AIFC Governor meets with Lord Harry Woolf
The parties discussed the creation and development of AIFC Courts based on English common law and the Arbitration Center.
AIFC Governor Kairat Kelimbetov noted that AIFC is currently actively working on the establishment of AIFC Courts and Arbitration Center and they will start operating in January next year.
"We pay great attention to the training of personnel for the structures that are being created, the quota for the internship in London to study the Anglo-Saxon legal system has been singled out upon the presidential scholarship Bolashak", Mr. Kelimbetov said.
Lord Woolf CH pointed out that implementation of the English common law for AIFC, applied at the world's leading financial centers, will further enhance the Republic of Kazakhstan's business credibility that meets the highest international standards.
Lord Woolf served as the first President of the Qatar Financial Center Civil and Commercial Court and a non-permanent Judge of the Court of Final Appeal in Hong Kong.
As part of his visit to Astana, Lord Woolf also plans to meet with the Minister of Justice, the Chairman of the Supreme Court and the Prosecutor General of the Republic of Kazakhstan to discuss issues of mutual cooperation with AIFC Court and Arbitration Center.
As it was reported, In December 2015, President Nazarbayev, signed the Constitutional Law "On the Astana International Financial Center" (AIFC). The aim of AIFC is to form a leading international center of financial services. For the first time in a post-Soviet region, a common law framework will be introduced in AIFC. English shall be the official language of AIFC.
The objectives of AIFC are to attract investment into the Republic of Kazakhstan economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
AIFC's Courts are independent in their activity and separable from the judicial system of the Republic of Kazakhstan. AIFC's Courts have no jurisdiction in respect of criminal and administrative proceedings and have an exclusive jurisdiction in relation to hearing and adjudicating on any disputes between AIFC's participants, AIFC's Bodies and/or their foreign employees; hearing and adjudicating on any disputes relating to operations carried out in AIFC and regulated by the law of AIFC; hearing and adjudicating on any disputes transferred to AIFC's Courts by agreement of the parties.
Parties will have access to alternative dispute settlement solution such as Astana International Arbitration Center. Parties to arbitration agreement (clause) will be able to cut considerably the litigation costs, save their time in the course of delivering, recognition and execution of the Arbitration decision in Kazakhstan and beyond.
Astana International Arbitration Center will be established and act in accordance with the resolution of the Council "On the International Arbitration Center".