23 July 2017

AIFC Legal Advisory Council meets in London

A regular meeting of the Legal Advisory Council - a consultative and advisory body established under the Astana International Financial Center (AIFC) - was held on July 21, 2017 in London, Kazinform has learnt from AIFC's press service.

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.

Also in London, with the participation of the Governor of the AIFC, the process of selecting potential candidates for the position of judges for the financial court of the AIFC has begun, which will operate based on English common law.

Legal Advisory Board under AIFC. The Council was established in the form of an advisory body to IFC 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 IFC 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 centers. Such companies as Baker McKenzie, Devonshires Solicitors, Hogan Lovells, Michelmores, Norton Rose Fulbright, 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.

Source: http://lenta.inform.kz