AIFC Structures and practices

Simon FT Cox
• Member of the AIFC Legal Advisory Council
• Senior Consultant – Norton Rose Fulbright LLP

He has extensive experience of working on UK and

international securities (including IPOs and other equity and
debt security issues), mergers and acquisitions and
investment fund projects. Much of his work involves frontier
markets and working on securities and M&A projects for
natural resources projects
AIFC Structures and
practices – applying the
regime

Simon FT Cox
• Member of the AIFC Legal Advisory Council
• Senior Consultant – Norton Rose Fulbright LLP

2 June 2020
 Introduction
Having previously considered why the AIFC legal and
regulatory regime was based on common law and
some consequences of that and how the
establishment and continued evolution of the regime
provides opportunities for Kazakh and international
law firms and their clients, the objective of today’s
session is to address some of the ways in which the
regime is being applied in practice.

3
 The AIFC Mission

The AIFC Mission is to contribute to the sustainable

economic development of Kazakhstan and the region by
fostering innovative financial products and services by
establishing an environment that delivers fair and
transparent financial and capital markets, in which
individuals and institutions act with integrity.

4
Putting the centre and regime to work
• Build-up of offices and ancillary service providers at
the site
• Establishment, recognition and operation of entities in
the AIFC
• Authorising and regulating by AFSA of certain
activities by AIFC participants
• AIX – listing for fundraising and liquidity
• AIFC law to govern domestic and international
contracts
• Dispute resolution – the Court and the IAC
• The promotion and development of specific areas of
activity

5
A modern high-tech location

6
AIFC BODIES – set up to support AIFC development

7
 Non-
Financial
financial
participants
participants

Other
service AIFC bodies
providers

Businesses

8
 Becoming a participant
To become an AIFC Participant applicant may
• Incorporate a new entity in the AIF
• Register a foreign Company/Partnership incorporated
in any jurisdiction other than in the AIFC, as a
Recognised Company
• Re-domicile a legal entity incorporated in another
jurisdiction
• Seek authorisation for a regulated activity (if required)

To be covered in more detail in next presentation

9
• BB
• cc

10
 Examples of practical
implementation
• Establishing a holding company in the AIFC
• Establishing a finance company in the AIFC with listed
debt
• Financial firms
• Law firms
• Primary/secondary listing (to be covered in more
detail in later presentation)
• Choosing AIFC law to govern a contract
• Choosing AIFC Court or IAC for dispute resolution

11
Establishing a holding company in
the AIFC
• Reasons
• Process
• Structure
• Implementation
• Listing?
• Tax treatment (NB subject to application of detailed
rules)

12
Establishing a finance company in
the AIFC
• Reasons
• Process
• Structure
• Implementation
• List debt securities?
• Tax treatment (NB subject to application of detailed
rules)

13
 Examples of businesses in the
AIFC
• Financial institutions
• Lawyers
• Hotels and other support businesses

14
 AIFC law and dispute resolution
• Freedom to choose AIFC law to govern any
commercial relationship – no Kazakh connection
required
• Choice of
• AIFC Court (offering a fully independent common law judicial system for the
expeditious resolution of civil and commercial disputes characterised by reliability,
fairness and accessibility, unconditional application of the rule of law, and flexibility that
is responsive to the needs of global business markets)
or
• IAC (which provides an independent, economical and expeditious alternative to court
litigation, operating to the highest international standards to resolve civil and
commercial disputes)
for dispute resolution under any contract – does not need to be
governed by AIFC law or to have a Kazakh connection

15
 AIFC Structures and practices
Nurkhat Kushimov
Registrar of AFSA

He oversees the activities of two divisions: Office of the Registrar of Companies and
Legal Advisory Division.
Mr Kushimov has 13 years of legal work experience in government, at different
departments of the Ministry of Interior and Ministry of Justice. Prior to joining AFSA,
he was the Head of Issuers Regulation and Head of Legal Department of AIX.
Mr Kushimov as the Acting Chief Legal Officer is responsible for management
reporting to the CEO, the AFSA Executive Body, the AFSA Board of Directors and
the AIFC Governor in respect of matters being handled by the Legal Advisory
Division.
Nurkhat Kushimov graduated from Academy of the Ministry of Interior of the Republic
of Kazakhstan, Law Institute (LLB) in 2005 and holds LLM degree from the University
of Cambridge, Faculty of Law (2013).
 Registration in the
AIFC and Advantages of
the AIFC Corporate Law

NURKHAT KUSHIMOV,
REGISTRAR OF COMPANIES
ACTING CHIEF LEGAL OFFICER
 Registration in the AIFC

Registration in the AIFC

An AIFC Participant is a legal entity (a company, partnership, etc.) that is registered under the Acting Law of the
AIFC. This includes both legal entities formed under AIFC law and foreign legal entities that are “recognised” by
the AIFC Registrar of Companies.
Main requirements
• Registered legal address on the AIFC territory;
• Must have at least 1 Director for Private Company;
• Must have at least 2 Directors and 1 Secretary for Public
Company;
• CEO must have the Individual Identification Number;
• Disclosure of Ultimate Beneficial Owners;
• Registration fee 300 USD.

18 FOOTER TEXT
 Registration in the AIFC

Organisational-legal forms in the AIFC

A new company can be established as: Foreign Company/Partnership may be
registered in the AIFC as:
▪ Private Company
▪ Recognised Company
▪ Public Company
▪ Recognised General Partnership
▪ Special Purpose Company
▪ Recognised Limited Partnership
▪ Investment Company
▪ Recognised Limited Liability
▪ Restricted Scope Company
Partnership
A new Partnership can be established as:
A new non-commercial organisations
▪ General Partnership may be incorporated as:

▪ Limited Partnership ▪ Non-profit Incorporated Organisation

▪ Limited Liability Partnership ▪ Foundation

19 FOOTER TEXT
 Advantages of the AIFC Corporate Law

Advantages of the AIFC Corporate Law

▪ insignificant amount of mandatory rules;
▪ absence of obligations to offer the purchase of shares to
other members of a Private Company, when selling
shares;
▪ absence of requirement in ‘two-tier' system of corporate
governance for Public Companies;
▪ establishment of holding structures in the AIFC;
▪ regulation on reorganizations only for Public Companies;
▪ simplified registration of Public Companies in comparison
with Kazakhstani Joint-Stock Companies
▪ ability to transfer a company to the AIFC from another
jurisdiction;
▪ ‘Scheme of Arrangement’ tool;
▪ different classes of shares.

20 FOOTER TEXT
 Advantages of the AIFC Corporate Law

Classes of Shares
A Company may create different classes of Shares to the extent permitted by its Articles of
Association.
Example:

AIFC Participant
Class A: Class B:
Vlaue = 1 USD Vlaue = 1 USD
Voting rights = 5 Voting rights = 1

*An Investment Company may issue fractions of Shares if authorised by its Articles of
Association.

21 FOOTER TEXT
 Advantages of the AIFC Corporate Law

Transfer of Incorporation to the AIFC (Re-domiciliation)

Jurisdictions permitting re-domiciliation Benefits:

(over 50 countries)*:
• avoiding liquidation process;
― Bahamas; ― Israel; • retention of all current assets and liabilities, cash and
― Bermuda ― Luxembourg; capital, contracts of an existing company;
― Belgium; ― Maldives; • short time-frames (in comparison with the liquidation of
― British Virgin Islands; ― Malta; a company and then incorporating a new company);
― Canada; ― Netherlands Antilles; • ability to keep a licence to carry on financial activities
― Cayman Islands; ― New Zealand; or providing ancillary services (autrhorisation process
― Costa Rica; ― Panama; is required);
― Cyprus; ― Philippines;
― Dominica; • obtaining a status of an AIFC participant and resident
― Seychelles; of the Republic of Kazakhstan and possibility of using
― Hungary; ― United Arab Emirates. privileges of the AIFC;
― Ireland;
• no repatriation of capital and cash and subsequent
capitalisation is required

22 *The list is not exhaustive: https://home.kpmg/content/dam/kpmg/sg/pdf/2017/11/taxalert-201739.pdf

 Advantages of the AIFC Corporate Law

‘Scheme of Arrangement’ tool through

the decision of the AIFC Court
Scheme of Arrangement – is one of the most common
reorganization methods in England, used by an English court.
The AIFC Court may make any order on reorganization of a
company if:
• 75% of the Creditors or that class of Creditors agree to the
compromise or arrangement;
• 75% of the voting rights of the Shareholders or that class of
Shareholders agree to the compromise or arrangement;
• is not in the bankruptcy process.

The decision of the AIFC Court is subject to direct execution

on the territory of the Republic of Kazakhstan (Constitutional
Statute of the Republic of Kazakhstan on the AIFC (cl. 8 article 13)

23
Thank you!

www.afsa.aifc.kz
[email protected]
24
 AIFC Structures and practices
Razaak Busari
Head of Authorization Division, AFSA

Prior to joining the Astana Financial Services Authority, Raz was a Deputy Head, Insurance
Supervision Division at the Cayman Islands Monetary Authority from 2015 to 2019.
Raz is a seasoned regulator with over 20 years financial services and regulatory
experience. Preceding his time in the Cayman Islands, he worked for one of the leading
banks in the UK, the Financial Services Authority UK (now the Financial Conduct Authority)
and the Qatar Financial Centre Regulatory Authority. Raz holds various professional
qualifications in Financial Planning; Mortgage Advice and Practice; Compliance;
AML/CFT; Strategic Management and Leadership; and Islamic Banking and Insurance. He
is also a Certified Anti-Money Laundering Specialist and Fellow of the Chartered
Management Institute, UK (FCMI).
Raz holds a Bachelor of Law degree (LLB) and Master of Business degree (MBA) from the
UK.
Regulatory Compliance in
the AIFC
ASTANA FINANCIAL SERVICES AUTHORITY: REGULATORY
FRAMEWORK

RAZAAK BUSARI, HEAD OF AUTHORISATIONS DIVISION,

AFSA

2 JUNE 2020
 Contents
• Astana Financial Services Authority
• Function and powers
• Regulatory Objectives
• Role of authorisation function
• Threshold conditions for firms and principles
• Fit and proper test for individuals and principles
• Ongoing compliance obligations of regulated
entities
• Supervision and enforcement powers of AFSA

27
 AFSA: Function and Powers
1. Astana Financial Services Authority (AFSA) is established as a legal
entity and is responsible for the regulation of financial services and
related activities in the AIFC.
2. The AFSA has the following powers:
✓ to develop draft AIFC Acts relating to the regulation of financial
services and related activities in the AIFC, make the drafts available
for public consultation, and present the drafts to the body
responsible for adopting them as AIFC Acts;
✓ to adopt Acts, in the form of regulatory provisions, on matters
related to the regulation of financial services and related activities in
the AIFC;
✓ to conduct the registration, recognition and licensing of AIFC
Participants; and to keep registers of AIFC Participants;
✓ to exercise control and supervision over the activities of AIFC https://afsa.aifc.kz/
Participants and take appropriate measures in relation to them;
✓ to enter into MoUs and bilateral agreements with regulators within
and outside Kazakhstan. On 20 May 2020 AFSA, the National Bank of the
Republic of Kazakhstan and the Agency for Regulation and
Development of the Financial Market of the Republic of Kazakhstan
signed an Agreement on Exchange of Information
Article 12 of the Constitutional Statute of the Republic of Kazakhstan ‘On the Astana International Financial Centre‘

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 AFSA: Regulatory Objectives
The regulation, control and supervision of financial activities in
the AIFC by Centre Participants with a view to the
maintenance of the safety and soundness of the financial
system within the AIFC
Ensuring that financial
markets in the AIFC are fair, Creating fair, transparent
efficient, transparent and and non-discriminatory
orderly conditions for Centre
Participants

Protecting interests of Fostering the development

investors and users of of financial technologies in
financial services the AIFC

Implementing in the AIFC a Fostering and maintaining

regulatory regime that the financial stability of the
complies with international AIFC’s financial services
standards in the sphere of industry and capital
regulation of financial markets, including the
services reduction of systemic risks

Preventing, detecting and restraining actions that may cause

damage to the reputation of the AIFC or to the financial
activities carried out in the AIFC by taking appropriate
measures, including by imposing sanctions
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 Authorisation function as a “gatekeeper” and “gateway” to the
regulatory environment

30
 Authorisation function as a “gatekeeper” and “gateway” to
the regulatory environment
• Authorisation and approval are primarily used
as a forward-looking tool in order to prevent
harm from occurring. The Authorisations
Division achieves this by ensuring that all
regulated firms and individuals meet common
sets of minimum standards at the outset.
• Central to authorisation is the decision of
whether applicant firms and relevant
individuals meet Threshold Conditions and
the Fit and Proper test and will continue to
meet them for as long as they provide
regulated services.
• The Authorisations Division takes into account
the principles of good regulation, including
proportionality, and recognises the
differences in the businesses of regulated
firms and individuals.
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 AIFC regulated entities (Financial
Services Framework Regulations)
Regulated AIFC Participants: Recognised
Non-AIFC firms:
Authorised Authorised Ancillary
Firms Market Service
Institutions Providers
Recognised
Non-AIFC
Regulated Market Ancillary Market
Activities Activities Services Institutions
• Capital Markets • Investment • Legal Services
• Banking Business Exchange • Audit Services
• Asset Management • Clearing House • Accountancy
• Islamic Finance • Operating Private Services
• Fintech E-Currency Trading • Consulting
Services
Recognised
• Insurance Platform Non-AIFC
Business • Credit Rating
Services
Members

Non-financial AIFC Participants:

• E-commerce;
• IT; etc.
 Licensing of Authorised Persons:
Threshold conditions

Adequate and appropriate financial resources

Adequate and appropriate non-financial resources

Fitness and propriety

Effective supervision

Compliance arrangements

Adequate and appropriate technology resources (AMI)

 Core Principles: Authorised Persons

Due skill, care Systems and

Integrity Management Resources
and diligence Controls

Information and Conflicts of Client assets and

Market conduct Suitability
interest interest money

Compliance with
Relations with high standards Remuneration
the AFSA of corporate practices
governance
 Licensing of Ancillary Service Providers:
Threshold conditions
Fitness and propriety considerations:

Standing with
Disciplinary
any relevant
record
regulatory body

Procedures for Risk posed to the

monitoring and AIFC by the
preventing applicant’s
Financial Crime activities
 Fit and Proper test: Approved Individuals and
Designated Individuals

Integrity Competence Capability

Proposed role
Financial soundness within the Any other matters
Authorised Person
 SUPERVISION
Obligations of
AFSA Powers Accounting / Auditing
Authorised Persons
• Power to gather • Obligation of disclosure to • Accounting records and
information the AFSA regulatory returns
• Power to require the • Obligation to comply with • Appointment and
production of a report an order or requirement of termination of Auditors
the AFSA
• Power to restrict, withdraw • Retention of and access to
or suspend a Licence • Obligation not to provide records
false or deceptive
• Power to impose a information
prohibition
• Obligation not to obstruct
• Power to impose a the AFSA
requirement
• Power to enter into an
enforceable agreement
 Ongoing compliance obligations of regulated entities
Off-site supervision consists of Prudential returns, including liquidity and capital reports
continuous monitoring of
regulatory reporting as set by Stress testing results
rules and in accordance with a set
Annual financial statements
agreed upon communications
protocol. Anti-Money Laundering returns and MLRO reports

On-site supervision consists of Client Money/Asset reports

applying a risk-based approach to
supervision, our interactions with Specialised and/or on-site inspection visits
regulated entities are designed to
Notifications about specified events or other important
be proportionate to complexity situations
and the types of regulated Thematic reviews
activities conducted, including any
observations highlighted by the Periodic meetings with senior management
off-site supervision processes.
Specific reports: PII, IRAP, ICAAP, Fund’s report
 Enforcement: AFSA powers

Power to conduct Power to impose

investigations disciplinary
sanctions

Power to Obtain
Power to require an
Information and
Authorised Person to to
Documents for
appoint a manager
Investigation

Power to use Other powers

information in conferred by
evidence in any Acting Law of
proceedings the AIFC

39
THANK YOU!

ANY QUESTIONS?

Email: [email protected]
[email protected]

40
 AIFC Structures and practices
Evgeniya Bogdanova
Head of Regulation & Compliance, AIX

Evgenia has more than 20 years of experience working on international capital markets.
Before joining the AIX, Evgenia had led Legal IB and Corporate Governance teams at
Renaissance Capital.
Prior to that she practiced law at White & Case in Moscow advising in connection with
cross-border and domestic equity and debt offerings, M&A transactions, corporate
restructurings, information disclosure issues, listing requirements, corporate governance.
Evgenia graduated from the Russian Academic Law University and began her career at
the Russian Federal Commission for the Securities Market (later it has merged into the
Central Bank of Russia), where she was involved in legislative drafting activities relating to
the Russian securities market, including regulatory reform allowing direct issuance of debt
securities in Russia by foreign issuers.
ADMISSION TO LISTING ON AIX

June 2020
NEW PLATFORM FOR CAPITAL RAISING
Kazakhstan’s Astana International Exchange (AIX) to fill the niche and become a new regional financial hub

Astana International Exchange

4
3
FAVORABLE ECOSYSTEM
Regulation AIX’s shareholders
Governing Law - a special legal regime based on the principles of English common law
Independent regulator - AFSA, modeled on the FCA
Market Rules - modeled on the UKLA and DIFC
Mining Board – modeled on ASX and TSX platforms
Taxation
Tax benefits for investors - no tax on capital gains or interest/dividend payments on
securities listed on AIX
UK HMRC ‘recognised stock exchange’ status - tax incentives for the UK investors
Easy access to the capital market
For Issuers - low-cost/time-saving procedures for SPV incorporation
For Brokers - possibility of remote access via recognition process
Liquidity
Brokers:
16 local, including all major local brokerage companies
7 international, including CITICS, RenCap, Sova Capital, WOOD & Co, CICC
1 supranational represented by Eurasian Development Bank
Market-makers for traded securities
Euroclear accessibility
Currency
Multi-currency trading
Issuance and settlement in any currency
4
4
ADVANCED INFRASTRUCTURE
Infrastructure
AIX Central Securities Depository
AIX Registrar
Trading and settlement
Nasdaq trading platform
Euroclear access
Multi-currency trading and settlement
FIX protocol connectivity
Market data in ITCH and FIX protocols
Nasdaq's SMARTS for Market Surveillance
Avenir Technologies for post-trade settlement and depositary
T+2 settlement cycle, BIS Model 2
SWIFT messaging

AIX trading hours (GMT +6)

System available for Opening Auction and Trading-At-Last

07:00 member connectivity 11:30 Continuous Trading
17:00

GTC / GTD orders submitted Pre-close

07:15 to Central Order Book 16:45 17:05 Market Close

11:00 Pre-opening 17:00 Closing Auction 17:20 System Close

4
5
DEBT AND EQUITY CAPITAL MARKETS

Equity Instruments Debt Instruments Collective Investments

Common Shares Corporate Bonds ETF

Preferred Shares Wholesale Bonds ETNs

GDRs / QDRs Green Bonds

Warrants / Options Sukuk Bonds

Types of offerings and admission to trading on AIX

IPO / SPO
Privatizations
Accelerated bookbuilding
Exempt Offers to Accredited Investors (no prospectus)
Debt Programmes
Cross-listing from Equivalent Regulated Exchange
Exchange offers
Rights offerings
Other
4
6
DUAL LISTINGS

Equivalent Regulated Exchanges (ERE)

LSE
AIM
Euronext Dublin
HKSE
SSE

Simplified regulation for Issuers that have their Securities traded on an ERE

Meeting listing requirements on an ERE would serve as evidence of meeting

certain listing requirements of AIX

AIX may recognize a Prospectus produced under jurisdiction of an ERE

Issuers that have their Securities traded on an ERE will not be required to
make any additional disclosure on AIX beyond disclosures on the ERE,
provided that the same information is disclosed on AIX in English

4
7
REGIONAL EQUITY MARKET SEGMENT (REMS)

Who is REM Issuer?

free-float capitalization <$200m
only Share offerings (no GDRs)
equity securities have not traded on AIX previously
if free-float capitalization remains >$200m for 12 consecutive months,
transition to Main Board on AIX

Simplified regulation for REM Issuers:

simplified prospectus
extended deadline by 2 months for filing of the first annual report
one-year audited financials (as opposed to 3 years)
no requirement to demonstrate net profit for previous years
no requirement to demonstrate independence from controlling shareholder
reduced free-float 15% (as opposed to 25%)
simplified Corporate Governance for all equity Issuers, including REMS
4
8
 AIX ISSUERS

Corporate bonds Sovereign bonds

Cross-listing Cross-listing Corporate bonds Corporate bonds
$10m on AIX 4 tranches
ordinary shares ordinary shares $50m on AIX KZT 150m on AIX
€2,2bn on AIX & LSE

December October 2019

February January December January
2019 November 2018
2020 2020 2019 2019

SPO Cross-listing SPO 2 ETF Corporate bonds Corporate bonds Corporate bonds

GDR ordinary shares GDR on Russian Eurobonds KZT 7bn on AIX $100m on AIX $100m on AIX
$66,8m on AIX $65,3m on AIX and RTS equity index

September September September August - September August August June

2019 2019 2019 2019 2019 2019 2019

Corporate bonds Corporate bonds SPO Corporate bonds Corporate bonds Corporate bonds IPO

2 tranches 7 tranches ordinary shares KZT 57bn on AIX KZT 20bn on AIX 2 tranches ordinary shares & GDR
CHF 250m on AIX & SIX $183m on AIX $17,3m on AIX KZT 100bn on AIX $63,8m on AIX

December 2018 April April December December November - December November

May 2019 2019 2019 2019 2018 2018 2018

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9
Contacts

Evgenia Bogdanova
Head of Regulation & Compliance

+7 7172 235 391

[email protected]
 AIFC Structures and practices
Arman Tastanbekov
Chief Legal Officer, AIX

Mr. Tastanbekov is a lawyer with extensive experience in capital markets, M&A, oil & gas
and mining industries.

He has worked for over 17 years as associate and partner with prominent international
law firms and as country chief counsel for a FTSE100 company.
Arman holds an LLB (with honors) from Kazakh State Law University and an LL.M. from
American University Washington College of Law, Washington, DC, USA. He is admitted to
practice law in Kazakhstan and the State of New York, USA.
AIX Mining Companies Segment
Overview for AIFC Academy of Law
Mining in Kazakhstan at a glance
Regulatory reform and Government support
The new Code on Subsoil and Subsoil Use is modeled on Western
Australia jurisdiction practice
First come - first served basis licenses are issued within 10 business days
Over 600 new licenses have been issued in under 2 years since the new
Code was enacted in addition to over 600 existing contracts
Ministry of Ecology, Geology and Natural Resources estimates that hard
minerals’ exploration requires $200m per annum in investments
The Government earmarks $500m to exploration + expects $2bn private
investment to be attracted until 2025
Tau-Ken Samruk national mining company launched a support program
for junior companies valued up to $100m in each project and for
partners to co-invest (pre-coronovirus)
Attractive environment for mining companies
1.25m sq.km available for exploration
Over 7,000 mineral deposits in total (including industrial minerals):
Gold – 343
Silver – 196
Copper – 125
Nickel – 41
Chromium – 17
Comparatively low exploration and production costs

53
AIX Mineral Companies Segment:
A flexible two-tier system with special conditions modeled on
Toronto Stock Exchange and Australia Securities Exchange practices

Tier 1 is for advanced companies

Proved reserves or measured resources
JORC/NI 43-101-compliant Competent Person’s Report
Semi-annual mining/exploration reports

1 Annual competent person's report update

3 years’ audited accounts
Expected aggregate market value of shares of at least $1m
Access to funds sufficient to execute stated work programme
for 18 months following listing
Net profit requirement is waived

Tier 2 issuers (junior miners) enjoy further exemptions

JORC/NI 43-101/KAZRC-compliant Competent Person’s Report
No track record required

2 Up to 2 years’ audited accounts (if applicable)

No aggregate market value of shares threshold
Access to funds sufficient to execute stated work programme
for 12 months following listing

54
 Issuer and investor benefits

Additional benefits for mining issuers

Relatively quick admission to trading process taking up 4-10 weeks
Access of international brokers’ (8 international brokers with an
extensive investor base) including:
Renaissance Capital, a leader in CIS IPO market with a dedicated
mining & metals division
China International Capital Corporation (CICC) with access to
over 20,000 institutional investors and a large number of
completed M&M transactions
Simplified cross-listing if listed on an exchange with equivalent
regulatory regime (currently LSE, AIM, Euronext Dublin, HKEX, GEM,
SSE)
Special promotion events with junior miners to raise awareness
among specialist funds and investors
Subsidized market making and research coverage, fee discounts for
pioneer issuers
Investor benefits
Access to issuers from Kazakhstan and neighboring countries rich in
natural resources (Russia, Mongolia, Uzbekistan)
No tax on capital gains or interest/dividend payments on securities
listed on AIX

55
 Mining companies on AIX

• IPO of 15% of the company

• Dual-listing of common
on November 14, 2018 • Dual-listing of common
shares on April 17, 2019
• Total amount raised through shares on January 6,

IPO/SPO AIX is $129.6m accounting

for 22.3% of total
• Fully fungible between LSE
(primary listing on LSE)
• Total amount raised
through AIX is $17.31m
• Fully fungible between LSE,
2020
• Settlement in GBP
• Fully fungible between
and AIX LSE and AIX
MOEX and AIX

Pre-IPO
Debt
56
 Contacts

Arman Tastanbekov
Chief Legal Officer

[email protected]
 AIFC Structures and practices
Arman Batayev
Senior Manager, Deal Sourcing Department, AIFC
Business Connect

Arman has experience in audit (EY, EP KMG), finance (EP

KMG, ALMEX PLUS), and structuring deals in AIFC. Today
Arman is with AIFC Business Connect Ltd. in frontline to source
deals to AIFC jurisdiction and acts as bridge between
foreign investors, projects, and governmental agencies.
AIFC Business Connect
Corporate Presentation

2 June 2020
 AIFC Business Connect

Main Purpose and Objectives

AIFC Business Connect is part of AIFC Family in the form of a private company focused on driving economic impact into Kazakhstan through
AIFC, anticipating international business practices and drivers, and defining suitable projects and structures for potential investment in the
Republic of Kazakhstan.

Main Objectives

Attract participants to AIFC and to support existing ones

Define and source suitable investment projects, including working with Government sourcing agencies

Structure projects into suitable models recognisable for international participants, including supranational agencies

Drive investment into suitable projects

Deploy specific value propositions by segments

60
 AIFC Business Connect

Customer Journey
STAGES 1. Market Research 2. Consideration 3. Services 4. After Sales Service 5. New Products

AIFC Business Connect Potential clients / Clients Main services include Main after sales services In case AIFC does not
conducts market research are guided and consulted I. Registration / include have a suitable product,
DESCRIPTION to implement international regarding the services and Authorisation Support & I. Post-Registration new product development
best practices, understand products provided by II. Deals Sourcing and Support & is considered by analysing
needs of customers & AIFC Business Connect Deals Structuring II. Investment Project the viability of a new
develop suitable products Realisation Support product
Industry analysis

Meetings / Calls
Meetings / Calls

News Releases
Direct enquiries
Market analysis
Best practices

Direct e-mails

ABC Website

Social Media
Consultancy

Dashboards

Call Centre
Call Centre

Residence

Residency
Referrals
research

TOUCH

External
Specific

E-mails
E-mails

Events
Digital
Digital
POINTS

KEY
DEPARTMENTS 1 4 3 3 1
Sales
Participants Support
Deals Sourcing
Deals Structuring
Business Relations
Market Research /
Commercial / PMO

61
 AIFC Business Connect

Deals
1. Sourcing Projects 2. Structuring Projects 3. Going to Market
Defining and sourcing suitable investment Structuring projects into suitable models Matching financing investors with suitable
projects from government sourcing recognisable for international projects and providing them with deep segment
agencies, national companies and funds, participants, including private & knowledge and network in order to ensure
associations & special economic zones via corporate investors, as well successful implementation.
signing MoUs, NDAs and other supranational agencies.
agreements.

Main Types of Investment Projects

1. Energy 2. Agriculture 3. Mining 4. Finance
Oil & Gas, Electricity, Wheat, barley, cotton, Copper, Lithium, Gold, Green Finance, Islamic
Alternative Energy, etc. sugar, wool, cattle, etc. Silver, Ferrous, etc. Finance, Crypto, etc.

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Join the fastest
growing Financial Hub
AIFC Business Connect has been formed with a goal of attracting
new AIFC participants and supporting existing ones. Throughout its
work, AIFC Business Connect was able to bring in Top Chinese banks,
multiple global law firms, tech companies from USA and Europe, as
well as several international asset management firms.

55/17 Mangilik Yel ave., block С3.2, 010000, Nur-Sultan, Kazakhstan

+7 (7172) 64 73 31

[email protected]
Questions?

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