Law on Astana International Financial Center17 february 2016, 16:15
GRATA Finance & Securities Group has released a legal alert covering important legal developments in the Kazakhstani legislation that occurred in 2015.
Most of the changes were introduced in the legislation pursuant to adoption in May 2015 of a new policy document – the Plan of the Nation: 100 Steps for Implementation of 5 Institutional Reforms – governing the development of Kazakhstan in the short-term perspective.
The legal review covers the following areas:
1. Law on Corruption Countermeasures
2. New Civil Procedure Code
3. Law on Astana International Financial Center
4. Law on Judicial System
5. Law on Supreme Judicial Council
6. Resolution on Application of Bankruptcy and Rehabilitation Legislation by the Courts
7. New Commercial Code
8. PPP Law
9. Law on WTO Accession
10. Law on Special Defensive, Antidumping and Compensational Measures
11. Law on Ownership Right Further Protection
12. Law on Amendments to Electric Power Industry
13. Law on Amendments Related to Non-performing Loans, Financial Services and Financial Organisations
14. Law on Agricultural Cooperatives
15. Privatisation Decree
16. Rules of Electronic Trades
17. New Procurement Law
Each of them is addressed in a separate release on our website, whereas the today’s release deals with the Law on Astana International Financial Center.
LAW ON ASTANA INTERNATIONAL FINANCIAL CENTER
The Law on AIFC (Constitutional Law of the Republic of Kazakhstan dated 7 December 2015 no. 438-V “On International Financial Center “Astana”) was signed by the President on 7 December 2015.
In May 2015, the President of Kazakhstan issued the decree providing for the establishment of the so called Astana International Financial Centre (the “AIFC”), for the purposes of the creation of an attractive investment climate, development of a local capital market, integration into international capital markets, development of banking, insurance and Islamic finance services and the improvement of financial and professional services based on international practice. The decree was followed by the Law on AIFC.
AIFC is a free financial zone located in the capital of Kazakhstan (Astana) providing to its participants substantial tax advantages, free visa and foreign employees attraction regime and, most importantly, the unprecedented mechanism of dispute resolution. Civil, financial and administrative disputes between the participants of AIFC will be resolved by either the AIFC financial court or AIFC international commercial arbitration (if the relevant agreement contains an arbitration clause). Such disputes may be resolved under English law in English language by foreign judges. The transactions concluded between the participants of AIFC will be executed and court proceedings will be held in English. The AIFC has been established based on the experience of the Dubai International Financial Center.
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