Date of AIFC presentation announced
"The international presentation of the AIFC will be held on 5th of July next year, but we will start working from 1st January [2018]," Governor of the Astana International Financial Centre Kairat Kelimbetov said during a roundtable for the diplomatic corps in Kazakhstan, which was devoted to the Expo 2017 Heritage.
According to him, the AIFC will consist of several bodies, including the Exchange that is being created with such foreign partners as NASDAQ and Shanghai stock exchanges.
"It seems to me that these partners and our platform will be the key aspects of our development. We believe that on the one hand, the AIFC Exchange will also be part of other initiatives of ours we implement with China. However, on the other hand, we see that it will be part of the initiative of the Eurasian Economic Union as we now want to provide our services to that market as well. And we will be primed to the key markets," the Head of the AIFC said.
Kairat Kelimbetov maintained that a special regulatory mechanism based on the English law will be established.
"We will also create a dispute settlement body. And, we are now thinking of the rights of investors: how we can protect those who want to work in our region. Such bodies will be similar to the ones in Dubai and Abu Dhabi," he said.
"Besides, we will have two types of such bodies. It is the AIFC courts that will be based on the English law. The judges will have very good experience in such markets as London, Singapore, Hong Kong, and Abu Dhabi. And we will have an international arbitration center. All the above departments will be fully operational starting 1st of January 2018," the AIFC Governor added.