A memorandum of understanding (MOU) was signed between the Financial Regulatory Authority (FRA) and the Astana Financial Services Authority (AFSA) in Kazakhstan to discuss, cooperate and exchange information in the field of non-banking financial services especially in insurance and capital market activities.
On behalf of the Egyptian side, Dr. Mohamed Omran, FRA’s Chairman and Mr. Stephen Glynn –Chief Executive Officer of the Astana Financial Services Authority signed a memorandum of understanding in the presence of the Governor of the Astana International Financial Center within the inauguration of the Astana International Financial Center with the participation of the president of Kazakhstan.
Dr. Mohamed Omran emphasized that both sides expressed sincere desire to cooperate with each other in supervising and regulating the activities of the capital market and insurance on the basis of mutual trust and understanding in regulating transnational companies within their jurisdiction and mandate.
Mr. Stephen Glynn –Chief Executive Officer of the Astana Financial Services Authority said that this memorandum sets out the framework of cooperation between the two sides. He expressed his pleasure to develop the relationship with the regulator in Egypt and considered the signing of the memorandum of understanding as an important step to formalize the relationship between the two regulators in both countries to promote their strategic objectives.
Dr. Mohamed Omran expressed his appreciation for the remarkable growth rate of the green economy in one of the fastest growing cities in the world, which has managed to turn Kazakhstan’s economy into a recognized financial center at the international level. Also, he stressed that all efforts must be unified through applying the agreed mechanisms that will enable us to develop the non-banking financial markets in both countries , adding that Egypt will benefit from the experience of Astana in the green economy through activating the terms of the memorandum of understanding.
FRA’s Chairman added that the general framework of the memorandum of understanding aims to facilitate the performance of the regulatory work and enhance the safe and sound financial performance of the two countries, in addition it will ensure that the financial institutions issuing the securities will fully and fairly disclose the information related to investors subjected to the legislations of the two countries. Besides, the said (MOU) will enhance exchanging of information related to the market, internal trading, other deceptive and fraudulent practices in the issuance and trading of securities, the activities of listed companies, trading in futures, options and other investment products.