NOTICES 2023-2024

AFSA Notice No. AFSA-N-NB-2024-0010 from 18 October 2024 on waiver

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

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 AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA Modification Notice No. AFSA-N-OA-2024-0016 from 13 September 2024

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-N-NB-2024-0009 from 9 August 2024

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 (c) is declared by the AFSA to be a Reporting Entity
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 No. 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 No. AFSA-N-OA-2024-0012 from 24 June 2024

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 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
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-A-NB-2024-0011 from 19 June 2024 on Recognised Jurisdictions for applications for Foreign Fund Manager status from

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 No. AFSA-F-NB-2024-0005 from 13 March 2024 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 DASPsand 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 servicesthat 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.

CHAPTER A. GENERAL

INTRODUCTION

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.

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.

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.

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

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.

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

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

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.

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.

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.

“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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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-N-NB-2024-0002 from 4 March 2024 on Standard Waiver

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 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 Modification Notice No. AFSA-A-NB-2024-0002

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.

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 No. AFSA-N-NB-2023-0005 from 6 November 2023 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 No. AFSA-N-NB-2023-0004 from 22 September 2023 on Standard Modification

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

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 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~~ 90 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 Waiver and Modification Notice No. AFSA-A-NB-2023-0014 from 15 September 2023

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

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.

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.

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.

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 PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA Notice No. AFSA-F-NB-2023-0007 from 13 October 2023 on class modification

THE AFSA HEREBY GIVES NOTICE THAT:

The Rules specified in the Table herein applies to Fintech Lab Participants that provide Financial Services involving Digital Assets.

TABLE – RULES MODIFIED

The Rules 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 this table, underlining indicates new text, otherwise the Rules remains unaltered.

AIFC Act

Modified Rule

AIFC Authorised Market Institution Rules 6.3.2. (3)(b)

6.3.2. Application for admission of Digital Assets to Trading

(3) An Authorised Digital Asset Trading Facility must, before admitting any Digital Asset to

trading:

(a) be satisfied that the applicable requirements, including those in its Admission to Trading Rules, have been or will be fully complied with in respect of such Digital Asset; ~~and~~

(b) obtain approval of the AFSA in respect of such Digital Asset, except for Digital Assets provided in the “Table of Digital Assets approved by AFSA for trading on the Digital Asset Trading Facilities licensed in AIFC” published on AFSA’s official website in respect of Digital Asset Trading Facilities that are Fintech Lab Participants; and

c) If a Digital Asset Trading Facility Operator that is a Fintech Lab Participant decides to admit a Digital Asset to trading, the Digital Asset Trading Facility Operator is required to notify the AFSA 10 days prior to the date of the admission of the Digital Asset to trading.

AIFC Fintech Rules Schedule 1

1-1 Conditions for Fintech Lab Participants during Testing/Development

1.1. If a Fintech Lab Participant decides to use Digital Assets provided in the “Table of Digital Assets approved by AFSA for trading on the Digital Asset Trading Facilities licensed in AIFC” published on AFSA’s official website, Fintech Lab Participant is required to notify the AFSA 10 days prior to the date of the providing services with Digital Assets.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect from 13 October 2023 and remains effective until further Notice.

INTERPRETATION

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

AFSA Modification Notice No. AFSA-A-NB-2023-0003 from 27 April 2023

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.  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

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