AFSA enhances the AIFC Asset Management framework, DKnews.kz reports.
Considering the developments in the AIFC asset management sector and insights gained during the supervision of the regulated community the Astana Financial Services Authority (AFSA) has enacted the Amendments to the AIFC Asset Management Framework. This step is to further enhance the legislative framework governing investment funds or collective investment schemes in the AIFC and activities of the asset and fund managers operating in or from the AIFC.
AFSA has expanded the list of Specialist Funds available in the AIFC, to include Credit Funds, Digital Asset Funds, Exchange Traded Funds, Money Market Funds, Investment Token Funds and Qualified Investment Token Funds. Due to the development of the AIFC asset management sector and the assessment of market needs, AFSA recognises the necessity to broaden the range of Specialist Funds available in the AIFC. This facilitates the diversification of investment options, empowering investors to tailor portfolios to specific sectors and strategies. Offering a comprehensive list of Specialist Funds not only gives a competitive advantage, but also aligns with global investment trends, demonstrating regulatory adaptability.
AFSA also enhanced the Venture Capital Fund framework to attract greater participation in the venture capital market by introducing amendments that broaden opportunities for investors. Currently, Venture Capital Funds are Exempt Domestic Funds focused on equity investments in early-stage unlisted businesses. The changes include allowing Venture Capital Funds to operate as Foreign Funds for Professional Clients, thereby attracting international investors; expanding investment options beyond equity to include securities and units of early-stage unlisted companies; and enabling funds to adopt a Master-Feeder structure for greater diversification and efficiency.
The AIFC CIS Rules currently apply to Domestic Fund Managers, Foreign Fund Managers, and Centre Participants marketing Collective Investment Schemes in or from the AIFC. Since there has been confusion among stakeholders regarding whether Centre Participants must hold a license, to address this, the CIS Rules have been amended to clarify that Centre Participants refer to individuals or entities authorised by the AFSA to conduct relevant Regulated Activities.
The relevant amendments to the AIFC General Rules, AIFC Collective Investment Scheme Rules and Glossary are published on the AIFC website and will come into force on 1 January 2025.
