied to AIFC Business Connect Ltd. with the modification as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Regarding the requested modification of the provision of the AIFC Limited Liability Regulations, pursuant to section 195 of the AIFC Companies Regulations, the Registrar of Companies has the power to modify or waive provisions of Regulations and Rules administered by the Registrar on the application of a Person.

Table A.

Reference to the relevant Acts

Modified Rule/Regulation

AIFC Companies Regulations, Part 4, Chapter 2, sections 17(1), 22 (2)

Section 17. Notification of change in Registered Details of Company

(1) If any of the Registered Details of a Company change, the Company must notify the Registrar in Writing of the change within 120 days after the day the change happens and must comply with all other requirements applying to the Company under the Rules in relation to the change.

Section 22 (2). Change of Company name

(2) If a Company changes its name by Special Resolution in accordance with subsection (1), the Company must file the Special Resolution with the Registrar within 120 days after the day the Special Resolution is passed.

CONDITIONS

The modification of Section 17(1) is applied to AIFC Business Connect only in relation to change of a Company name. Other changes should be notified to the Registrar of Companies duly in accordance with the requirements prescribed by the AIFC Companies Regulations and Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until May 1^st, 2023, or revoked by the Registrar of Companies or by the Company.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES:

__________________

Laura Nurgaliyeva

Registrar of Companies

AFSA NOTICE NO. AFSA-O-EC-2023-0328 ON ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RESPECT OF POST-REGISTRATION PROCEDURES AND PROCESSING INQUIRIES

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

Administrative Services	Fee (USD)
Administrative Services	online	paper
Processing inquiries	20	20
Post-registration procedures	50	50

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 15 April or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA Notice № AFSA-N-NB-2023-0001 On Waiver

WAIVER NOTICE No. AFSA-N-NB-2023-0001

To	Astana International Exchange Limited
Business identification number	171140900016
Permitted Activity	Operating an Exchange
The address of the Registered Office	55/19 Mangilik El avenue, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rule specified in the Table herein does not apply to the above mentioned Person to admit the globally depositary receipts (GDRs) and Shares to trading and permit the offer of such securities in or from AIFC, which remain listed on an Equivalent Regulated Exchange (ERE), but temporarily suspended from trading on such ERE for reasons beyond the issuers’ control.

RULE WAIVED

AIFC Act

Waived Rule

AIFC MARKET RULES (MAR)

1.2.2 (1)(m)(i)

the Securities, or Securities of the same class, have been admitted to trading and continuously traded on the other market for more than 18 months; and

CONDITIONS

This Notice will be applicable to the GDRs and Shares that had been continuously traded for more than 18 months on ERE by the time the suspension happened. Each suspension case will be reviewed by the AFSA as part of the listing review process.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA Notice № AFSA-T-NB-2023-0001 On Cancellation of Suspension Sanity Capital

NOTICE No. AFSA-T-NB-2023-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 95(3)(a) of the AIFC Financial Services Framework Regulations, the AFSA has cancelled the suspension of Licence AFSA-A-LA-2021-0027 dated 20 September 2021 issued to Sanity Capital Ltd.

The cancellation of suspension of the Licence is made due to Sanity Capital Ltd’s rectification of its previous non-compliance with the AFSA’s capital and liquidity requirements as set out in the AIFC Prudential Rules for Investment Firms and requirements for certain appointments to be filled at all times by Approved Individuals or Designated Individuals as set out in the AIFC General Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE ASTANA FINANCIAL SERVICES AUTHORITY PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS.

AFSA Notice № AFSA-Q-NB-2023-0002 On Withdrawal Of The Licence Of Otan Private Bank Ltd.

NOTICE No. AFSA-Q-NB-2023-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has withdrawn the Licence of Otan Private Bank Ltd. (the “Bank”) No. AFSA-A-LA-2020-0011 dated 20 March 2020.

The withdrawal is made due to the official application of Otan Private Bank Ltd. to withdraw a Licence to carry on Regulated Activities.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA Notice № AFSA-O-EC-2023-0240 on administrative fees payable to the Registrar of Companies_15 March 2023

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

Administrative Services	Fee (USD)
Administrative Services	online	paper
Processing inquiries	20	20
Post-registration procedures	50	50

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 15 March or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE No AFSA-O-NB-2023-0001 on Withdrawal of the Licences to carry on Ancillary Services

NOTICE № AFSA-O-NB-2023-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Pursuant to Rule 1.3.6. of the AIFC General Rules, the AFSA has withdrawn the following Licences to carry on Ancillary Services:

Firm name	Licence number
Agency Green Advising Limited	102018-001
Alliance Business Services Limited Liability Partnership	AFSA-A-LA-2020-0046
Amanie Advisors Astana Ltd.	AFSA-A-LA-2019-0024
Atelier Ltd.	AFSA-A-LA-2020-0032
BFC Ltd.	AFSA-A-LA-2019-0054
BP-Group Ltd.	AFSA-A-LA-2019-0025
Castellamar Consulting Group Kazakhstan Ltd.	AFSA-A-LA-2020-0044
Crowe RAS Astana Limited Liability Partnership	AFSA-A-LA-2019-0026
Eurasia Media Group (EM Group) Ltd.	AFSA-A-LA-2019-0037
Gilman and Company Limited	092018-005
GOLDEN BUSINESS AND MANAGEMENT Limited	AFSA-A-LA-2021-0038(С)
GT Company Ltd.	AFSA-A-LA-2020-0003
McQuhae &Company Limited	AFSA-A-LA-2019-0043
Usmani & Usmani Private Limited	AFSA-A-LA-2020-0038
VektorConsulting Ltd.	AFSA-A-LA-2020-0018
WellDone Education Ltd.	AFSA-A-LA-2019-0064

The withdrawal is made due to the failure of the Firms to comply with Rule 3 (Annual Supervision Fees Payable to the AFSA) of the AIFC Fees Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

AIFC Notice No. AFSA-O-EC-2023-0010 on Administrative Fees Payable to the Registrar of Companies in Respect of Post-Registration Procedures and Processing Inquiries (Annex1)

NOTICE No. AFSA-O-EC-2023-0010

The REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

Administrative Services	Fee (USD)
Administrative Services	online	paper
Processing inquiries	20	20
Post-registration procedures	50	50

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 28 February or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE № AFSA-N-NB-2022-0006 ON CLASS MODIFICATION IN RESPECT OF PERSONS ALLOWED TO USE THE SERVICE OF AUTHORISED CROWDFUNDING PLATFORMS

NOTICE No. AFSA-N-NB-2022-0006

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of the Table below is modified to the extent shown in the right-hand column of the Table and applies to Authorised Crowdfunding Platforms in respect of Persons allowed to use the service of Authorised Crowdfunding Platforms.

TABLE – RULE MODIFIED

The Rule specified in the left-hand column of the Table below is modified to the extent shown in the right-hand column of the Table. In this Table, underlining indicates the new text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

AIFC Authorised Market Institution Rules

7.3.6 Due diligence on Borrowers or Issuers

7.3.6 Due diligence on Borrowers or Issuers

(1) An Authorised Crowdfunding Platform must not permit a Borrower or Issuer to use its service unless the Borrower or Issuer is a Body Corporate or a sole proprietor. Criteria for a sole proprietor shall be provided for in the internal rules of the Authorised Crowdfunding Platform and should be agreed with the AFSA.

…

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect on the date of publishing and remains in force until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2022-0005 ON SUSPENSION OF THE LICENCE OF GB FINANCE LTD.

NOTICE No. AFSA-Q-NB-2022-0005

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of GB Finance Ltd. (the “Firm”) No. AFSA-A-LA-2022-0015 dated 3 May 2022 until further notice.

The suspension is made due to the failure of the Firm to comply with prudential requirements (minimum levels of capital adequacy ratios, limits on lending to related parties, limits on large exposures) set out in the AIFC Banking Business Prudential Rules, along with requirements of the AIFC Rules on Currency Regulation. The Firm failured to notify the AFSA of breaches or potential breaches of prudential requirements, and how it is proposed to remedy them as well as of certain acquisitions having a significant impact on the Firm’s risk profile and resources, in further breach of the AIFC General Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE № AFSA-N-NB-2022-0004 ON EQUIVALENT REGULATED EXCHANGES

NOTICE No. AFSA-N-NB-2022-0004

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

No.	Equivalent Regulated Exchange	Effective Date
1.	London Stock Exchange
	-Main Market	28 February 2019
	-Alternative Investment Market	10 September 2019
2.	Euronext Dublin	10 September 2019
3.	Hong Kong Stock Exchange
	-Main Board	1 November 2019
	-Growth Enterprise Market	1 November 2019
4.	Shanghai Stock Exchange
	-Main Board	10 January 2020
5.	Toronto Stock Exchange	3 November 2021
6.	Frankfurt Stock Exchange
	- General Standard	3 November 2021
	- Prime Standard	3 November 2021
7.	Australian Securities Exchange	20 April 2022
8.	New York Stock Exchange	20 April 2022
9.	Nasdaq Stock Market	20 April 2022
10.	Shenzhen Stock Exchange	13 October 2022

INTERPRETATION

THIS NOTICE IS CONSIDERED TO BE A REPLACEMENT TO:

AFSA NOTICE №0004 ISSUED ON 28 FEBRUARY 2019 (AS AMENDED),

AFSA NOTICE №0009 ISSUED ON 23 JULY 2019 (AS AMENDED),

AFSA NOTICE №AFSA-N-NB-2021-0004 ISSUED ON 3 NOVEMBER 2021 (AS AMENDED) AND

AFSA NOTICE №AFSA-N-NB-2022-0001 ISSUED ON 20 APRIL 2022.

AFSA NOTICE № AFSA-T-NB-2022-0061 On No-action Letter Notice FONTE Capital Ltd.

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

FONTE Capital Ltd. (‘Fonte’) was given a no-action letter for the conduct that will lead to non-compliance with subrules 3.1.5 of the AIFC Dematerialised Investment Rules, according to which «The Issuer must not appoint a Person other than an Authorised Market Institution or another Person authorised (however described) to conduct business in the AIFC to maintain a register of Uncertificated Investments on its behalf», and subrules 1.5.4 (f) according to which «The register of its legal title holders is maintained in the AIFC by an AIFC Participant».

Based on the facts and representations set forth by Fonte, in accordance with Section 9 of the AIFC Financial Services Framework Regulations, AFSA does not intend to take regulatory action against Fonte.

The no-action position of AFSA only relates to requirements of subrules 3.1.5 and 1.5.4 (f) of the AIFC Dematerialised Investment Rules.

EFFECTIVE PERIOD

This no-action letter comes into effect on the date of issue and remains in force until the first direction by AFSA to Fonte, either until the technical capacity of the AIX Registrar is sufficient to enable transfer of units between other local and foreign depositories.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY. IT IS NOT A LEGAL OPINION, IT IS AN EXPRESSION OF REGULATORY INTENT AND IS SPECIFIC TO THE FACTS AND CIRCUMSTANCES.

AFSA NOTICE №AFSA-Q-NB-2021-0005 ON GRANTING MODIFICATIONS TO Otan Private Bank Limited

NOTICE No. AFSA-Q-NB-2021-0005

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA)HEREBY GIVES NOTICETHAT:

OtanPrivate Bank Limited(“OPB”) was granted the modifications of the AIFC Banking Business Prudential Rules (“BBR”) 5.26 (1), 5.26 (7), 5.26 (8) and the AIFC Banking Prudential

Guideline (“BPG”) Paragraph 25 of Chapter 5, Paragraph 83 (Table F1, item 1, 2) of Chapter 6, Paragraphs 66, 178, 191 of Chapter 9 as specified in the right-hand column of the Table.

Table. MODIFIED AIFC RULE/GUIDELINE

Item No	Reference to the relevant rule/guideline				Modified rule/giudeline
1	Paragraph 66, Chapter 9 of the BPG: Level 1 HQLA 66. Level 1 HQLA must be valued at market value and it consists of: …				Paragraph 66, Chapter 9 of the BPG: Level 1 HQLA 66. Level 1 HQLA must be valued at market value and it consists of: … claims on the National Bank of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan (liquidity on the current accounts, deposits and marketable securities) that are not restricted; claims on the Eurasian Development Bank (liquidity of the accounts, deposits and bonds) that are not restricted.
2	Paragraph 178, Chapter 9 of the BPG: 178. The Category 1 assets that receive 0% RSF factor include the following, subject to the paragraphs 186 & 187, which pertain to certain encumbered assets: …				Paragraph 178, Chapter 9 of the BPG: 178. The Category 1 assets that receive 0% RSF factor include the following, subject to the paragraphs 186 & 187, which pertain to certain encumbered assets: … Claims on the National Bank of the Republic of Kazakhstan, Government of the Republic of Kazakhstan (liquidity on the accounts, deposits and bonds) thatare not restricted; Claims on the Eurasian Development Bank (liquidity of the accounts, deposits and bonds) that are not restricted.
3	Paragraph 191, Chapter 9 of the BPG: 191. The AFSA may allow, on a case by case basis, a Bank to include a longer term asset which is relatively easy to liquidate in the sight - 8 days time band. The discount factor to be applied to types of marketable assets must be determined by reference to the following table:				Paragraph 191, Chapter 9 of the BPG: 191. The AFSA may allow, on a case by case basis, a Bank to include a longer term asset which is relatively easy to liquidate in the sight - 8 days time band. The discount factor to be appliedto types of marketable assets must be determined by reference to the following table:
			Benchmark discount				Benchmark discount
		Central government and central government- guaranteed marketable Securities with twelve or fewer months 'residual maturity, including treasury bills; and eligible local authority paper and eligible bank bills.	0%			Central government and central government- guaranteed marketable Securities ~~with~~ ~~twelve or fewer months'~~ ~~residual maturity~~, including treasury bills; and eligible local authority paper and eligiblebank bills.	0%
		Non-government debt Securities which are Investment Grade, and which have six or fewer months' residual maturity.	5%			Non-government debt Securities which areInvestment Grade, andwhich have six or fewer months' residual maturity.	5%
		…	…

						…	…
						The marketable securities of the Eurasian Development Bank	0%
4	Paragraph 25, Chapter 5 of the BPG: 25. In respectof table 5B, the list of multilateral development banks (Item 4 in Column 1) which qualify for a 0% risk weight,are published by the BaselCommittee for Banking Supervision (BCBS). The list was originally included in the document Basel II: International Convergence of CapitalMeasurement and CapitalStandards: A RevisedFramework—Comprehensive Version¸ published by the BCBS on 30 June 2006, andhas since been updated by BCBS newsletters. As at November 2016 the list is as follows: …				Paragraph 25, Chapter 5 of the BPG: 25. In respectof table 5B, the list of multilateral development banks (Item4 in Column 1) whichqualify for a 0% risk weight, are published by the Basel Committee for Banking Supervision (BCBS). The list was originallyincluded in the document BaselII: International Convergence of Capital Measurement and Capital Standards: A Revised Framework—Comprehensive Version¸ published by the BCBS on 30 June 2006, and has since been updated by BCBS newsletters. As at November 2016the list is as follows: … The Eurasian Development Bank.
5	Section 5.26 (1), Chapter 5 of the BBR: 5.26 Management of Concentration riskexposures Calculating exposures (1) Large exposure means a grossexposure to a counterparty or connected counterparties that is 10% ormore of the Bank's regulatory capital. In thisrule: gross exposure to a counterparty or connected counterparties is the total of the following exposures: …				Section 5.26 (1), Chapter 5 of the BBR: 5.26 Management of Concentration riskexposures Calculating exposures (1) Large exposure means a grossexposure to a counterparty or connected counterparties that is 10% ormore of the Bank's regulatory capital. In thisrule: gross exposure to a counterparty or connected counterparties is the total of the following exposures: … d) cash on accounts risk-weighted in accordance withTable 5B and Table 5C of BBR.
6	Section 5.26 (7), Chapter 5 of the BBR: 5.26 Management of Concentration riskexposures … Limits on exposures … (7) The totalof the Bank'snet exposures to any 1 counterparty or any 1 group of connected counterparties must not exceed25% of theBank's regulatory capital.				Section 5.26 (7), Chapter 5 of the BBR: 5.26 Management of Concentration riskexposures … Limits on exposures … (7) The totalof the Bank'snet exposures to any 1 counterparty or any 1 group of connected counterpartiesmust not exceed 25% of the Bank's regulatory capital, except to any types of claims on the National Bank of
	…	the Republic of Kazakhstan and the Government of the Republic of Kazakhstan. Thenet exposure on the Eurasian Development Bank is limited up to 300% of the Bank'sregulatory capital. …
7	Section 5.26 (8), Chapter 5 of the BBR: 5.26 Management of Concentration riskexposures … Limits on exposures … (8) The totalof all of the Bank'snet large exposures must not exceed800% of thatcapital. …	Section 5.26 (8), Chapter 5 of the BBR: 5.26 Management of Concentration riskexposures … Limits on exposures … (8) The totalof all of the Bank'snet large exposures must not exceed800% of that capital, except to any types ofclaims on the National Bank of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan. …
8	Paragraph 83 (TableF1, items 1,2),Chapter 6 of the BPG: 83. The Bank may offsetmatched long and short positions (including positions in derivatives) in identical instruments with exactly the same issuer,coupon, currency andmaturity. Table F1 specific risk capital charges	Paragraph 83 (TableF1, items 1,2),Chapter 6 of the BPG: 83. The Bank may offsetmatched long and short positions (including positions in derivatives) in identical instruments with exactly the same issuer,coupon, currency andmaturity. Table F1 specific risk capital charges
			column 1 item	column 2 category	column 3 external credit rating	column 4 residual maturity	column 5 specific risk capital charge (%)
			1	government	AAA to AA- and claims on the National Bank of theRepublic of Kazakhstan and the Government of the Republic of Kazakhstan.		0.00
					…	…	…
					…		…
					…		…
			2	qualifying	claims on the Eurasian		0.00
					Development Bank
						…	…

CONDITION

The modifications granted in the above Table are subject to monthly reporting of large exposures, including monthly reporting of top-tendepositors and top-tencreditors.

The modification items 4, 5, 6, 7 of the above Table are granted for 12 months and are renewable unless Otan Private Bank Limited identifies other additional counterparty banks to allocate its funds.

The AFSA will publish the modifications of BBR 5.26 (1), 5.26 (7), 5.26 (8) and BPG Paragraph

25of Chapter 5, Paragraph 83 (Table F1, item 1, 2) of Chapter 6, Paragraphs 66, 178, 191 of Chapter9 on its officialwebsite.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANTTO SECTION 9 OF THE FINANCIAL SERVICESFRAMEWORK REGULATIONS BY THE ASTANAFINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-A-NB-2021-0003 ON CLASS MODIFICATION

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left-hand column of the Table herein do not apply to the Authorised Crowdfunding Platforms in the form appearing in the AIFC Authorised Market Institution Rules (AMI) but instead apply as modified in the right-hand column of the Table.

TABLE – MODIFIED AIFC RULE

The Rule specified in the left-hand column of the Table are modified to the extent shown in the right-hand column of the Table below. In this Table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

7.3.1 (5) AMI

Rule 7.3.1 (5) Clients of an Authorised Crowdfunding Platform

For the purposes of AMI 7, “Accredited Lender or Accredited Investor” means:

a) in respect of a Loan Crowdfunding Platform, any natural person who lends or intends to lend for a total consideration of at least USD100,000 (or an equivalent amount in another currency) per Borrower across one or more Permitted Loans in any 12-month period; or

(b) in respect of an Investment Crowdfunding Platform, any natural person who acquires or intends to acquire Permitted Investments for a total consideration of at least USD 100,000 (or an equivalent amount in another currency) per Issuer across one or more offers in any 12-month period; or

~~(c) an Authorised Person; or~~

~~(d) a Body Corporate.~~

a “Professional Client” as defined in COB 2.3 or a “Market Counterparty” as defined in COB 2.7.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further instruction from AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-T-NB-2021-0002 ON GRANTING MODIFICATION TO PROGRESS CONNECT LTD

NOTICE No. AFSA-T-NB-2021-0002

To	Progress Connect Ltd
Business Identification Number	190840900022
Permitted Activity	Providing Accountancy Services, Providing Consulting Services on Tax and Business Management.
The address of the Registered Office	55/17, Mangilik El Street, Office145, Nur-Sultan, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left hand column of the Table herein do not apply to the above mentionedPerson in the form appearing in the sections 13.1.3 and 13.2.1 of Anti-Money Laundering, Counter- Terrorist Financing and Sanctions Rules (“AML”) but instead apply as modified in the right hand column of the Table.

TABLE– RULES MODIFIED

The Rules specified in the left-hand column of the Table are modified to the extent shown in the right hand column of the Table below. In this table, underlining indicates new text and striking through indicates deletedtext, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

AML Chapter 13

Rule 13.1.3 Residency Requirement

~~The MLRO mustbe resident in the Kazakhstan except in thecase of the MLRO for~~ ~~a Registered Auditor.~~

Guidance on appointment of MLRO

Under GEN 2.1.2, the MLRO function is a mandatory appointment. For the avoidance of doubt, the individual appointed as the MLRO of an Authorised Firm, otherthan a Representative Office, is the same individual who holds the Designated Function of MLRO of that Authorised Firm.

A Relevant Person other than an Authorised Firm should make adequate arrangements to ensure that it remains in compliance withthese Rules in the eventthat its MLRO is absent. Adequate arrangements would include appointing a ~~temporary~~ deputy MLRO for the period of the MLRO'sabsence or makingsure that the Relevant Person’sAML systems and controls allowit to continue to comply with these Ruleswhen the MLRO is absent.

AML Chapter 13

Rule 13.2.1 Appointment of deputy

An ~~Authorised Firm,other than a Representative Office,~~ Ancillary ServiceProvider must appoint an individual to act as a deputy MLRO resident in Kazakhstan ~~of the~~ ~~Authorised Firm~~ to fulfil the role of the MLRO in his or her absence.

CONDITIONS

The modification in respect of the Rules specified above remains in effect for the duration of the period not exceeding 12 months on condition that the above-named Person to whom this notice applies will comply with the following conditions:

to appoint a Deputy MLRO, resident in Kazakhstan, who has relevant experience or in case of absence of experience, should be provided with AML training within 6 months from the day of Notification by the AFSA;

to keep the position of the main MLRO by Director of the firm for general control and with the relevant responsibilities and functions;

If the conditions stated above are breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above-mentioned Person to whom this notice applies in their unmodified form as they appear in the applicable section of the Rules in force at the relevant time.

EFFECTIVE PERIOD

Thisnotice comes into effect on the date of issue and remainsin force until the end of the term set out above.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2021-0004

NOTICE No. AFSA-Q-NB-2021-0004

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

LARECO Underwriting Agency Limited was granted the modification of the AIFC General Rule (“GEN”) 6.3.9 (b) as specified in the right-hand column of the Table A.

Table A. MODIFIED AIFC RULE

Reference to the relevant rule

Modified rule

Rule 6.3.9. (b) of the AIFC General Rules:

6.3.9. Audit reports

An Authorised Person must:

...

(b) submit any reports so produced to the AFSA within four months of the Authorised Person’s year end.

6.3.9. Audit reports

An Authorised Person must:

...

“(b) submit any reports so produced to the AFSA after the first year of business commencement, within four months of the Authorised Person’s year end, and for the period since the date of the Authorised Person’s authorisation by the AFSA.”

CONDITION

The modification granted in the above Table A is subject to providing ASFA and the LARECO Underwriting Agency Limited’s shareholders, within four months of the year end, with the unaudited reports of the annual year-end financial performances until the first year of business commencement.

The AFSA will publish the modification of GEN 6.3.9 (b) on its official website.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2021-0003 ON GRANTING MODIFICATION TO OTAN PRIVATE BANK LIMITED

ON GRANTING MODIFICATIONS TO OTAN PRIVATE BANK LIMITED

NOTICE No. AFSA-Q-NB-2021-0003

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

Otan Private Bank Limited (“OPB”) was granted the modification of the AIFC General Rule (“GEN”) 6.3.9 (b) as specified in the right-hand column of the Table A.

Table A. MODIFIED AIFC RULE

Reference to the relevant rule

Modified rule

Rule 6.3.9. (b) of the AIFC General Rules:

6.3.9. Audit reports

An Authorised Person must:

...

(b) submit any reports so produced to the AFSA within four months of the Authorised Person’s year end.

6.3.9. Audit reports

An Authorised Person must:

...

CONDITION

The modification granted in the above Table A is subject to providing ASFA and the Otan Private Bank Limited shareholders, within four months of the year end, with the unaudited reports of the annual year-end financial performances until the first year of business commencement.

The AFSA will publish the modification of GEN 6.3.9 (b) on its official website.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-N-NB-2021-0002 ON CLASS MODIFICATION

NOTICE No. AFSA-N-NB-2021-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rules specified in the left-hand column of the Table herein do apply to the Recognised Non-AIFC Members, including those which have been admitted as trading members of the Authorised Investment Exchange. The requirements on an annual report and period of its submission are subject to a class modification in accordance with Rule 2.2.1. (a)(i) and (d) as modified in the right-hand column of the Table, and the requirement on notifications is subject to a class modification in accordance with Rule 2.2.2. as modified in the right-hand column of the Table.

TABLE – RULES MODIFIED:

The Rules specified in the left-hand column of the Table are modified to the extent shown in the right-hand column of the Table below. In this Table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Proposed modification

AIFC Recognition Rules

2.2.1. Annual reports

a) A Recognised Non-AIFC Member, which is not a trading member of the Authorised Investment Exchange, shall provide the AFSA and a Recognised Non-AIFC Member, which is a trading member of the Authorised Investment Exchange, shall provide the Authorised Investment Exchange with an annual report which must include:

(i) a copy of its audited annual report and accounts, including any consolidated annual report and accounts of any Group of which the Recognised Non-AIFC Member is a member;

…

(d) Copies of the report should be sent to the AFSA within ~~two~~ five months after the end of the period to which it relates.

AIFC Recognition Rules

2.2.2. Notifications to be made to the AFSA

2.2.2. Notifications ~~to be made to the AFSA~~

A Recognised Non-AIFC Member must notify the AFSA or, in case such Recognised Non-AIFC Member is an effective trading member of the Authorised Investment Exchange, the Authorised Investment Exchange, of the events identified in the first column of the table in Schedule 3 within the period and in the manner specified in the second and third columns of that table.

EFFECTIVE PERIOD

This notice comes into effect from 1 March 2021 and remains effective until 2 July 2022.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2021-0001 ON NO-ACTION LETTER

NOTICE No. AFSA-Q-NB-2021-0001

ON NO-ACTION LETTER

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY HEREBY GIVES NOTICE THAT:

Kazakhstan Energy Reinsurance Company Ltd. (KERC) was given no-action letter for appointment of an external Auditor, which is not an AIFC Participant, due to the fact that the branch of the appointed external Auditor in the AIFC is not yet operational.

Based on the facts and representations set forth by KERC, in accordance with Section 9 of AIFC Financial Services Framework Regulations, AFSA does not intent to take regulatory action against KERC.

The no-action position of AFSA only relates to requirement to appoint an Auditor set out in AIFC Financial Services Framework Regulations.

EFFECTIVE PERIOD

This no-action letter comes into effect on the date of issue and remains in force until 31 December 2021.

INTERPRETATION

AFSA NOTICE № AFSA-N-NB-2021-0001 ON CLASS WAIVER IN RESPECT OF AGENT FOR SERVICE OF PROCESS

NOTICE No. AFSA-N-NB-2021-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rules specified in Table A herein do not apply to the Authorised Market Institutions and its Members including Recognised Non-AIFC Members (RNAMs) incorporated outside the Republic of Kazakhstan, Persons who seek to have Securities or Units in a Listed Fund admitted to trading and issuers of Securities or Units in a Listed Fund.

RULES WAIVED

TABLE A

AIFC Act

Waived Rule

AIFC AUTHORISED MARKET INSTITUTION RULES (AMI)

2.6.4 (d)

An Authorised Market Institution may not admit a Recognised Non-AIFC Member as a Member unless, where the Recognised Non-AIFC Member is incorporated outside the Republic of Kazakhstan, it appoints and maintains at all times, an agent for service of process in the AIFC.

3.2.3 (d)

An Authorised Investment Exchange may not admit Securities or Units in a Listed Fund to trading unless the Person who seeks to have such Investments admitted to trading, appoints and maintains at all times, an agent for service of process in the AIFC and requires such agent to accept its appointment for service of process.

3.6.6 (d)

An Authorised Investment Exchange may not admit Securities or Units in a Listed Fund to an Official List unless the issuer of such Investments appoints and maintains at all times, an agent for service of process in the AIFC and requires such agent to accept its appointment for service of process.

CONDITIONS

Astana International Exchange Limited, Recognised Non-AIFC Members incorporated outside the Republic of Kazakhstan and Persons who seek to have Securities or Units in a Listed Fund admitted to trading and Issuers of Securities or Units in a Listed Fund enter into enforceable undertaking:

a) to treat any service of process addressed to designated electronic mail address as a proper service of process where any possible defenses against these arrangements to the service of process cannot be used as a basis for judicial actions;
b) to acknowledge all the emails received from either the Astana lnternational Exchange Limited or AFSA;
c) to appoint and maintain at all times an agent for service of process in the AIFC after the lapse of this waiver or untill the further notice.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force for 12 (twelve) months thereafter or until the further notice, whichever is the earlier.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0031 ON MODIFICATION FOR TAKAFUL OPERATORS

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left hand column of Table A herein does not apply to the Takaful Operators in the form appearing in the AIFC Takaful and Retakaful Prudential Rules (TRR) but instead applies as modified in the right hand column of Table A.

TABLE A – RULES MODIFIED

The Rule specified in the left-hand column of Table A is modified to the extent shown in the right hand column of Table A below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

TRR 1.1 (3) of Schedule 4

1.1 The Capital Floor

(3) The Capital Floor is:

(a) ~~US$7,000,000 for an AIFC-Incorporated Takaful Operator carrying on General Takaful Business;~~ US$5,000,000 for an AIFC-Incorporated Takaful Operator carrying on General Takaful Business, including AIFC-Incorporated Takaful Operator pursuing takaful business in one or more categories referred to Categories of General Takaful 10, 11, 12, 13, 14, 15, 19 and 20;

(b) ~~US$7,000,000 for an AIFC-Incorporated Takaful Operator carrying on Family Takaful Business; or~~ US$3,000,000 for another AIFC-Incorporated Takaful Operator carrying on General Takaful Business;

(c) ~~An amount specified in writing by the AFSA~~. US$1,500,000 for an AIFC-Incorporated Takaful Operator carrying on General Takaful Business who underwrites only a single category referred to Categories of General Takaful 1 and 2;

(d) US$5,000,000 for an AIFC-Incorporated Takaful Operator carrying on Family Takaful Business; or

(e) An amount specified in writing by the AFSA.

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0030 ON WAIVER AND MODIFICATION FOR CERTAIN TYPES OF INVESTMENT FIRMS

WAIVER AND MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

1. The Rule specified in Table A herein does not apply to the Authorised Firms carrying on Regulated Activity of Arranging Custody, Providing Fund Administration, Advising on Investments and Arranging Deals in Investments.

AND

2. The Rule specified in the left hand column of Table B herein does not apply to the Authorised Firms carrying on Regulated Activity of Providing Trust Services in the form appearing in the AIFC Prudential Rules for Investment Firms but instead applies as modified in the right hand column of Table B.

TABLE A – RULES WAIVED

AIFC Act

Waived Rule

AIFC Prudential Rules for Investment Firms 4.2 (1)

4.2 Liquid Assets requirement

(1) A PRU Investment Firm must have, at all times, Liquid Assets whose value is at least equal to 25% of the firm’s Annual Operating Expenditure (as defined in Rule 4.4).

TABLE B – RULES MODIFIED

The Rule specified in the left-hand column of Table B is modified to the extent shown in the right hand column of Table B below. In this table, underlining indicates new text, otherwise the Rule remains unaltered.

AIFC Act

Waived Rule

AIFC Prudential Rules for Investment Firms 4.2 (1)

4.2 Liquid Assets requirement

(1) A PRU Investment Firm must have, at all times, Liquid Assets whose value is at least equal to 25% of the firm’s Annual Operating Expenditure (as defined in Rule 4.4).

A PRU Investment Firm authorised for Providing Trust Services must have, at all times, Liquid Assets whose value is at least equal to 10% of the firm’s Annual Operating Expenditure (as defined in Rule 4.4), in case if it is not acting as trustee in respect of an express trust.

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0029 ON MODIFICATION FOR BANKS AND CREDIT PROVIDERS

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left hand column of Table A herein does not apply to the Banks and Credit Providers in the form appearing in the AIFC Banking Business Prudential Rules (BBR) but instead applies as modified in the right hand column of Table A.

TABLE A – RULES MODIFIED

The Rule specified in the left-hand column of the Table A is modified to the extent shown in the right hand column of Table A below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

BBR 4.10

4.10 Base Capital Requirement

The Base Capital Requirement is:

a) for a Bank – USD 10 5 million;

…

c) for a Credit Provider – USD ~~2 million~~ 500,000;

…

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0028 ON MODIFICATION FOR ISLAMIC BANKS AND ISLAMIC FINANCING COMPANIES

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left hand column of Table A herein does not apply to the Islamic Banks and Islamic Financing Companies in the form appearing in the AIFC Islamic Banking Business Prudential Rules (IBB) but instead applies as modified in the right hand column of Table A.

TABLE A – RULES MODIFIED

The Rule specified in the left-hand column of Table A is modified to the extent shown in the right-hand column of Table A below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

IBB 4.7.

4.7. Base capital requirement

The Base capital requirement is defined as:

(a) for an Islamic Bank – USD 10 5 million;

...

(i) in case if only own funds are used – USD 100,000;

(ii) in case if not only own funds are used – USD 500,000.

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0027 ON MODIFICATION FOR AUTHORISED FIRMS PROVIDING TRUST SERVICES

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left hand column of Table A herein does not apply to the Authorised Firms Providing Trust Services in the form appearing in the AIFC Prudential Rules for Investment Firms (PRU INV) but instead applies as modified in the right hand column of Table A.

TABLE A – RULES MODIFIED

AIFC Act	Modified Text
PRU INV 3.3 (3) Table 3.3	3.3 Minimum Capital Requirement (3) The Base Capital Requirement of a PRU Investment Firm shall be the amount specified in Table 3.3 by reference to the activity that the PRU Investment Firm is authorised to conduct or, if the PRU Investment Firm is authorised to conduct more than one such activity, the amount that is the higher or highest of the relevant amounts of in Table 3.3. Table 3.3 Base Capital Requirement
	Regulated Activity	Base Capital Requirement (USD)
	...	...
	Providing Trust Services	200.000
	Providing Trust Services (where an Authorised Firm is not acting as trustee in respect of an express trust and does not hold clients’ money)	10.000
	...	...

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0026 ON MODIFICATION FOR AUTHORISED FIRMS ADVISING ON A CREDIT FACILITY, ARRANGING A CREDIT FACILITY, ADVISING ON INVESTMENTS, ARRANGING DEALS IN INVESTMENTS

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left hand column of Table A herein do not apply to:

- the Authorised Firms Advising on a Credit Facility, Arranging a Credit Facility in the form appearing in the AIFC Banking Business Prudential Rules (BBR),
- the Authorised Firms Advising on Investments, Arranging Deals in Investments in the form appearing in the AIFC Prudential Rules for Investment Firms (PRU INV) but instead apply as modified in the right hand column of Table A.

TABLE A – RULES MODIFIED

The Rules specified in the left-hand column of Table A are modified to the extent shown in the right hand column of Table A below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act	Modified Text
BBR 4.10	4.10 Base Capital Requirement The Base Capital Requirement is: ... (d) for an Authorised Firm Arranging Credit Facility – USD ~~10,000~~ 5,000; (e) for an Authorised Firm Advising on Credit Facility – USD ~~10,000~~ 5,000; ...
PRU INV 3.3 (3) Table 3.3	3.3 Minimum Capital Requirement (3) The Base Capital Requirement of a PRU Investment Firm shall be the amount specified in Table 3.3 by reference to the activity that the PRU Investment Firm is authorised to conduct or, if the PRU Investment Firm is authorised to conduct more than one such activity, the amount that is the higher or highest of the relevant amounts of in Table 3.3. Table 3.3 Base Capital Requirement
	Regulated Activity	Base Capital Requirements (USD)
	...	...
	Advising on Investments	~~10,000~~ 5,000
	Arranging Deals In Investments	~~10,000~~ 5,000
	...	....

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0025 ON MODIFICATION FOR INSURANCE INTERMEDIARIES AND INSURANCE MANAGERS

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left hand column of Table A herein does not apply to the Insurance Intermediaries and Insurance Managers in the form appearing in the AIFC Prudential Rules for Insurance Intermediaries and Insurance Managers (PRU INT) but instead applies as modified in the right hand column of Table A.

TABLE A – RULES MODIFIED

AIFC Act

Modified Text

PRU INT 3.2 (2)

3.2 Minimum Capital Requirement

(2) The Minimum Capital Requirement:

(a) for an Insurance Intermediary that is not permitted to hold Client Money, is the greater of:

(i) USD ~~7,000~~ 5,000; and

(ii) ~~2.5~~ 0.5 per cent of the annual income of the Insurance Intermediary.

(b) for an Insurance Intermediary that is permitted to hold Client Money, is the greater of:

(i) USD ~~13,000~~ 7,000; and

(ii) 5 2.5 per cent of the annual income of the Insurance Intermediary.

(i) USD ~~7,000~~ 5,000; and

(ii) ~~2.5~~ 0.5 per cent of the annual income of the Insurance Manager.

(d) for an Insurance Manager that is permitted to hold Client Money, is the greater of

(i) USD ~~13,000~~ 7,000; and

(ii) 5 2.5 per cent of the annual income of the Insurance Manager.

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each

word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where

capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES

FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2020-0024 ON MODIFICATION FOR INSURERS

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left hand column of Table A herein does not apply to the Insurers in the form appearing in the AIFC Insurance and Reinsurance Prudential Rules (PINS) but instead applies as modified in the right hand column of Table A.

TABLE A – RULES MODIFIED

AIFC Act

Modified Text

PINS 1.1 (3) of Schedule 4

1.1 The Capital Floor

(3) The Capital Floor is:

(a) ~~US$7,000,000 for an AIFC-Incorporated Insurer carrying on General Insurance Business;~~ US$5,000,000 for an AIFC-Incorporated Insurer carrying on General Insurance Business, including AIFC-Incorporated Insurer pursuing insurance in one or more categories referred to Categories of General Insurance 10, 11, 12, 13, 14, 15, 19 and 20;

(b) ~~US$7,000,000 for an AIFC-Incorporated Insurer carrying on Long-term Insurance Business; or~~ US$3,000,000 for another AIFC-Incorporated Insurer carrying on General Insurance Business;

(c) ~~An amount specified in writing by the AFSA.~~ US$1,500,000 for an AIFC-Incorporated Insurer carrying on General Insurance Business who underwrites only a single category referred to Categories of General Insurance 1 and 2;

(d) US$5,000,000 for an AIFC-Incorporated Insurer carrying on Long-term Insurance Business; or

(e) an amount specified in writing by the AFSA.

EFFECTIVE PERIOD

This notice comes into effect from 1 November 2020 and remains effective until 1 November 2023.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-N-NB-2020-0003 ON WAIVER AND MODIFICATION

WAIVER AND MODIFICATION NOTICE No. AFSA-N-NB-2020-0003

To	Pre – IPO issuer, KCR Investments N.V.
The address of the Registered Office	Piet Heinkade 55, Amsterdam, The Netherlands.

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The AFSA extends the time period required by provision 3.4.2 (a) of AIFC Market Rules No.FR0003 of 2017 for making market disclosure by KCR Investments N.V. in relation to its annual financial report at the latest on 31 October 2020.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect on the date of its issue and remains in force until 31 October 2020.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA NOTICE № AFSA-N-NB-2020-0002 ON POSTPONEMENT OF THE DEADLINES FOR SUBMISSION OF ANNUAL FINANCIAL REPORTS BY RECOGNISED NON-AIFC MEMBERS

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

For the purpose of addressing the impacts and challenges, as well as to support National actions aimed to mitigate the risks raised by Covid-19 pandemic, the AFSA extends the time period required by provision 2.2.1 (d) of AIFC Recognition Rules, AIFC Rules No. FR004 of 2017 for making market disclosure by RNAM in relation to its annual financial report at the latest on 1 September 2020.

EFFECTIVE PERIOD

This notice comes into effect on the date of its issue and remains in force until 1 September 2020.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-T-OA-2020-0021 ON WAIVER AND MODIFICATION

WAIVER AND MODIFICATION NOTICE No. AFSA-T-AO-2020-0021

To	Seven Pillars Ltd
Business Identification Number	200340900267
Permitted Activity	Providing Legal Services, Providing Consulting Services – strategic management advice to enhance a client’s business.
The address of the Registered Office	55/20, Mangilik Yel Avenue, Block C4.1, office 251-252, Esil district, Nur-Sultan, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left hand column of the Table herein do not apply to the above mentioned Person in the form appearing in the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions (“AML”) Rules but instead apply as modified in the right hand column of the Table.

TABLE – RULES MODIFIED

AIFC Act

Modified Text

AML Chapter 13

Rule 13.1.3 Residency Requirement

~~The MLRO must be resident in the Kazakhstan except in the case of the MLRO for a Registered Auditor.~~

Guidance on appointment of MLRO

(a) Under GEN 2.1.2, the MLRO function is a mandatory appointment. For the avoidance of doubt, the individual appointed as the MLRO of an Authorised Firm, other than a Representative Office, is the same individual who holds the Designated Function of MLRO of that Authorised Firm.

(b) A Relevant Person other than an Authorised Firm should make adequate arrangements to ensure that it remains in compliance with these Rules in the event that its MLRO is absent. Adequate arrangements would include appointing a ~~temporary~~ deputy MLRO for the period of the MLRO's absence or making sure that the Relevant Person’s AML systems and controls allow it to continue to comply with these Rules when the MLRO is absent.

AML Chapter 13

Rule 13.2.1 Appointment of deputy

~~An Authorised Firm, other than a Representative Office,~~ Ancillary Service Provider must appoint an individual to act as a deputy MLRO resident in Kazakhstan ~~of the Authorised Firm~~ to fulfil the role of the MLRO in his or her absence.

CONDITIONS

a) to appoint a Deputy MLRO, resident in Kazakhstan, who has relevant experience or in case of absence of experience, should be provided with AML training in accordance with the Section 14.1.1 of the AIFC AML rules within 6 months from the day of Notification by the AFSA;
b) to keep the position of the main MLRO by Director of Seven Pillars Limited, for general control and with the relevant responsibilities and functions;
c) to keep the AFSA informed on the changes with the appointment of Director of Seven Pillars Ltd.
If the conditions stated above are breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person to whom this notice applies in their unmodified form as they appear in the applicable section of the Rules in force at the relevant time.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until the end of the term set out above.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-T-NB-2020-0004 ON WAIVER AND MODIFICATION

WAIVER AND MODIFICATION NOTICE No. AFSA-T-NB-2020-0004 dated 24.06.2020

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

1. The Rules specified in Table A herein do not apply to the Authorised Firms carrying on Regulated Activity of Operating a Representative Office.

AND

2. The Rule specified in the left hand column of Table B herein do not apply to the Authorised Firms carrying on Regulated Activity of Operating a Representative Office in the form appearing in the AIFC AML Rules (AML) but instead apply as modified in the right hand column of the table.

TABLE A – RULES WAIVED

AIFC Act	Waived Rule
GEN	2.1.1
GEN	2.1.2
REP	3.4 (1) (a)

TABLE B – RULES MODIFIED

The Rule specified in the left-hand column of the Table B is modified to the extent shown in the right hand column of the Table B below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

AML Chapter 2

Rule 2.1 Application

(a) The AML Rules apply to:

(i) every Relevant Person in respect of all its AFSA regulated or supervised activities excluding a Regulated Activity of Operating a Representative Office; and

(ii) the persons specified in AML 2.2 as being responsible for a Relevant Person's compliance with these Rules.

(b) For the purposes of these Rules, a Relevant Person means:

(i) an Authorised Firm;

(ii) an Authorised Market Institution;

(iii) a DNFBP; or

(iv) a Registered Auditor.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until the further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-T-OA-2020-0020 ON WAIVER AND MODIFICATION

To	Tengri Partners Investment Banking (Kazakhstan) JSC doing business in the AIFC as Tengri Partners Investment Banking (AIFC)
Business Identification Number	200141900106
Permitted Activity	Dealing in Investments as Principal Dealing in Investments as Agent; Managing Investments; Managing a Collective Investment Scheme; Advising on Investments; Arranging Deals in Investments; Providing Fund Administration
The address of the Registered Office	55/16, Mangilik Yel, Block C3.1, Office 339, Nur-Sultan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Requirements of the due dates specified in Risk Mitigation Program according to the AFSA Supervision Letter #AFSA -T-EC-2020-0022 dated by 05.02.2020 are waived for the effective period

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until July 31 st , 2020.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-T-NB-2020-0002 ON WAIVER AND MODIFICATION

To	Emirates Legal Limited
Business Identification Number	190640900114
Permitted Activity	Providing Legal Services
The address of the Registered Office	55/16, Mangilik Yel Avenue, office 364, Nur-Sultan

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

TABLE – RULES MODIFIED

AIFC Act

Modified Text

AML Chapter 13

Rule 13.1.3 Residency Requirement

T~~he MLRO must be resident in the Kazakhstan except in the case of the MLRO for a Registered Auditor.~~

Guidance on appointment of MLRO

AML Chapter 13

Rule 13.2.1 Appointment of deputy

An ~~Authorised Firm, other than a Representative Office,~~ Ancillary Service Provider must appoint an individual to act as a deputy MLRO resident in Kazakhstan ~~of the Authorised Firm~~ to fulfil the role of the MLRO in his or her absence.

CONDITIONS

The modification in respect of the Rules specified above remains in effect for the duration of the period not exceeding 12 months on condition that the above named Person to whom this notice applies will comply with the following conditions:

a) to appoint a Deputy MLRO, resident in Kazakhstan, represented by legal Associate in Emirates Legal Limited office in the AIFC;
b) to keep the position of the main MLRO by Director of the firm for general control and with the relevant responsibilities and functions;
c) to obtain relevant AML training for the Deputy MLRO represented by legal Associate in Emirates Legal Limited office in the AIFC within 6 months from the day of notification by AFSA.

If the conditions stated above are breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person to whom this notice applies in their unmodified form as they appear in the applicable section of the Rules in force at the relevant time.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until the end of the term set out above.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-G-NB-2020-0001 ON AUDIT OF THE FINTECH LAB PARTICIPANTS

A. POWER

1. This Notice is given by the Astana Financial Services Authority (the “AFSA”) under Section 9 of the AIFC Financial Services Framework Regulations and provision 2.6.1.(b) of the AIFC Financial Technology Rules.

B. DURATION

1. This Notice takes effect on 14 February 2019.

2. This Notice expires until the further notice issued by the AFSA.

C. DECISION

1. The AFSA has decided to exempt the FinTech Lab Participants from the requirements to appoint an Auditor and submit the audit reports (pursuant to Sections 109 AIFC Financial Services Framework Regulations and provision 6.3.9. of the AIFC General Rules), which have:

a. not commenced business with its Clients; or
b. has commenced business with its Clients for the period not exceeding 3 (three) months.

2. The FinTech Lab Participants referred in C1(b) of this Notice must submit the audit reports to the AFSA in line with provision 6.3.9. of the AIFC General Rules covering a period starting from commencement of business with the Clients for which the financial audit has not been conducted.

3. A FinTech Lab Participant may appoint an auditor who is an Ancillary Service Provider and/or an auditor licensed for the performance of the audit activity in line with the laws of Republic of Kazakhstan.

D. INTERPRETATION

Defined terms are identified in this Notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

AFSA NOTICE № 0011 ON THE PROVISION OF ANCILLARY SERVICES AND FINANCIAL SERVICES WITHIN SAME LEGAL ENTITY

AFSA NOTICE №0011 ON THE PROVISION OF ANCILLARY SERVICES AND FINANCIAL SERVICES WITHIN THE SAME LEGAL ENTITY

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Astana Financial Services Authority is of the opinion that an AIFC Participant authorised to provide Ancillary Services cannot be authorised to carry out Regulated activities within the same legal entity. This firm must establish another entity and apply to the AFSA for obtaining a Licence to carry out Regulated Activities.

An AIFC Participant authorised to carry out Regulated Activities can provide consultancy services based on its licence, if such services are relevant and incidental to the Participant’s core business.

AFSA NOTICE № 0010 ON WAIVER AND MODIFICATION

WAIVER AND MODIFICATION NOTICE No. 0010

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

1. The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right hand column of the Table A and right hand column of the Table A apply to the Reporting Entities and the Persons that intend to have Shares admitted to an Official List or admitted to trading on an Authorised Investment Exchange, and the total aggregate consideration for such Shares offered is more than USD 100,000 (or an equivalent amount in another currency) and less than USD 200,000,000 (or an equivalent amount in another currency), calculated over a period of 12 months.

AND

2. The Rules specified in the left hand column of Table A herein do not apply to the Reporting Entities and the Persons that intend to have Securities admitted to an Official List or admitted to trading on an Authorised Investment Exchange in the form appearing in the AIFC Market Rules (MAR) but instead apply as modified in the right hand column of the table.

TABLE A – RULES MODIFIED

The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right-hand column of the Table A. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act	Modified Text
MAR 1.3.1	MAR 1.3.1 with respect to Regional Equity Market Segment (the “REMS”) Issuers Prospectus Structure A Prospectus shall ~~may~~ be structured ~~either~~ as a single document containing all the information set out in the Prospectus as determined by Authorised Investment Exchange.: ~~(a) multiple documents comprising:~~ ~~(i)~~ ~~a Prospectus Summary as set out in MAR 1.4; and~~ ~~(ii)a Registration Document as set out in MAR 1.5.1 containing all the information relating to the Issuer; and~~ ~~(iii)a Securities Note as set out in MAR 1.5.2 containing the information concerning the Securities to be admitted to trading on an Authorised Investment Exchange; or~~ ~~(b) a single document containing a Prospectus Summary as set out in MAR 1.4 and all the information required to be included in the Registration Document and the Securities~~ ~~Note.~~
MAR 3.4.2	MAR 3.4.2 with respect to the modification of timely disclosure regarding REMS Time period for making market disclosure
AIFC Act	Modified Text
	Starting as of the first anniversary of the admission of the Shares and/ or Certificates
	over Sharesto an Official List of Securities, a Reporting Entitymust disclose its required financial reports within the following timeperiods: (a) in relation to its annual financial report: as soon as possible after the financial statements have beenapproved, but no later than120 days afterthe end of the financial period; (b) in relation to its semi-annual financial report: as soon as possible and in any event no later than 60 days after the end of the period to which the report relates.~~; and~~ (c) ~~in relation to its preliminary financial results: as soon as possible but no later than 30 minutes before the market opens on the day after the approval of the Board.~~

EFFECTIVE PERIOD

This notice comes into effect on the date of its issue and remains in force until the:

(i) 31 December 2020; or

(ii) effective date of introduction of a new chapter for REMS.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

NOTICE N8 ON WAIVER AND MODIFICATION

Notice N8 on Waiver and Modification

WAIVER AND MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

1. The Rules specified in Table A herein do not apply to the Reporting Entities and the Persons that intend to have Securities admitted to an Official List or admitted to trading on an Authorised Investment Exchange.

AND

2. The Rules specified in the left hand column of Table B herein do not apply to the Reporting Entities and the Persons that intend to have Securities admitted to an Official List or admitted to trading on an Authorised Investment Exchange in the form appearing in the AIFC Market Rules (MAR) but instead apply as modified in the right hand column of the table.

TABLE A – RULES WAIVED

AIFC Act Waived Rule

MAR 2.3.4

MAR 2.3.8

MAR 3.4.1(c)

MAR 3.4.2(c)

MAR 4.1

MAR 4.2

TABLE B – RULES MODIFIED

The Rules specified in the left-hand column of the Table B are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act Modified Text

MAR 2.5.3 2.5.3 Related party transaction procedures

A Reporting Entity must ensure that:

(a) if the value of a Related Party Transaction is greater than 5% of value of the net assets of the Reporting Entity as stated in its most recent financial reports, it does not enter into such a transaction unless the transaction has been approved by a body competent to decide on such matters under the Reporting Entity’s constitutive documents and/or applicable law; or
(c) if the cumulative value of a series of Related Party Transactions with the same Related Party and Associates of that Related Party reaches the 5% threshold referred to in (a) in any 12-month period, it does not enter into the last of the series of the transactions unless such proposed action has been approved by a body competent to decide on such matters under the Reporting Entity’s constitutive documents and/or applicable law .

MAR 1.5.1 8.3 Related party transactions

MAR Schedule 1 Disclosure of any Related Party Transactions during the period covered by the historical financial information and up to the date of the Registration Document must be made in accordance with the respective IFRS standard.

MAR 1.5.1 9.4 Special categories of companies

MAR Schedule 1 If the Issuer is a special category of company, such as a property, mineral, or scientific research company, or a start up company (a company with less than 3 year track record), a report by an Expert on the assets or rights owned by the Issuer prepared at a date which shall be no later than six months before the date of the Prospectus.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until the further notice

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

NOTICE N7 ON WORKING CAPITAL STATEMENT

Notice N7 on Working Capital Statement

AFSA NOTICE ON WORKING CAPITAL STATEMENT

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Astana Financial Services Authority, pursuant to sub-section 1.5.2 of the AIFC Market Rules, hereby declares that no working capital report is required. The Directors of the Issuer must provide a statement that in their opinion the working capital is sufficient for the Issuer's present requirements, that is for at least the next 12 months from the date of listing, or, if not how it proposes to provide the additional working capital needed.

NOTICE N6 ON EXEMPTION OF THE AIFC PARTICIPANTS FROM CERTAIN FINES

Notice N6 on Exemption of the AIFC Participants from certain fines

AFSA NOTICE ON THE EXEMPTION OF THE AIFC PARTICIPANTS FROM CERTAIN FINES

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Astana International Centre Participants may be exempted from the fines applied for the overdue of application for renewal of the Commercial Licence, notification of change in registered details and filing annual returns until 1 January 2021.

NOTICE N5 ON LEGAL STATUS OF LEGAL ENTITIES INCORPORATED IN THE AIFC

Notice N5 on Legal Status of Legal Entities Incorporated in the AIFC

AFSA NOTICE ON LEGAL STATUS OF LEGAL ENTITIES INCORPORATED IN THE AIFC

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Astana Financial Services Authority is of the opinion that legal entities incorporated (registered) in accordance with the acting law of the Astana International Financial Centre are residents of the Republic of Kazakhstan.

NOTICE N3 ON CONDITIONS FOR ADMISSION OF SECURITIES ON TRADING

Notice N3 on Conditions for Admission of Securities on Trading

RELEVANT STATUTORY PROVISION: MAR 1.1.1. (CONDITIONS FOR ADMISSION OF SECURITIES TO TRADING)

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Securities issued by the following bodies may be exempted from the requirement in MAR 1.1.1:

1) a properly constituted national or local government;

2) a legal entity of a public nature established by agreement between sovereign member states of which Kazakhstan is a member;

3) a central bank or other monetary authority of a sovereign state;

4) an issuer of securities unconditionally and irrevocably guaranteed by a national or local government of a sovereign state;

5) Sovereign Wealth Fund “Samruk-Kazyna” JSC and its direct and indirect Subsidiaries (as defined in the AIFC Glossary) subject to any conditions or restrictions that may be imposed by the AFSA and additional approval from the AFSA with respect to each specific offeror and offer; and

6) National Managing Holding “Baiterek” JSC and its direct and indirect Subsidiaries (as defined in the AIFC Glossary) subject to any conditions or restrictions that may be imposed by the AFSA and additional approval from the AFSA with respect to each specific offeror and offer.

This notice supersedes the AFSA Notice 0002.

AFSA NOTICE №AFSA-N-NB-2021-0003 ON CLASS MODIFICATION

ON CLASS MODIFICATION

NOTICE No. AFSA-N-NB-2021-0003

Date of issue: 1 June 2021

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of Table A is modified to the extent shown in the right hand column of Table A and right hand column of Table A apply to Reporting Entities that must disclose their required annual and semi-annual reports under 3.4.2 (1) of the AIFC Market Rules.

TABLE A – RULE MODIFIED

The Rule specified in the left-hand column of Table A is modified to the extent shown in the right-hand column of Table A. In this Table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

AIFC Market Rules 3.4.2 Time period for making market disclosure

3.4.2 Time period for making market disclosure

(1) A Reporting Entity must disclose its required annual and semi-annual reports within the following time periods:

(a) in relation to its annual report: as soon as possible after the financial statements have been approved, but no later than ~~150~~ 180 days after the end of the financial period; and

(b) in relation to its semi-annual report: as soon as possible and in any event no later than 75 120 days after the end of the period to which the report relates.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until October 31, 2021.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA NOTICE №AFSA-Q-NB-2021-0006 ON APPROVAL OF ASSETS ELIGIBLE TO BE LEVEL 1 HQLA

NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with paragraph 66(f) of the AIFC Banking Prudential Guideline, Astana Financial Services Authority approves the assets as being eligible to be Level 1 HQLA, which satisfy the following conditions:

1) Corporate RMB and USD bonds issued by state-owned Chinese corporations with S&P rating higher than BBB-;

2) RMB and USD bonds issued by China's state-owned financial institutions with S&P rating higher than BBB- and whereas they satisfy all of the following conditions:

-they are traded in large, deep and active repo or cash markets characterised by a low level of concentration; and

-they have proven record as a reliable source of liquidity in the markets (repo or sale) even during stressed market conditions.

The above assets can be included in the total stock of HQLA without any limit (i.e. up to 100% of HQLA).

EFFECTIVE PERIOD

This notice comes into effect from 2 June 2021 and remains effective until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-O-NB-2021-0001 ON TEMPORARY SUSPENSION OF PROTECTED CELL COMPANIES REGISTRATION

NOTICE No. AFSA-O-NB-2021-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Due to the absence of the legal framework of Protected Cell Companies in the Tax Code of the Republic of Kazakhstan, the registration of Protected Cell Companies is temporary suspended until relevant amendments to the Tax Code are adopted or AFSA further notice is issued.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until the end of the term set out above.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 7 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-EC-2022-0016 On the Non-Action Letter for Kazakhstan Energy Reinsurance Company Ltd

NOTICE No. AFSA-Q-EC-2022-0016

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

Kazakhstan Energy Reinsurance Company Ltd. (KERC) was given an extension of no-action letter for appointment of an external Auditor, which is not an AIFC Participant, due to the fact that the branch of the appointed external Auditor in the AIFC is not yet operational.

Based on the facts and representations set forth by KERC, in accordance with Section 9 of AIFC Financial Services Framework Regulations, AFSA does not intent to take regulatory action against KERC.

The no-action position of AFSA only relates to requirement to appoint an Auditor set out in AIFC Financial Services Framework Regulations.

EFFECTIVE PERIOD

This no-action letter comes into effect on the date of issue and remains in force until 31 December 2022.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY. IT IS NOT A LEGAL OPINION, IT IS AN EXPRESSION OF REGULATORY INTENT AND IS SPECIFIC TO THE FACTS AND CIRCUMSTANCES.

AFSA NOTICE №AFSA-Q-NB-2022-0001 ON NO-ACTION LETTER TO LARECO

AFSA NOTICE № AFSA-T-NB-2022-0059 ON GRANTING WAIVER TO SkyBridge Invest JSC doing business in the AIFC

NOTICE No. AFSA-Е-NB-2022-0059

To	SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC"
Business Identification Number	181141900093
Regulated Activities	- Dealing in Investments as Principal - Dealing in Investments as Agent - Managing Investments - Managing a Collective Investment Scheme - Advising on Investments - Arranging Deals in Investments
The address of the Registered Office	19, Kabanbay Batyr Ave., Block D, 1st fl., Nur-Sultan, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The requirement specified in AIFC CIS Rule 8.2.(e) on having a Fund Administrator is waived on application of SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC", Fund Manager of SBI Active Fund Open-Ended Investment Company Ltd for the effective period.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force for a period of 1 year subject for reconsideration.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-N-NB-2022-0002 ON CLASS MODIFICATION IN RESPECT OF TIME PERIOD FOR MAKING MARKET DISCLOSURE

NOTICE No. AFSA-N-NB-2022-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of the Table below is modified to the extent shown in the right-hand column of the Table and the right-hand column applies to Reporting Entities that under 3.4.2(1)(a) of the AIFC Market Rules must disclose its required annual reports and audited annual financial statements, as applicable.

TABLE – RULE MODIFIED

The Rule specified in the left-hand column of the Table below is modified to the extent shown in the right-hand column of the Table. In this Table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

AIFC Act

Modified Text

AIFC Market Rules

3.4.2 Time period for making market disclosure

(1) A Reporting Entity must disclose its required annual and semi-annual reports within the following time periods:

(a) in relation to its annual report: as soon as possible after the financial statements have been approved, but no later than ~~150~~ 181 days after the end of the financial period; and

(b) in relation to its semi-annual report: as soon as possible and in any event no later than 75 days after the end of the period to which the report relates.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until June 30, 2022 (inclusive).

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2022-0002 ON SUSPENSION OF THE LICENCE OF SANITY CAPITAL LTD

NOTICE No. AFSA-Q-NB-2022-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations, the AFSA has suspended the Licence of Sanity Capital Ltd AFSA-A-LA-2021-0027 dated 20 September 2021 until further notice.

The suspension is made due to non-compliance of Sanity Capital Ltd with the AFSA’s capital and liquidity requirements as set out in the AIFC Prudential Rules for Investment Firms, together with non-compliance with the AFSA’s requirements for certain appointments to be filled at all times by Approved Individuals or Designated Individuals as set out in the AIFC General Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 98 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № АFSA-Q-NB-2022-0003 On Modification to Otan Private Bank Ltd

MODIFICATION NOTICE

To	Otan Private Bank Ltd
Address	1 B n.p., 30 Building, Mangilik El ave, Nur-Sultan, Kazakhstan
AFSA Licence No.	AFSA-A-LA-2020-0011
Notice No.	________

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Otan Private Bank Ltd (“OPB”) was granted the modifications of Rules 5.26 (1), 5.26 (7) and 5.26 (8) of the AIFC Banking Business Prudential Rules (“BBR”) and paragraphs 66 and 178 of Chapter 9 of the AIFC Banking Prudential Guideline (“BPG”) as specified in the right-hand column of the Table.

Table. MODIFIED AIFC RULE

#	Reference to the relevant rule	Modified rule
1.	Rule 5.26 (1) of BBR	Management of Concentration risk exposures Calculating exposures (1) Large exposure means a gross exposure to a counterparty or connected counterparties that is 10% or more of the Bank's regulatory capital. In this rule: *gross exposure* to a counterparty or connected counterparties is the total of the following exposures: … (c) equity exposures.; and d) cash on banking accounts and deposits placed in the banks risk-weighted by 30% (only applicable for the banks operating in Kazakhstan with external credit rating “B“ or higher).
2.	Rule 5.26 (7) of BBR	Limits on exposures … (7) The total of the Bank's net exposures to any 1 counterparty or any 1 group of connected counterparties must not exceed 25% of the Bank's regulatory capital., except to any types of claims on the National Bank of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.”
3.	Rule 5.26 (8) of BBR	Limits on exposures (8) The total of all of the Bank's net large exposures must not exceed 800% of that capital., except to any types of claims on the National Bank of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.
4.	Paragraph 66, Chapter 9 of BPG	Level 1 HQLA 66. Level 1 HQLA must be valued at market value and it consists of: … (e) in the case of sovereigns that are not eligible for zero % risk-weight, domestic sovereign or central bank debt securities issued in foreign currencies, up to the amount of the Bank’s stressed net cash outflows in that specific foreign currency stemming from the Bank’s operations in the jurisdiction where the Bank’s Liquidity Risk is being taken, where those securities satisfy all of the conditions in paragraph (c) (ii)(iii) and (iv) above; ~~and~~ (f) any other types of assets approved by the AFSA under paragraph 24 as being eligible to be Level 1 HQLA.; g) claims on the National Bank of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan (liquidity on the current accounts, deposits and marketable securities) that are not restricted; and h) claims (other than equity) on banks discounted by 30% (only applicable for the banks operating in Kazakhstan with external credit rating “B“ or higher).”
5.	Paragraph 178, Chapter 9 of BPG	178. The Category 1 assets that receive 0% RSF factor include the following, subject to the paragraphs 186 & 187, which pertain to certain encumbered assets: … (d) trade-date receivables arising from sales of financial instruments, foreign currencies and commodities that: (i) are expected to settle within the standard settlement cycle or period that is customary for the relevant exchange or type of transaction; or (ii) have failed to settle, but are still expected to do so.; e) claims on the National Bank of the Republic of Kazakhstan, Government of the Republic of Kazakhstan (liquidity on the accounts, deposits and bonds) that are not restricted.

CONDITION

The modifications granted in the above Table are subject to quarterly reporting of large exposures, including quarterly reporting of top-ten depositors and top-ten creditors, to the AFSA.

The modifications under items 1 and 4 of the above Table are granted until 31 December 2022. The modifications under items 2, 3 and 5 are granted until further notice.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force as set out above.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY REPRESENTED BY:

Name: Nurkhat Kushimov

Position: Chief Executive Officer, AFSA

DATE OF ISSUE: 19 July 2022

AFSA NOTICE №AFSA-Q-NB-2022-0004 ON SUSPENSION OF THE LICENCE OF GB INSURANCE LTD.

NOTICE No. AFSA-Q-NB-2022-0004

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of GB Insurance Ltd. (the “Firm”) No. AFSA-A-LA-2022-0007 dated 4 February 2022 until further notice.

The suspension is made due to the failure of the Firm to satisfy the conditions applicable to its Licence, in particular regarding mandatory appointments of Approved Individuals and development of actuarial policies, procedures and controls as set out in the FSFR and the AIFC Insurance and Reinsurance Prudential Rules, as well as due to non-compliance with the AFSA core principles for Authorised Firms referring to Relations with the AFSA as set out in the AIFC General Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AIFC NOTICE NO. AFSA-P-NB-2022-0001 ON APPLICATION FEES PAYABLE TO THE AFSA IN RESPECT OF WAIVERS, MODIFICATIONS AND OTHER RELIEFS

NOTICE No. AFSA-P-NB-2022-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

According to the Schedule 7 of the AIFC Fees Rules, the application fees payable to the AFSA in respect of waivers, modifications and other reliefs are set as follows:

Application fee	Fee (USD)
Minor waiver and/or modification request	250
Standard waiver and/or modification request	500
Significant and/or modification request	2 000
No-action letter	500

2)If the waiver and/or modification involves an issue that is novel or complex or will for any other reason require the AFSA to spend an exceptional amount of time on the application, the AFSA will determine the fee on a case-by-case basis.

3)In other cases, AFSA will assess on a case-by-case basis whether the fees set out in (1) apply.

4)If a waiver and/or modification should be standardised, that is, made available to any applicant meeting certain criteria (class modification/waiver), no fee will be required for an application for a waiver or modification.

EFFECTIVE PERIOD

This notice comes into effect on 1 January 2023.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-O-EC-2023-0603 (HITBEAT MUSIC INC.)

Notice No. AFSA-O-EC-2023-0603

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 8(3) of the AIFC Companies Regulations the Registrar of Companies has suspended the activity of the Representative Office of HITBEAT MUSIC INC. registered in the AIFC as a Recognised Company on 4 October 2021.

The suspension is made due to the Registrar has the grounds to believe that the Recognised Company is likely to contravene the number of rules of the AIFC Acting Law, and its activity may entail reputational risks to the AIFC and harm the market.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED BY THE REGISTRAR OF COMPANIES PURSUANT TO SECTION 8 OF THE AIFC COMPANIES REGULATIONS.

AFSA NOTICE NO. AFSA-N-NB-2023-0002 ON WAIVER

WAIVER NOTICE

WAIVER NOTICE No. AFSA-N-NB-2023-0002

To	Astana International Exchange Central Securities Depository Ltd.
Business identification number	180840900020
Permitted Activities	Operating a Clearing House; Providing Custody Providing Money Services
The address of the Registered Office	55/19 Mangilik El avenue, Astana, Kazakhstan

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rule specified in the Table herein does not apply to the above mentioned Person.

RULE WAIVED

AIFC Act

Waived Rule

AIFC Prudential Rules for Investment Firms

6.2 Preparing Returns

(1) A PRU Investment Firm, other than an Externally Regulated Investment Firm, must submit quarterly and annual prudential returns to the AFSA using the templates prescribed for this purpose by the AFSA from time to time.

(2) Annual prudential returns of a PRU Investment Firm must contain a certification by the same auditor that is responsible for auditing the PRU Investment Firm's annual financial statements. The certification must relate to the annual prudential returns and each set of unaudited quarterly returns that have been submitted to the AFSA by the PRU Investment Firm in the previous year.

CONDITIONS

Requirements of Rules 3 on Minimum Capital requirement and 4 on Liquid Assets requirement of the AIFC Prudential Rules for Investment Firms remain in force. Compliance with these rules must be reflected in quarterly management reports to be submitted to the AFSA.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA NOTICE № AFSA-O-EC-2023-0728 IN RESPECT OF EXEMPT FUNDS

THE REGISTRAR OF COMPANIES OF THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Section 6.3.3(b) of the AIFC Companies Rules may be not applied to Exempt Funds with 15 or fewer Clients, subject to the conditions set by this notice, upon a Fund Manager’s application for a waiver or its consent to apply a waiver.

CONDITION

Reaching the threshold of 15 Clients does not require the registration of a new Exempt Fund. An incorporated fund may continue its operations but can onboard additional Clients only after obtaining the AFSA's Written consent.

DISCLAIMER

The requirements outlined in Clause 4.7 of the AIFC CIS Rules (Requirements for notification) and Schedule 9 of the AIFC Fees Rules (fees for providing notification for an Exempt Fund) remain mandatory for fund managers.

Please note that the AFSA assumes no responsibility for the fund's operation, or any actions taken by the fund manager. The fund manager is solely responsible for compliance and regulation associated with the fund's operation.

However, the constitution and offering materials of funds must comply with the AIFC regulations and rules, including, but not limited to:

× AIFC Financial Services Framework Regulations

× AIFC General Rules

× AIFC Conduct of Business Rules

× AIFC Collective Investment Scheme Rules

× AIFC Market Rules

× AIFC Companies Rules

× AIFC Companies Regulations

× AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules

× AIFC Prudential Rules for Investment Firms

BACKGROUND

In order to align AFSA's regulatory framework with the international best practices and improve efficiency, continuous enhancements are being made to the regulatory regime applicable to funds in the AIFC. As part of this approach, Exempt Funds with 15 or fewer Clients may be eligible for an exemption from Section 6.3.3(b) of the AIFC Companies Rules upon the Fund Manager's application for a waiver or its consent to apply a waiver.

EFFECTIVE PERIOD

This notice comes into effect on the date of publishing and remains in force until further notice.

INTERPRETATION

AFSA NOTICE No. AFSA-O-NB-2024-0001 on Withdrawal of the Licences to carry on Ancillary Services

AFSA NOTICE No. AFSA-O-NB-2024-0001 on Withdrawal of the Licences to carry on Ancillary Services

NOTICE No. AFSA-O-NB-2024-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Pursuant to Rule 1.3.6(e) of the AIFC General Rules, the AFSA has withdrawn the following Licences to carry on Ancillary Services:

Firm name	Licence number
MY Partners Limited	072018-004
Creata Ventures Limited Liability Partnership doing business in the AIFC as Neirostorm Branch AIFC	AFSA-A-LA-2019-0045
Berg & Moll Rechtsanwälte Avocats Ltd.	AFSA-A-LA-2020-0006
Q-Advisory Ltd.	AFSA-A-LA-2021-0002
Beentelligence Ltd.	AFSA-A-LA-2021-0024

The withdrawal is made due to the failure of the Firms to comply with Rule 3 (Annual Supervision Fees Payable to the AFSA) of the AIFC Fees Rules.

EFFECTIVE PERIOD

This notice comes into effect on 23 July 2024 and remains in force until further notice of the AFSA.