Senators of the Parliament of the Republic of Kazakhstan paid a visit to Astana International Financial Centre
Senators of the Parliament of the Republic of Kazakhstan, headed by Chairman Dariga Nazarbayeva, visited the Astana International Financial Centre (AIFC).
AIFC Governor Kairat Kelimbetov introduced senators to the activities of the Centre, its bodies and organizations, and also announced the development of an updated AIFC Development Strategy that takes into account all current trends in the global financial market.
AIFC was created in accordance with the “100 Steps” Nation Plan, five components of which are dedicated to the AIFC. At the moment, all five instructions have been completed or are under active implementation.
According to the Governor, the goal of the AIFC work is to contribute fully to strengthening the economy of Kazakhstan, the Centre is entrusted with the fulfillment of a large volume of tasks related to the development of the local capital market and its integration with world markets, as well as increasing the investment attractiveness of Kazakhstan in the long term.
Senators met with representatives of the AIFC Court and the International Arbitration Center, Astana Financial Services Authority (AFSA), Astana International Exchange (AIX), Expat Centre and the Bureau for Continuing Professional Development. The significant contribution of each of the structures allowed the AIFC to take 51st place out of 102 in the prestigious Global Financial Centers Index (GFCI), including 1st place in the Eastern Europe and Central Asia region.
AIFC and IAC Court Registrar Christopher Campbell-Holt demonstrated to deputies of the Senate the capabilities of the eJustice system, launched in February 2019 and which allows resolving disputes online. He also said that as part of the educational program of the AIFC Court and the IAC, more than 500 Kazakhstanis were trained in the basics of English common law.
The Astana Financial Services Authority has registered more than 270 companies from 27 countries and operating in areas such as banking, stock market, asset management, private wealth management, Islamic finance, and credit rating activities.
AIX Exchange has become an effective platform for implementing the program of privatization of state assets. The placement of NAC Kazatomprom JSC, which took place in 2018, was recognized as successful; in 2019, an additional block of shares was launched on AIX. At the moment, the listing of by Kazakhtelecom JSC, Air Astana JSC and KazMunayGas JSC are being developed.
The key directions of the AIFC development such as Islamic finance, financial technology, green finance were also presented to the senators.
At the end of the visit, senators familiarized themselves with the Kazakh Spirit exposition, consisting of 12 paintings and describes key events in the history of the Kazakh people from the ancient Turkic period to the present.
Reference:
AIFC. The Astana International Financial Center (AIFC) was created on the initiative of the President of the Republic of Kazakhstan, Nursultan Nazarbayev. The constitutional law on the establishment of the AIFC was signed by the Head of State on December 7, 2015. AIFC’s goal is to form a leading center of financial services at the international level. The AIFC aims to assist in attracting investment in the country’s economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets.
www.aifc.kz
AIFC Court is an independent body and is based on the principles of common law of England and Wales and the standards of leading international financial centers. The AIFC Court consists of a court of first instance and an appeal court. To ensure prompt resolution of disputes of minor complexity and amount, the court of first instance includes a court of minor disputes. The AIFC court does not carry out administrative and criminal proceedings and has exclusive jurisdiction to ensure the resolution of disputes between participants, AIFC bodies and disputes related to operations carried out in the AIFC in accordance with the AIFC law. However, the AIFC court may consider disputes that are referred to the AIFC court by agreement of the parties.
AIFC International Arbitration Centre is an independent body and is based on the principles of common law of England and Wales and the standards of leading international financial centers. The AIC arbitrators include leading international arbitrators who have many years of experience in arbitration in the areas of subsoil management, trade, the oil and gas sector, construction, energy, Islamic finance, banking, intellectual law and other areas of commercial and civil law.
Astana Financial Services Authority (AFSA) is an independent regulator of the AIFC, a legal entity created in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” in order to regulate financial services and related activities in the Astana International Financial Centre. AFSA implements the AIFC rules and regulations, which, in particular, include licensing, registration, accreditation and supervision of financial companies and market institutions.
Astana International Exchange (AIX) was established in 2017 as part of the development of the Astana International Financial Center. AIX shareholders are AIFC, GoldmanSachs, Shanghai Stock Exchange, Silk Road Fund and NASDAQ, which also provides the AIX trading platform. The exchange operates within the framework of a regulatory environment based on the principles of English common law, thus providing reliable conditions for investment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing by private and public business. AIX is developing special segments for mining companies, as well as infrastructure projects as part of the Belt and Road initiative. www.aix.kz
