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23/08/2017

A regular meeting of the Legal Advisory Council was held at the Astana International Financial Centre

A regular meeting of the Legal Advisory Council was held at the Astana International Financial Centre

 

23 August, 2017                                                          Astana

A regular meeting of the Legal Advisory Council – a consultative and advisory body established under the Astana International Financial Centre (AIFC) was held on August 23, 2017 in Astana.

The Governor of the AIFC, Kairat Kelimbetov, and representatives of leading law firms in the United Kingdom, which are part of the Legal Advisory Council, attended the meeting.

The meeting considered and approved a number of the drafts of AIFC’s acts for further approval by the authorized bodies of the AIFC.

According to Michael Blair, chairman of the Legal Advisory Council of the AIFC, the Council is guided by the best examples of English law in order to develop a legal and regulatory framework for the AIFC.

As Andrew Oldland, a member of the Legal Advisory Council of AIFC noted, the role of the Legal Advisory Council is to provide quality expertise, as well as consulting on relevant aspects of the legislation.

The tasks of the Council include consideration and examination of draft acts of AIFC, conducting other advisory work. In addition, the activities of the Council will facilitate the implementation and application in AIFC of the principles, norms and precedents of law in England and Wales, as well as the formation of a legal framework in accordance with the standards of the world's leading financial centres.

The establishment of the Legal Advisory Council, with the participation of experts with practical experience in countries with Common law jurisdiction, plays a key role in the development of AIFC acts of general application and the continued successful operation of the AIFC.

Such companies as Baker McKenzie, Devonshires Solicitors, Hogan Lovells, Michelmores, Norton Rose Fulbright, and White & Case participate in the work of the Council.

        

Reference:

Legal Advisory Board under AIFC. The Council was established in the form of an advisory body to AIFC in 2017. The tasks of the Council include consideration and examination of draft acts of AIFC, conducting other advisory work. In addition, the activities of the Council will facilitate the implementation and application in AIFC of the principles, norms and precedents of law in England and Wales, as well as the formation of a legal framework in accordance with the standards of the world's leading financial centres. Such companies as Baker McKenzie, Devonshires Solicitors, Hogan Lovells, Michelmores, Norton Rose Fulbright, and White & Case participate in the work of the Council.

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in the post-Soviet region, Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

 The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, ensuring their integration with the international capital markets, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.