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.
To learn more about the AIFC Legal Framework, please follow this link laws.aifc.kz
“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”.