Cooperation in the field of financial services between the UAE and Kazakhstan

The Securities and Commodities Authority and the Astana Financial Services Authority (AFSA) of the Republic of Kazakhstan have concluded a memorandum of understanding establishing a common framework and cooperation in supervision, control and exchange of information, thereby enhancing market transparency and enhancing the efficiency of the two countries’ securities sector.

Following the signature — held in the visual communication system — D. Maryam Al-Suwaidi Chief Executive Officer: “The memorandum is part of the consolidation of efforts to improve transparency and promote sound transactions in financial markets; through cooperation in the area of supervision and control of markets, and to ensure the enforcement of laws, rules and regulations applicable to listed companies, in a manner that supports the efficiency of the securities sector and pushes it to promising heights in both countries. “

It added: “The memorandum provides for the exchange of information, coordination of investor complaints and communications concerning fraudulent practices by fictitious and unlicensed entities, joint investigations and inspections, ensuring the integrity of transactions in markets and financial services companies, and confirming that they are free from any practices contrary to the laws and regulations of both sides. “

According to the terms of the memorandum, the parties can also exchange views and experiences and conduct joint training on supervision and regulatory control processes, qualify licensed persons in accordance with the best international standards and trends, while improving aspects of professional development to ensure the integrity of transactions and the efficiency of their professional performance.