2.2.8.1. General description

Providing Fund Administration is listed in section 8 of Schedule 1 of GEN. It means providing one or more of the following services in relation to a Fund (i.e. a Collective Investment Scheme):

(a)     processing dealing instructions including subscriptions, redemptions, stock transfers and arranging settlements;

(b)     valuing of assets and performing net asset value calculations;

(c)     maintaining the share register and Unitholder registration details;

(d)     performing anti money laundering requirements;

(e)     undertaking transaction monitoring and reconciliation functions;

(f)       performing administrative activities in relation to banking, cash management, treasury and foreign exchange;

(g)     producing financial statements, other than as the Fund’s registered auditor; or

(h)     communicating with participants, the Fund, the Fund Manager, and investment managers, the prime brokers, the Regulators and any other parties in relation to the administration of the Fund.

An Authorised Firm authorised to carry on the regulated activity of Providing Fund Administration is subject to prudential supervision and must comply with AIFC Prudential Rules for Investment Firms.

Currency regulation

Currency transactions will be performed via AIFC Banks if processed in only foreign currency, and via second-tier banks in any currency. For more details of transactional implications see Chapter 4 of PERG.

The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.

For more details see Chapter 4 of PERG.

2.2.8.2. Exclusions

There are none.