AFSA introduces enhancements to the AIFC Credit Rating Agencies framework, DKnews.kz reports.
The Astana Financial Services Authority (AFSA) has introduced enhancements to the Credit Rating Agencies (CRA) framework in the Astana International Financial Centre (AIFC). Following international practices and the analysis of feedback received from the market, enhancements consider transitioning of CRAs to the Regulated Activities regime. This shift in the regulatory status carries several positive implications and considerations, such as the potential impact on CRAs’ perception by the market and enhance their credibility while signalling to investors, regulators, and market participants that they meet higher regulatory standards.
This transition significantly changes the regulatory landscape for CRAs in the AIFC by intensified regulatory oversight in line with international standards and practices and stricter requirements imposed on CRAs.
The introduced enhancements to the CRAs framework are applicable to both new applicants and existing AIFC CRAs.
The commencement date for the framework is 1 January 2025. A twelve-month transition period is set to implement the relevant requirements for the current CRAs.
The relevant amendments to the AIFC General Rules, AIFC Conduct of Business Rules, AIFC Anti-Money Laundering and Counter-Terrorist Financing and Sanctions Rules, AIFC Glossary, AIFC Fees Rules are published on the AIFC website.
