Kazakhstan - Astana International Exchange Listing.

Legal News & Analysis - Asia Pacific - Kazakhstan - Capital Markets

17 October, 2019




AIX was established within the framework of development

of Astana International Financial Centre (AIFC) in 2017. Enable domestic and regional development, through the mobilization of domestic resources and foreign portfolio flows is the main role of Exchange.


AIX shareholders are worldwide known GoldmanSachs, Shanghai Stock Exchange, Silk Road Fund, NASDAQ and AIFC providing AIX trading platform.


Two custodian banks are the members of the AIX Central Securities Depository (AIX CSD), and over 60,000 investor accounts have been opened at AIX CSD. AIX is a member of the Federation of European and Asian Stock Exchanges. United Kingdom’s HM Revenue & Customs (HMRC) granted AIX with ‘recognized stock exchange’ status in January 2019. AIX CSD is a member of European Central Securities Depositories Association (ECSDA). 




AIX encourages healthy competition between local and foreign parties, with equal regulations in place for all participants, based on the highest international standards. Securities can also be denominated in four currencies (KZT, RUB, USD and RMB).


AIX will offer investors access to national assets which are to have IPOs on the exchange, as well as government and corporate issued securities from Kazakhstan and other countries. It will also provide sources of income for national institutional investors.


AIX provides with a wide range of different asset classes, including equity, debt and derivative instruments, funds, commodities, and products accordant to Islamic finance.


AIX is the first international exchange in Central Asia, providing global investor access to this rapidly growing and previously difficult to invest part of the world.


AIFC provides tax incentives for both investors and market participant.


AIX state-of-the-art exchange infrastructure provides a complete value chain of services. 


AIX listing major criteria 


Listing requirements


  • 3 years of audited financial statements prepared in accordance with IFRS, US GAAP, Swiss GAAP and other standards acceptable to AIX

  • Working capital statements covering 12 months (for Equity Issuers)

  • Minimum public float of at least 25% (AIX reserves the right to decrease this

  • minimum amount, should it decide in its discretion to do so) for Equity Issuers

  • Appropriate minimum market cap should be at least $1M for Equity Issuers and $500k for Debt Issuers at the time of listing


Compliance with prospectus requirements


The Prospectus Summary made up of the following four sections:


  • an introduction

  • key information on the Issuer

  • key information on the Securities

  • key information on the admission

    to trading 


Contents of securities note:


  • key information
  • information relating to the securities offered/admitted to trading
  • terms and conditions of the offer
  • information relating to the certain classes of securities


Contents of registration document:


  • information about the issuer

  • operational financial overview

  • constitution and organizational


  • assets

  • capital

  • management of the issuers

  • financial information about the


  • other information relating to the



AIX listing process 


Prospectus application


Draft prospectus for preliminary review by AIX prior to formally submitting the prospectus for AIX approval


Prospectus approval


AIX will only approve a prospectus, which meets all the applicable requirements in the law of AIFC, the AFSA Rules and the AIX Rules.


Listing application (fees)


Before submitting the documents for listing an applicant should communicate AIX to agree the date on which the AIX will consider the application, and during which AIX may:


  • request that an applicant answer questions and explain any matter AIX considers relevant to the application for listing

  • consulting with other regulators or exchanges

    Documents to be provided 48 hours in advance:

  • a completed application form

  • approved prospectus

    Documents to be provided on the day AIX is to consider the application:

  • a completed shareholder statement

  • a completed pricing statement

    Listing approval

    • submitting in final form the relevant documents as per AIX Application forms

    • paying the fee set out in the AIX Fees Schedule

    • submitting all additional documents, explanations and information as may

      be required by AIX

      Application for admission to trading / Secondary market


      Procedure for Listing and trading of securities:

  • AIX will undertake the assessment required on a case-by-case basis

  • the procedure about the prospectus approval is within 20 business days,

    issuer will be notified for AIX decision on the listing of securities

  • AIX will set admission to trading date for the securities in consultation

    with Issuer and AIX 


AIX application 


Initial stage


Contact AIX Business Development (BD) team as the first step. AIX BD will provide you an overview of application process and requirements and help you with any other questions that you may have about AIX. Please see contact details below.


Submit AIX Trading Member application with all the necessary documents to AIX.

Approval stage

AIX Regulation and Compliance Department reviews the application documents and carries out due diligence.

Formal procedures

The Trading Membership Agreement is signed. 


Go live


Sign off as a Member of AIX. 



For further information, please contact:


Saniya Perzadayeva, Managing Partner, Unicase Law Firm