Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants?

Yes:

Your services will be subject to the AIFC Rules on Currency Regulation:

Name of allowed activity:

Managing Investment:

1)     in relation to clients (investors) who are citizens and legal entities of the Republic of Kazakhstan investing in securities of the funds incorporated in the AIFC and managed by management companies licensed by ARDFM*

2)     in relation to clients (investors) who are professional investors and have financial assets equivalent to not less than USD 150 000, when transferring the investments under the management or investing in securities of the funds incorporated in the AIFC or elsewhere and managed by a fund manager licensed by AFSA.

* ARDFM – Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market.

Note:

Be informed that client classification in COB has different threshold for classifying individual clients as Assessed Professional Clients, for example the client needs to have net assets of at least USD 100 000.

Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation:

3.5 in the list of financial services.

Type of currency:

Any currency

Transaction:

Via AIFC Banks: only foreign currency

Via second-tier banks: any currency

Currency reporting:

No specific reporting for a financial service.

Transactional reporting may be applicable (see Chapter 4 of PERG for more details). 

No:

Subrule 3.3.2 of AIFC Rules on Currency Regulation applies.