AFSA Notice No. AFSA-Q-OA-2020-0030 from 24 September 2020 on Waiver and Modification

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

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-N-NB-2020-0003 from 17 August 2020 on Waiver and Modification

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

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-T-OA-2020-0021 from 24 June 2020 on Waiver and Modification

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

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	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

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:

1. 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;
2. 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;
3. c) to keep the AFSA informed on the changes with the appointment of Director of Seven Pillars Ltd.
4. 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

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-T-NB-2020-0004 from 24 June 2020 on Waiver and Modification

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

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-T-OA-2020-0020 from 19 June 2020 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 No. AFSA-T-NB-2020-0002 from 1 June 2020 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:

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

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	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

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:

1. a) to appoint a Deputy MLRO, resident in Kazakhstan, represented by legal Associate in Emirates Legal Limited office in the AIFC;
2. b) to keep the position of the main MLRO by Director of the firm for general control and with the relevant responsibilities and functions;
3. 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

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. 0011 from 20 March 2020 on the Provision of Ancillary Services and Financial Services Within the 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 No. 0010 from 14 February 2020 on waiver and modification

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 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.

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.

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 be structured as a single document containing all the information set out in the Prospectus as determined by Authorised Investment Exchange.
MAR 3.4.2	MAR 3.4.2 with respect to the modification of timely disclosure regarding REMS   Time period for making market disclosure   Starting as of the first anniversary of the admission of the Shares and/ or Certificates over Shares to an Official List of Securities, a Reporting Entity must disclose its required financial reports within the following time periods: (a) in relation to its annual financial report: as soon as possible after the financial statements have been approved, but no later than 120 days after the 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

 

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force during the transition period until the earlier:

(i)             31 December 2020 or

(ii)            effective date of introduction of a new chapter for REMS.

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-O-EC-2019-0384 from 30 November 2019 on Waiver Confirmation

In response to your Application on Waivers or Modifications dated 1 October 2019, in accordance with the section 195 of the AIF Companies Regulations the Registrar of Companies notifies you about granting a conditional waiver on the provision prescribed by subsection 1 of section 134 of the AIFC Companies Regulations, which gives you a right to engage an auditor who is not registered by the Registrar as an auditor under Chapter 3 of the AIFC Companies Regulations for examination and reporting on the accounts prepared under section 131 of the AIFC Companies Regulations.

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

This conditional waiver does not pertain to section 109 of the AIFC Financial Services Framework Regulations.

AFSA Notice No. 0008 from 26 July 2019 on waiver and modification

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 MAR Schedule 1	8.3 Related party transactions 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 MAR Schedule 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

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 REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA Notice No. AFSA-N-NB-2019-0003 from 14 May 2019 on Waiver and Modification

To	AIX Ltd (Astana International Exchange Limited)
Address	Mangilik El Ave. 55/19 Block C 3,4 EXPO Center Nur-Sultan, Kazakhstan, 010000
AFSA Firm Reference No.	032018-0004 (from 01.11.2017)
Notice No.	AFSA-N-NB-2019-0003

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The AIFC Acts specified in the left-hand column of the Table A herein do not apply to the Authorised Investment Exchange, Issuers and Reporting Entities on the Authorised Investment Exchange in the form appearing in the AIFC Rules but instead of it apply as modified in the right-hand column of the Table A herein.

MODIFIED AIFC Acts

The AIFC Acts specified in the left-hand column 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 relevant AIFC Act remains unaltered. Where a significant number of the paragraphs of the relevant AIFC Act remain unaltered the entire act may not be reproduced in the table. In such circumstances the unaltered parts of the act will be referred to by the relevant identifying paragraph number or letter, as the case may be.

TABLE A

AIFC Act

Modified Text

AIFC MARKET RULES (MAR)

MAR 1.1.1	Conditions for admission of Securities to trading Subject to MAR 1.2.1 (Exempt Offerors), an Authorised Investment Exchange may not admit Securities to trading unless: (a) the Securities have been admitted to the Official List maintained by the Authorised Investment Exchange in accordance with section 66 of the Framework Regulations; and  (b) subject to MAR 1.1.2 2) and MAR 1.201.2.2 (Exemptions Securities), there is a Prospectus in relation to the relevant Securities and the Authorised Investment Exchange has satisfied itself that such Prospectus satisfies the requirements in this Part.
MAR 1.1.2	Conditions for the offer of Securities by way of placement (1) The Issuer may not offer Securities by way of placement in or from the AlFC, and an Authorised Firm may not conduct, facilitate or participate in such an offer, unless: (a)there is a Prospectus in relation to the relevant Securities that satisfies the requirements of this Part and has been approved by the AFSA; or (b) the offer satisfies one and one only of the conditions mentioned in subsection (2) below.; or (c) the offer satisfies one or more of conditions (a),      (b) and (m) in subsection (2) below.
MAR 1.2.2	Exempt Securities (1) An Authorised Investment Exchange may admit to trading and permit the offer of the Securities that satisfies one of the conditions mentioned in subsection of MAR 1.1.2 and the offer of the Securities that specified below without a Prospectus:
MAR 1.7.2	Approval by the Authorised Investment Exchange (a) An Authorised Investment Exchange must not approve a Prospectus or a Supplementary Prospectus (as the case may be) for the purposes of AMI 1.1.1(b) unless it is satisfied that the Prospectus or the Supplementary Prospectus meets all the requirements in the Financial Services Framework Regulations (Framework Regulations) and MAR 1 or when a Prospectus or a Supplementary Prospectus (as the case may be) produced under legislation in a jurisdiction other than the AIFC it is satisfied that: (i) the Prospectus or the Supplementary Prospectus contain(s) information equivalent to that which is required for a Prospectus or a Supplementary Prospectus in the Framework Regulations and MAR and (ii) the Offeror meets all the other requirements relating to the Prospectus or the Supplementary Prospectus as prescribed in the Framework Regulations and MAR.
MAR 3.1.2	Obligation to prepare semi-annual financial report  A Reporting Entity must, in addition to the annual financial report, prepare and file a semi-annual financial report which meets the requirements in MAR 3.3.1 to 3.3.3 in respect of Shares, Warrants or Certificates over Shares, unless Authorised Investment Exchange specify it otherwise.
MAR 3.1.3	Financial reporting standards A Reporting Entity must prepare and maintain all financial statements in accordance with the International Financial Reporting Standards (IFRS) or other financial reporting standards acceptable to the AFSA and/or Authorised Investment Exchange.
MAR 3.2.3	Signing of the annual financial report The annual financial report must be signed by at least two Directors or approved by the Governing Body of the Reporting Entity.
MAR 5.4.2	Market Manipulation Behaviour The following conduct constitutes Market Manipulation: ... (b) the buying or selling of Securities, including at the opening or closing of the market, which has or is likely to have the effect of misleading investors acting on the basis of the prices displayed, including the opening or closing prices; and
MAR 6.3.8	Closed period A Person discharging managerial responsibilities within a Reporting Entity must not conduct any transactions on their own account or for the account of a third party, directly or indirectly, relating to the Shares or debt instruments of the Reporting Entity or to derivatives or other Securities linked to them during a closed period as specified in MAR 2.4.3.of 30 calendar days before the announcement of an interim financial repert or a year-end report which the Issuer is obliged to make public according to MAR 5.

AIFC AUTHORISED MARKET INSTITUTION RULES (AMI)

AMI 3.6.5

Application for admission of Securities to an Official List of Securities (4-1) Subject to (5), 2 business days prior to an admission of Securities offered under conditions provided in MAR 1.1.2 (b), an Authorised Investment Exchange must provide the AFSA with notice of the decision and include the information in the notification in accordance with (4).

AIFC GLOSSARY

AIFC Glossary

Connected Person  In relation to a Person (A), a Person which has or at any relevant time had the following relationship to A: (a) a member of A's Group; (b) a Controller of A; (c) a member of a partnership of which A is a member; (d) an Employee or former Employee of A; (e) if A is a Body Corporate:      (i) an officer or manager of A or of a parent of A; (ii) an agent of A or of a parent of A; (f) if A is a Partnership is or has been a member, manager or agent of A; or (g) if A is an unincorporated association of persons which is not a Partnership, is or has been an officer, manager or agent of A. In relation to a Reporting Entity, a Person referred to in Business Rules of Authorised Investment Exchange.

CONDITIONS 

None.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force for 6 (six months thereafter or until the further notice, whichever is the earlier.

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 REPRESENTED BY: