For Press

04/09/2017

Astana International Financial Centre and the Republican Chamber of Private Enforcement Agents of the Republic of Kazakhstan signed a Memorandum of Cooperation

Today, Kairat Kelimbetov, Governor of the Astana International Financial Centre (AIFC), and Sergey Lee, the Chief Executive Officer of the Republican Chamber of Private Enforcement Agents of the Republic of Kazakhstan (RC PEA) and  the former Lord Chief Justice of England and Wales, The Rt.Hon.

The Lord Woolf signed a memorandum of cooperation between the AIFC and the RC PEA.

The document will foster cooperation between the AIFC Courts and the RC PEA to implement joint initiatives aimed at promotion of the rule of law, efficient enforcement of the AIFC Court`s decisions and implementation educational activities, including trainings, seminars and conferences.

Reference: 

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre of financial services. For the first time in the post-Soviet region, a 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 of the Republic of Kazakhstan through the establishment of an attractive environment for investment in financial services, to develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.  

Republican Chamber of Private Enforcement Agents (RC PEA) is a non-profit, professional, self-regulating organization uniting all private enforcement agents of the Republic of Kazakhstan on the basis of mandatory membership, which coordinates the activities of private enforcement agents and their compliance with the legislation of the Republic of Kazakhstan.

The main task of the Republican Chamber is to organize the performance by private enforcement agents of the functions of execution of judicial and other acts, as well as ensuring the protection of the rights and legitimate interests of the parties to enforcement proceedings. RC PEA acts on the basis of the Constitution of the Republic of Kazakhstan of August 30, 1995, the Law of the Republic of Kazakhstan "On Enforcement Proceedings and the Status of Private Enforcement Agents " of April 2, 2010. 

More than 1,300 private enforcement agents operate in Kazakhstan. 

Lord Woolf is one of the most influential judges in recent British legal history and a global figure on the common law, courts and dispute resolution, and legal education.  He held the two most senior judicial appointments in England and Wales as Master of the Rolls and Lord Chief Justice and was the first Lord Chief Justice to be President of the Courts of England and Wales.  He was a Non-Permanent Judge of the Court of Final Appeal of Hong Kong and the first President of the Qatar Financial Centre Civil and Commercial Court. 

Independent AIFC CourtsIn accordance with Article 13 of the Constitutional Law of the Republic of Kazakhstan "On the Astana International Financial Centre» an independent court of AIFC will  consider civil and commercial disputes between the participants of the AIFC.

AIFC bodies and (or) their foreign employees, disputes relating to any transaction carried out at AIFC and subordinate to the law of the AIFC, disputes transferred to the court by the AIFC upon agreement of the parties.