2.4.1.1. General description

Operating an Exchange is listed in section 1 of Schedule 4 of GEN.

It means operating a facility which functions regularly and brings together multiple third party buying and selling interests in Investments, in accordance with its non-discretionary rules, in a way that can result in a contract in respect of Investments admitted to trading or traded on the facility.

For more details see AIFC Authorised Market Institution Rules.

Currency regulation

Pursuant to paragraph 2 of Article 5 of the Constitutional Statute on AIFC monetary obligations of trading members on the stock exchange are expressed and executed in currencies determined by the rules of the stock exchange.

For more details see Chapter 4 of PERG.

2.4.1.2. Exclusions

There are none.  

2.4.2.1. General description

Operating a Clearing House is listed in section 2 of Schedule 4 of GEN. It means operating a facility where confirmation, clearance or settlement of transactions in Investments are carried out in accordance with the non-discretionary rules of the facility, under which the Person operating the facility:

(a)     either becomes a Central Counterparty (“CCP”); or

(b)     provides a book-entry Securities Settlement System (“SSS”), regardless of whether or not such a Person also operates a Central Securities Depository.

Acting as a Central Securities Depository means holding Investments in uncertificated (dematerialised) form to enable book entry transfer of such Investments for the purposes of clearing or settlement of transactions on its own facility and on any other similar facility.

For the meaning of “confirmation”, “clearance”, and settlement see GEN. For more details also see AIFC Authorised Market Institution Rules.

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.

2.4.2.2. Exclusions

There are none.

2.4.3.1. General description

Operating a Loan Crowdfunding Platform is listed in section 4 of Schedule 4 of GEN. It means:

(a)     operating an electronic platform that facilitates the bringing together of potential lenders and Borrowers; and

(b)     administering a loan agreement that results from operating the electronic platform.

For the meaning of “administering a loan agreement” and “electronic platform” see GEN. For more details see AIFC Authorised Market Institution Rules.

Currency regulation

To be completed

For more details see Chapter 4 of PERG.

2.4.3.2. Exclusions

There are none.

2.4.4.1. General description

Operating an Investment Crowdfunding Platform is listed in section 5 of Schedule 4 of GEN. It means:

(a)     operating an electronic platform that facilitates the bringing together of potential Investors and Issuers who wish to obtain funding for a business or project, resulting in an Investor obtaining an Investment from the Issuer seeking funding; and

(b)     administering an Investment that results from operating the electronic platform.

Operating an Investment Crowdfunding Platform also includes making arrangements for an Investor to sell its Investment.

For the meaning of “administering an Investment” and “electronic platform” see GEN.

It is also possible to operate several types of crowdfunding platforms. For this see guidance in section 5 of Schedule 4 of GEN.

For more details see AIFC Authorised Market Institution Rules.

Currency regulation

To be completed

For more details see Chapter 4 of PERG.

2.4.4.2. Exclusions

There are none.

2.4.5.1. General description

Operating a Private Financing Platform is listed in section 6 of Schedule 4 to GEN. It means operating an electronic platform which brings together multiple third parties directly or indirectly buying an instrument acknowledging or creating indebtedness arising from the supply of goods or the delivery of services, and includes:

(a)     entering into an arrangement with a party for the purpose facilitating the activity above whether through an intermediary investment vehicle or otherwise;

(b)     facilitating an arrangement described in (a); or

(c)     holding or controlling Client Money or Arranging Custody in connection with an arrangement described above.

For more details see AIFC Authorised Market Institution Rules.

Currency regulation

To be completed

For more details see Chapter 4 of PERG.

2.4.5.2. Exclusions

There are none.