The chamber of legal consultants “Kazakhstan Bar Association” (KazBar) and the Astana International Financial Centre Authority share information on the application of the Astana International Financial Centre (AIFC) Jurisdiction and Law, which could be of interest to KazBar members and are in demand in commercial transactions supported by law firms, structuring of commercial projects, dispute resolution, etc.
English common law is traditionally popular among businesses and is often preferred governing law for structuring transactions due to its flexibility, predictability and stability of legal practice.
The AIFC Acts accumulated the best commercial practices that have been evolved over centuries in common law jurisdictions. At the same time, they are concise and written in a language that is understandable and accessible to the international business community. The AIFC Law can be applied in various sectors of the economy, not only to the AIFC participants, but also to any individuals and legal entities.
To date, more than 70 AIFC Acts have been adopted, which regulate financial, corporate, employment, contract, damages, data protection, personal property, judicial and arbitration issues. At the same time, the scope of the AIFC legal framework is constantly expanding based on the best international experience. The AIFC legal framework is available on the official AIFC website.
The AIFC has all the necessary conditions and ecosystem, as well as a successful business practice based on the best international standards, including the provision of financial and other services.
In the unique legal system of the AIFC, there is the AIFC Court that operates in accordance with the best international standards for resolving civil and commercial disputes in the AIFC.
Currently, there are 11 judges in the AIFC Court, who are among the most experienced and prominent judges in the common law system and have been internationally recognised for their unconditional adherence to the rule of law. They have an impeccable reputation and experience in certain areas such as energy, oil and gas, and banking.
The AIFC Court can resolve disputes not only between the AIFC participants but also disputes transferred to it upon agreement of the parties. The AIFC have an e-filing system, e-Justice, that enables parties to file cases electronically.
In April 2019, the AIFC Court rendered an award on the first commercial dispute brought before it, and in May this year, the AIFC Court rendered a second award based on an arbitral award.
All lawyers with a professional lawyer or advocate practising certificate from anywhere around the world are eligible to register with the AIFC Court to represent parties in cases adjudicated therein. As of today, 155 lawyers have rights of audience.
International Arbitration Centre (IAC)provides an independent, economical and expeditious alternative to court litigation through arbitration and mediation. It is represented by 37 arbitrators with vast experience in commercial litigation in the UK, US, EU countries, Russian Federation, India, Hong Kong, the Middle East and other countries.
To date, the IAC has reviewed 86 arbitration and mediation proceedings.
The IAC also uses e-Justice.
The AIFC Law Academy (Academy) operates at the AIFC, established for the purpose of implementing educational legal programs on AIFC Law.
The mission of the Academy is the development of the AIFC legal system through teaching practicing and novice lawyers from different areas and jurisdictions with the principles of the AIFC Law, as well as providing legal education of an international value.
As part of its main activities, the Academy organizes educational courses and events on the AIFC Law and on current legal topics, most of which, taking into account the spread of the coronavirus and the subsequent quarantine measures, are conducted in an online format.
For consultations and detailed discussion of the effective use of legal instruments of the AIFC in the implementation of business initiatives, please contact the representative of the AIFC Authority in Almaty, Mamytaliyev Baglan at the following contacts:
T: 8701 555 44 40
Useful links and contacts of the AIFC:
• AIFC Legal Framework: https://aifc.kz/legal-framework-1/
• Register in the AIFC
How to start a business in AIFC: https://aifc.kz/business-areas/
Frequently asked questions: https://aifc.kz/faq/
Advantages of the AIFC jurisdiction for the business community: https://aol.aifc.kz/simple-approach-brochure/
Contacts:
Т: +7 (7172) 919 001; 8 800 080 0801
T: +7 (7172) 647 336 (Business Connect)
E: bcs@aifc.kz (Business Connect)
Е: registration@afsa.kz
• Astana International Exchange https://aix.aifc.kz/
Contacts:
T: 8 800 080-08-01
• The AIFC Academy of Law https://aol.aifc.kz/
Educational programs: https://aol.aifc.kz/the-aifc-foundations-program-for-students-2020/
Calendar of events: https://aol.aifc.kz/courses/
AIFC Law Pro Bono office: https://aol.aifc.kz/pro-bono/
Contacts:
For participation in or holding joint events with the AIFC Academy of Law: academyoflaw@aifc.kz
For Pro Bono matters: ProBono@aifc.kz
• The AIFC Court https://court.aifc.kz/
AIFC Court Regulations and AIFC Court Rules: https://aifc.kz/legal-framework/aifc-court/
The AIFC Court Model Clauses: https://court.aifc.kz/model-clauses/
Registration of lawyers in the AIFC Court: https://court.aifc.kz/rights-of-audience/
Court fees: https://court.aifc.kz/fees/
Contacts:
T: +7 (717) 264 73 37; +7 (717) 264 72 51
T: +7 (701) 981 73 20; +7 (707) 109 85 53
- The International Arbitration Сentre https://iac.aifc.kz/
AIFC Arbitration Regulations and IAC Arbitration and Mediation Rules: https://aifc.kz/legal-framework/international-arbitration-centre/
Model arbitration clause: https://iac.aifc.kz/model_clauses/
Contacts
T: +7 (717) 264 73 37; +7 (717) 264 72 51
T: +7 (701) 981 73 20; +7 (707) 109 85 53
