Institutional Development and the Astana International Financial Centre

23 Pages Posted: 12 Dec 2018 Last revised: 23 Jan 2019

See all articles by Horace W.H. Yeung

Horace W.H. Yeung

Leicester Law School

Zhanyl Bekmurzayeva

Republic of Kazakhstan

Flora Xiao Huang

University of Essex - School of Law

Dina Suleimenova

Kazguu University

Date Written: May 16, 2018

Abstract

The Astana International Financial Centre (AIFC) was launched on 1 January 2018. It is envisaged that the AIFC will create an attractive environment for various financial activities. To accomplish this goal, one major feature of the AIFC is that it will operate an independent legal regime based on the Common Law to regulate the legal relationships between market participants. This feature sits well with the belief under the law and finance scholarship that legal institution is essential in financial development, and the Common Law systems are capable of providing superior investor protection. The core structures of this independent regime include the establishment of the Astana Financial Services Authority as the competent regulator. Also, the AIFC Court, independent in their activity and separate from the judicial system of the Republic of Kazakhstan, is established. The AIFC Court have an exclusive jurisdiction in relation to hearing and adjudicating on any disputes between market participants within the AIFC. It is also expected that the Astana International Arbitration Centre will supplement the role of the AIFC Court to provide an alternative dispute settlement solution. This contribution seeks to explore how these institutional arrangements, believed to have drawn on a Dubai model, will serve to support the development of the AIFC.

Keywords: Kazakhstan, Astana International Financial Centre, Institutions, Company and Financial Law

Suggested Citation

Yeung, Horace W.H. and Bekmurzayeva, Zhanyl and Huang, Xiao and Suleimenova, Dina, Institutional Development and the Astana International Financial Centre (May 16, 2018). University of Leicester School of Law Research Paper No. 18-07. Available at SSRN: https://ssrn.com/abstract=3300104 or http://dx.doi.org/10.2139/ssrn.3300104

Horace W.H. Yeung (Contact Author)

Leicester Law School ( email )

University Road
Leicester LE1 7RH, LE1 7RH
United Kingdom

Zhanyl Bekmurzayeva

Republic of Kazakhstan

Kazakhstan

Xiao Huang

University of Essex - School of Law ( email )

Colchester, Essex CO43SQ
United Kingdom

Dina Suleimenova

Kazguu University

8 Korgalzhyn
Astana, 010000
Kazakhstan

Register to save articles to
your library

Register

Paper statistics

Downloads
18
Abstract Views
89
PlumX Metrics