Development of Astana International Financial Center
The Astana International Financial Center has created attractive conditions for investors, particularly in the legal aspect. As part of the AIFC, a special jurisdiction, based on principles of the English law was introduced in the post-Soviet era for the first time. The jurisdiction as well as the existence of an independent court and the International Arbitration Center will ensure protection of interests of all AIFC participants. At a conference held in Astana recently, the lawyers from England and Wales said that the English law standards are used at world’s leading financial centers. Experts said that today the cooperation between Kazakhstan and the United Kingdom is conducted in many areas.
MICHAEL GIFFORD, UNITED KINGDOM AMBASSADOR TO KAZAKHSTAN:
- We are very happy to share our legal expertise with Kazakhstan. We believe that this is a very good basis for future cooperation. The AIFC court is based on the English common law. We also have a delegation in town from our ministry of justice to talk to Kazakhstan’s authorities about it.
SIMON DAVIS, DEPUTY VICE PRESIDENT, LAW SOCIETY OF ENGLAND AND WALES:
- There will be two types. There will be a mixture. There will be two types of court. The first is like the high court in the UK which will deal with disputes, which are between companies and need to have judges. Another court is the arbitration court which will deal with arbitrations between companies. There will be regular judges and arbitrators spending time in Kazakhstan and others will be brought in on needs of particular demand of a particular situation.
At the conference, representatives of the United Kingdom announced a campaign titled "Legal services are Great." The campaign is aimed at strengthening relations between Kazakhstan and the United Kingdom and exchanging legal knowledge between specialists of the two countries.