AFSA and QFC Regulatory Authority sign Memorandum of Understanding to strengthen regulatory cooperation

The Qatar Financial Centre Regulatory Authority (“QFC Regulatory Authority”) has entered into a Memorandum of Understanding (“MoU”) with the Astana Financial Services Authority (“ASFA”). The signing ceremony was held on the side lines of the official opening of the Astana International Financial Centre.

The MoU was signed by Mr Michael G. Ryan, Chief Executive Officer of the QFC Regulatory Authority and Mr Stephen Glynn, Chief Executive Officer of the ASFA and aims to promote greater cooperation and facilitation of supervisory information sharing between the QFC Regulatory Authority and the ASFA. 

The QFC Regulatory Authority and the Astana International Financial Centre have established a strong relationship, with a MoU signed between the two parties in August 2016 followed by extensive information sharing on Islamic banking and collaboration on best practice regulatory standards for financial centres. The QFC Regulatory Authority had also entered into a MoU with the National Bank of Kazakhstan, in October 2015. 

Mr Ryan welcomed the signing of the MoU, saying: “The QFC Regulatory Authority has established a close relationship with Kazakhstan and the Astana International Financial Centre and we are pleased to be extending this cooperative relationship to the ASFA.”

Mr Glynn said: “We are delighted to sign this memorandum which will deepen cooperation between the AFSA and QFC Regulatory Authority on issues of common interest, to strengthen exchange of information and supervision of financial institutions and enhance fair and safe environment within both jurisdictions”.

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