{"id":4539,"date":"2026-07-12T18:51:13","date_gmt":"2026-07-12T13:51:13","guid":{"rendered":"https:\/\/bondstonelaw.com\/?page_id=4539"},"modified":"2026-07-12T21:20:16","modified_gmt":"2026-07-12T16:20:16","slug":"afsa-capital-markets-licensing","status":"publish","type":"page","link":"https:\/\/bondstonelaw.com\/ru\/afsa-capital-markets-licensing\/","title":{"rendered":"AFSA Capital Markets Licensing"},"content":{"rendered":"

AIFC  \u00b7  CAPITAL MARKETS<\/p>\n

AFSA Licensing \u2014 Capital Markets<\/h1>\n

Bond Stone advises on AFSA capital markets licensing within the AIFC \u2014 Multilateral Trading Facilities (MTF), Organised Trading Facilities (OTF), and access to the Astana International Exchange (AIX) for bond and equity listings.<\/p>\n

Capital market activities within the AIFC are classified as Market Activities \u2014 regulated under a distinct framework from Regulated Activities and subject to AFSA Market Rules. The Astana International Exchange (AIX) serves as the AIFC’s primary regulated exchange, with listings of government bonds, corporate bonds, green bonds, and Sukuk. The Development Bank of Kazakhstan has listed Eurobonds on AIX, and Caspian Solar Ltd listed green bonds in 2026.<\/p>\n

Governed by: AIFC Financial Services Framework Regulations; AFSA Market Rules; AIFC Authorised Market Institution Rules; AFSA Fees Rules (as amended 1 December 2025). Authority: afsa.aifc.kz<\/a><\/p>\n

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Capital Market Activities<\/h2>\n\n\n\n\n\n
Market Activity<\/th>\nDescription<\/th>\nUse Case<\/th>\n<\/tr>\n
MTF \u2014 Multilateral Trading Facility<\/td>\nOperating a non-discretionary trading system that brings together multiple buyers and sellers of financial instruments under defined rules. An alternative to a regulated exchange \u2014 lower regulatory burden than a full exchange licence.<\/td>\nOTC bond trading, alternative equity platforms, SME capital raising platforms<\/td>\n<\/tr>\n
OTF \u2014 Organised Trading Facility<\/td>\nDiscretionary trading system for non-equity instruments \u2014 bonds, structured finance instruments, and derivatives. OTF operators may exercise discretion in order execution within parameters set by AFSA.<\/td>\nBond trading, derivatives, structured products<\/td>\n<\/tr>\n
DATF \u2014 Digital Asset Trading Facility<\/td>\nOperating a centralised digital asset exchange \u2014 classified as a Market Activity under AFSA rules. The most capital-intensive digital asset licence. See the Digital Assets<\/a> page for full details.<\/td>\nCentralised crypto exchanges, digital asset trading platforms<\/td>\n<\/tr>\n<\/table>\n
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AIX \u2014 Astana International Exchange<\/h2>\n

The Astana International Exchange (AIX) is the AIFC’s licensed regulated exchange. Bond Stone advises on AIX listing requirements, prospectus preparation, ongoing disclosure obligations, and sponsor arrangements for debt and equity issuers seeking an AIX listing.<\/p>\n

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Debt listings<\/p>\n

Corporate bonds, government bonds, Eurobonds, green bonds, Sukuk. Development Bank of Kazakhstan Eurobonds and Caspian Solar Ltd green bonds are recent AIX listings. English-language prospectus under AIFC Prospectus Rules.<\/p>\n<\/p><\/div>\n

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Equity listings<\/p>\n

Primary and secondary equity listings for AIFC-registered companies. AIX equity listing provides access to international institutional investors and enables price discovery under an English common law market framework.<\/p>\n<\/p><\/div>\n

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Green finance<\/p>\n

Green bonds and green Sukuk listed on AIX. The AIFC has positioned itself as a regional green finance hub \u2014 with AIFC strengthening cooperation with ICAO in the field of environmentally sustainable aviation development (2025).<\/p>\n<\/p><\/div>\n

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Ongoing disclosure<\/p>\n

Post-listing ongoing disclosure obligations under AIX Listing Rules \u2014 periodic reporting, material information disclosure, and regulatory announcements. Bond Stone advises on ongoing compliance for listed entities.<\/p>\n<\/p><\/div>\n<\/div>\n

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Why Bond Stone<\/p>\n

\u2726  AIFC RLA \u2014 Corporate & M&A and Regulatory & Compliance specialisations<\/p>\n

\u2726  AFSA Market Activity licensing advisory \u2014 MTF, OTF, and DATF application strategy<\/p>\n

\u2726  AIX listing advisory \u2014 prospectus preparation, ongoing disclosure, and sponsor liaison<\/p>\n

\u2726  Ranked Legal 500 EMEA and IFLR1000 \u2014 offices in Almaty and Astana<\/p>\n<\/div>\n

Primary authority: afsa.aifc.kz<\/a>  \u00b7  AIX: aix.kz<\/a><\/p>\n

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Discuss your capital markets licence or AIX listing<\/h2>\n

Contact Bond Stone for a confidential discussion about AFSA capital markets licensing or AIX listing requirements.<\/p>\n

\n\ud83d\udce7 info@bondstonelaw.com<\/a>
\n\ud83d\udcde +7 (701) 729 76 72<\/a>\n<\/p>\n

\nRequest a Confidential Consultation<\/a>
\n\u2190 AFSA Licensing Hub<\/a>
\nAIFC Court Proceedings \u2192<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AIFC  \u00b7  CAPITAL MARKETS AFSA Licensing \u2014 Capital Markets Bond Stone advises on AFSA capital markets licensing within the AIFC \u2014 Multilateral Trading Facilities (MTF), Organised Trading Facilities (OTF), and access to the Astana International Exchange (AIX) for bond and equity listings. Capital market activities within the AIFC are classified as Market Activities \u2014 regulated […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4539","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"ru","enabled_languages":["en","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/comments?post=4539"}],"version-history":[{"count":3,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4539\/revisions"}],"predecessor-version":[{"id":4569,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4539\/revisions\/4569"}],"wp:attachment":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/media?parent=4539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}