The fundamental purpose of financial regulation is to promote economic prosperity in a fair and transparent manner and in compliance with the common law principles and rules that treat investors and consumers equally. The approach of the AIFC is to be greatly accommodating to all the companies and create an ecosystem in which business can prosper.

One of the goals of the AIFC is to deliver a legal and regulatory framework that complies with international standards, ensures high standards of behavior and creates a safe investment environment in which investors have confidence and business is trusted.

Legal framework

The Constitutional Statute of the Republic of Kazakhstan “On the Astana International Financial Centre” defines the AIFC as an area within the City of Astana determined by the President of the Republic of Kazakhstan where the special legal regime in the financial sphere established by the Constitutional Statute applies.

The acting law of the AIFC is based on the Constitution of the Republic of Kazakhstan and consists of the Constitutional Statute, the AIFC Acts based on the principles, legislation and precedents of the law of England and Wales and the standards of leading global financial centres, which has been developed under the guidance of the AIFC Legal Advisory Council, and the acting law of the Republic of Kazakhstan, which applies in part to matters not governed by the Constitutional Statute and the AIFC Acts.

“The special legal regime is a free standing commercial law system, designed to enable an independent international financial centre to operate.

In order to ensure the introduction of the best global practice and the transposition of the relevant law of England and Wales, the AIFC established the Legal Advisory Council which I have the honour to chair. Representatives of London law firms such as Baker McKenzie, Herbert Smith Freehills, Hogan Lovells International, Michelmores, Norton Rose Fulbright, and White & Case are members of the Legal Council. This is a unique feature involved in creation of the AIFC”.

Michael Blair QC
Chairman of the AIFC Legal Advisory Council 3 Verulam Buildings

List of the AIFC General Legal Framework Regulations and Rules

Regulatory framework

Fairness, transparency, investor protection, and confidence are the pillars upon which the Astana Financial Services Authority (AFSA) at the AIFC was founded. They are the hallmarks of good regulatory frameworks. In 2018, the AFSA will continue developing and strengthening its legal and regulatory framework that supports and inspires innovation by providing a platform to launch financial and

regulatory technologies, products and services, as well as adopting a consultative and business friendly approach with those who wish to carry out any of the regulated ancillary and other activities offered within the AIFC.

List of Regulations, Rules and Decrees drafted as part of the Financial Services Framework