AFSA levies fine on KBI Partners Limited for contravention of AIFC Rules

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The Astana Financial Services Authority (“AFSA”) has taken enforcement action (“Action”) against KBI Partners Limited, a private company registered in the AIFC, for contravention of Section 24 of the AIFC Financial Services Framework Regulations (“FSFR”) and for contravention of Rule 3.3.1 (a) of the AIFC Conduct of Business Rules (“COB”) for undertaking financial services activities without being authorised to provide the relevant financial services by AFSA. A financial penalty of USD 7,000 has been levied on KBI Partners Limited under Section 118 (1) (a) of the FSFR, DKNews.kz reports.

The Regulatory Authority has decided to take the Action because KBI Partners Limited contravened the following provisions of the AIFC Acts:

  • Section 24 of the FSFR which prohibits a Centre Participant undertaking a Regulated Activity, Market Activity or Ancillary Service without being licensed by the AFSA; and
  • Rule 3.3.1(a) of the COB which prohibits a Person from making a Financial Promotion in relation to a Regulated Activity carried on by an Authorised Firm licensed by the AFSA unless the Person is an Authorised Firm.

The AFSA’s Deputy CEO, Mr Gareth Ling said that “The conduct of business with appropriate licenses is critical to the maintenance of confidence and integrity of the financial system of the AIFC. Consumers should ensure that they receive the full protections afforded by the State and its regulatory framework but making sure that any AIFC financial services firms they deal with have appropriate licenses from the AFSA”. 

The AFSA considers that the Action supports its Regulatory Objectives specified in Section 7 (3) of the FSFR and that the Action is appropriate and proportionate in the circumstances having regard to the Acting Law of the AIFC and the conduct of KBI Partners Limited.

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DKNews International News Agency is registered with the Ministry of Culture and Information of the Republic of Kazakhstan. Registration certificate No. 10484-AA issued on January 20, 2010.

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