On the 21st July, a meeting of the Legal Advisory Council – an advisory body established for the provision of legal guidance to the Astana International Financial Centre – was held in London. The meeting was attended by the members of the council, which included Mr Kairat Kelimbetov, Governor of the AIFC; Mr Erlan Idrissov, Kazakh Ambassador to the UK; and senior representatives from top UK law firms.
A number of projects relating to the legislative foundations of the AIFC were reviewed and approved at the meeting. In particular, the participants discussed draft legislation for the structural design of the AIFC, AIFC Court Regulations, and the AIFC Arbitration Regulations.
In addition, the selection of potential candidates for judges at the AIFC Financial Court, which will be acting on the basis of the English common law, has started in London.
The Legal Advisory Council of the Astana International Financial Centre was established as an advisory body in 2017. In this capacity, it is tasked with providing expertise and reviewing the draft legislation for the AIFC, amongst other advisory functions. Alongside this, the Council will ensure that the principles and regulations of English common law will be introduced and correctly implemented at the AIFC, ensuring a legal basis that meets the standards of the world’s top financial centres. Esteemed legal companies, such as Baker McKenzie, Devonshires Solicitors, Hogan Lovells, Michelmores, Norton Rose Fulbright, White & Case are all greatly appreciated as contributors to the Council.
The Astana International Financial Centre is an initiative of Kazakhstan’s President Nursultan Nazarbayev. The AIFC aims to become a leading international centre for financial services; as well as to develop local capital markets; and to develop Kazakhstan’s markets with regard to insurance, banking services, and Islamic financing.