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Perspectives of the Court of the Astana International Financial Centre: Potential to Transform the Central Asian Legal Landscape
Published online by Cambridge University Press: 11 January 2024
Abstract
The rise and proliferation of International Commercial Courts has become a perceptible trend across the European and Asian continents over the past two decades. One such dispute resolution hub exists within the Astana International Financial Centre, a special jurisdiction within the Republic of Kazakhstan that operates on the basis of common law principles. The Astana International Financial Centre and its Court were modelled on the international financial centres of Dubai and Qatar; however, there are substantial differences between the legal systems of the Gulf States and that of the Republic of Kazakhstan. As a result, the creation of a new court has led to considerable criticism within the local legal community, raising serious doubts as to whether the Kazakh state should be maintaining and financing a ‘caviar-court’ instead of using resources to reform and develop the national judicial system. Nevertheless, despite the scepticism surrounding the financial centre, there is potential for the Astana International Financial Centre and its Court to become a regional dispute resolution hub for post-Soviet countries and the Central Asian region, following the example of Singapore and Dubai.
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- Copyright © The Author(s), 2024. Published by Cambridge University Press on behalf of the National University of Singapore
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PhD student (Jurisprudence), Turan University, Almaty, Republic of Kazakhstan.
References
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2 See Xandra Kramer & John Sorabji, ‘International Business Courts in Europe and Beyond: A Global Competition for Justice?’ [2019] Erasmus Law Review 1.
3 The term has been used several times in various articles by Singaporean researchers following the establishment of the Singapore International Commercial Court, which is intended to become the analogue of the London Commercial Court in the Pacific Asian region. See Steven Chong, ‘The Singapore International Commercial Court: A New Opening in a Forked Path’ (Speech at the British Maritime Association Lecture, London, 21 Oct 2015), as cited in Yip, Man, ‘The Singapore International Commercial Court: The Future of Litigation?’ [2019] Erasmus Law Review 82, 88CrossRefGoogle Scholar.
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5 The creation of the Tashkent International Financial Centre is supported organisationally by TheCityUK, which is the industry-led body representing UK-based financial and related professional services in different countries. See The CityUK, ‘UK-Uzbekistan IFC Working Group Report: Recommendations on developing Tashkent International Financial Centre’ (July 2020) <https://www.thecityuk.com/media/oqab4kg1/uk-uzbekistan-ifc-working-group-report-recommendations-on-developing-tashkent-international-financial-centre_english.pdf> accessed 30 May 2022.
6 The Bishkek International Financial Centre was modelled on the AIFC, see ‘Кабмин намерен создать Международный финансовый центр «Бишкек» (Kabmin nameren sozdat’ Mezhdunarodnyy finansovyy tsentr «Bishkek») [The Government Intends to Create the Bishkek International Financial Centre]’ (Tazabek, 5 Nov 2021) <https://www.tazabek.kg/news:1741668/> accessed 14 Jan 2022 .
7 Chi, Manjiao, ‘Regulation of Special Economic Zones Through Regional Trade Agreements: Confronting the Synergy Issue’ (2021) 24(2) Journal of International Economic Law 423, 426CrossRefGoogle Scholar.
8 Bookman (n 4) 229.
9 Despite the the United Kingdom's exit from the European Union, London remains one of the most attractive destinations for international litigants, according to a report prepared by Portland Communications that analysed the demand for different ICommCs around the globe. See Portland Communications, ‘Commercial Courts Report 2023’ (Portland Litigation and Disputes: Specialist advisory and strategic communications, 4 May 2023) <https://portland-communications.com/wp-content/uploads/2023/05/Portland-Commercial-Courts-Report-2023-2.pdf> accessed 10 May 2023.
10 For an early account, see Burkhard Hess, ‘The Justice Initiative Frankfurt am Main 2017’ (Conflict of Laws, 31 Mar 2017) <http://conflictoflaws.net/2017/the-justice-initiative-frankfurt-am-main-2017-law-made-in-frankfurt/> accessed 13 Oct 2021.
11 Portland Communications (n 9).
12 Childress, Donald Earl III, ‘General Jurisdiction and the Transnational Law Market’ (2013) 66 Vanderbilt Law Review En Banc 67, 74Google Scholar. See also Eidenmüller, Horst, ‘The Transnational Law Market, Regulatory Competition, and Transnational Corporation’ (2011) 18 Indiana Journal of Global Legal Studies 707, 709CrossRefGoogle Scholar.
13 Marieke Witkamp, ‘Internationalizing Domestic Courts in Europe: A Comparative Analysis on Procedure, Function, Organization’, in Stavros Brekoulakis & Georgios Dimitropoulos (eds), International Commercial Courts: The Future of Transnational Adjudication (Cambridge University Press 2022).
14 Blair, Sir William, ‘The New Litigation Landscape: International Commercial Courts and Procedural Innovations’ (2019) 2 International Journal of Procedural Law 212, 215Google Scholar.
15 Witkamp (n 13).
16 See Kramer & Sorabji (n 2) 2. See also Giesela Rühl, ‘Building Competence in Commercial Law in the Member States: Legal and Parliamentary Affairs’ (European Parliament, Study for the JURI Committee, 14 Sep 2018) < https://www.europarl.europa.eu/thinktank/en/document/IPOL_STU(2018)604980> accessed 3 May 2023.
17 Yip (n 3) 84.
18 ibid.
19 Julien Chaisse & Xu Qian, ‘Conservative Innovation: The Ambiguities of the China International Commercial Court’ (2021) 115 AJIL Unbound 17, 19.
20 Zhang Yongjian, ‘Towards a Fair, Efficient and Convenient Dispute Resolution Mechanism for B&R-related International Commercial Disputes: China's Practice and Innovation’ (Speech at the Forum on the Belt and Road Legal Cooperation, Beijing, 2 Jul 2018) <https://cicc.court.gov.cn/html/1/219/199/203/831.html> accessed 5 Jun 2022.
21 Teresa Cheng, ‘Special Economic Zones: A Catalyst for International Trade and Investment in Unsettling Times?’ (2019) 20 The Journal of World Investment & Trade 32, 63.
22 Julien Chaisse & Georgios Dimitropoulos, ‘Special Economic Zones in International Economic Law: Towards Unilateral Economic Law’ (2021) 24 Journal of International Economic Law 229, 245.
23 The DIFC is generally regarded as the first modern type of special economic zone in the financial sphere, which set the model for the internal structure of subsequent financial centres established in Qatar, Abu-Dhabi, and the Republic of Kazakhstan. See The Law of the Dubai International Financial Centre (DIFC) No (9) of 2004 <https://www.difc.ae/files/4414/5735/7076/Dubai_Law_No_9_of_2004_-_English.pdf> accessed 23 Oct 2021; Federal Decree of the President of the United Arab Emirates No (15) of 2013 Concerning Establishing a Financial Free Zone in the Emirates of Abu Dhabi <https://www.adgm.com/documents/legal-framework/federal-legislation/federal_decree_no_15_of_2013.pdf> accessed on 23 Oct 2021. See also Law No (7) of 2005 On the Promulgation of Law for the Qatar Financial Center <https://qfcra-en.thomsonreuters.com/sites/default/files/net_file_store/QFC_Law_7_0f_2005-V1.pdf> accessed 23 Oct 2021; Law No (4) of 2013 Concerning Abu Dhabi Global Market <https://www.adgm.com/documents/legal-framework/abu-dhabi-legislation/abu_dhabi_law_no_4_of_2013.pdf> accessed on 18 Dec 2021; Constitutional Statute of the Republic of Kazakhstan No 438-V Zrk on the Astana International Financial Centre (7 Dec 2015, amended 30 Dec 2019, entered into force 11 Jan 2020) <https://online.zakon.kz/Document/?doc_id=39635390> accessed on 5 Sep 2021 (hereinafter ‘AIFC Constitutional Statute’). An English translation of the AIFC Constitutional Statute is available on the official web page of the AIFC, see <https://aifc.kz/uploads/Expat/constitutional-statute-with-amendments-as-of-30-december-2019.pdf> accessed 24 Oct 2021.
24 See Ilias Bantekas, ‘The Rise of Transnational Commercial Courts: The Astana International Financial Centre Court’ (2020) 33 Pace International Law Review 1, 6. See also Andrew Dahdal & Francis Botchway, ‘A Decade of Development: The Civil and Commercial Court of the Qatar Financial Centre’ (2019) 34 Arab Law Quarterly 1, 4.
25 Nicolas Zambrana-Tevar, ‘The Court of the Astana International Financial Centre in the Wake of Its Persian Gulf Predecessors’ [2019] Erasmus Law Review 122, 135.
26 Irina Andreevna Baskakova (Ирина Андреевна Баскакова), ‘Создание международного финансового центра «Астана» в рамках общего финансового рынка ЕАЭС (Sozdaniye mezhdunarodnogo finansovogo tsentra «Astana» v ramkakh obshchego finansovogo rynka YEAES) [Creation of the International Financial Centre ‘Astana’ within the Framework of the Common Financial Market of the EAEU]’ (2017) 4 Вестник РГГУ. Серия «Политология. История. Международные отношения.» (Vestnik RGGU. Seriya ‘Politologiya. Istoriya. Mezhdunarodnyye otnosheniya.’) [Bulletin of the Russian State University for the Humanities. Series ‘Political Science. History. International Relations.’] 91, 110.
27 In general, steps twenty-four and seventy to seventy-three were set to establish the international financial centre in the capital of the Republic of Kazakhstan. One of the main benchmarks was to become one of the twenty most developed financial centres in the world. The plan also explicitly stated that the AIFC and its Court should operate on the principles of English common law, and that judges would be recruited from abroad. The English language is deemed to have official status within the AIFC. In addition, Islamic financing is highlighted as one of the important areas to be developed within the framework of the financial centre. See ‘План нации – 100 конкретных шагов по реализации пяти институциональных реформ Главы государства Нурсултана Назарбаева (Plan natsii – 100 konkretnykh shagov po realizatsii pyati institutsional'nykh reform Glavy gosudarstva Nursultana Nazarbayeva) [The Nation's Plan – 100 Concrete Steps for the Implementation of the Head of State Nursultan Nazarbayev's Five Institutional Reforms]’ (20 May 2015) <https://online.zakon.kz/document/?doc_id=31977084> accessed 12 Sep 2021.
28 AIFC Constitutional Statute, art 9.
29 ibid art 9(2).
30 AIFC Court Rules (1 Jan 2018) <https://aifc.kz/files/legals/69/file/3.-legislation-aifc-court-rules-2018.pdf> accessed 3 Oct 2021.
31 AIFC Constitutional Statute, art 1.
32 See the Resolution of the AIFC Management Council on the AIFC Court Regulations (5 Dec 2017) <https://aifc.kz/files/legals/68/file/3.-legislation-aifc-court-regulations-2017.pdf> accessed 24 Oct 2021 (hereinafter ‘AIFC Court Regulations’).
33 AIFC Rules on AIFC General Rules No FR0001 (approved 17 Oct 2017, entered into force 1 Jan 2018, amended 9 Dec 2022, amendments effective as of 10 Dec 2022) <https://aifc.kz/files/legals/65/file/gen-_v14_10.12.2022.pdf> accessed 19 Dec 2023 (hereinafter ‘AIFC General Rules’).
34 AIFC Court Regulations, art 26.
35 AIFC Constitutional Statute, art 13(10).
36 The main concerns of the local scholars were related to the incompatibility of the common and civil law systems, the fact that the Constitution of the Republic of Kazakhstan does not allow for the creation of a second legal system within the state, and that this could potentially pose a threat to the national security of the country. See Farkhad Karagusov (Фархад Карагусов), ‘О попытке создать правовую основу для функционирования двух юрисдикций на территории Республики Казахстан (O popytke sozdat’ pravovuyu osnovu dlya funktsionirovaniya dvukh yurisdiktsiy na territorii Respubliki Kazakhstan) [On the Attempt to Create a Legal Basis for the Functioning of Two Jurisdictions on the Territory of the Republic of Kazakhstan]’ (Online Zakon, 15 Feb 2016) <https://online.zakon.kz/Document/?doc_id=39979088> accessed May 2023. See also Maidan Suleimenov (Майдан Сулейменов), ‘Система права и система законодательства Казахстана: выбор пути (Sistema prava i sistema zakonodatel'stva Kazakhstana: vybor puti) [Kazakhstan's Legal and Legislative System: Choosing a Path]’ (Online Zakon, 15 Apr 2011) <https://online.zakon.kz/Document/?doc_id=31102841> accessed 22 Aug 2022. See also Arman Shaikenov (Арман Шайкенов) & Valikhan Shaikenov (Валихан Шайкенов), ‘Конституционен ли МФЦА и помогут ли поправки в Конституцию? (Konstitutsionen li MFTSA i pomogut li popravki v Konstitutsiyu?) [Is the AIFC Constitutional and Will Constitutional Amendments Help?]’ (Forbes Kazakhstan, 7 Mar 2017) <https://forbes.kz/process/expertise/konstitutsionen_li_mftsa_i_pomogut_li_popravki_v_konstitutsiyu/> accessed on 13 May 2022.
37 Maidan Suleimenov (Майдан Сулейменов), ‘Перспективы внедрения судебного прецедента в правовую систему Казахстана (Perspektivy vnedreniya sudebnogo pretsedenta v pravovuyu sistemu Kazakhstana) [Prospects for the Introduction of a Judicial Precedent into the Legal System of Kazakhstan]’ (2019) 55 Вестник Института законодательства и правовой информации Республики Казахстан (Vestnik Instituta zakonodatel'stva i pravovoy informatsii Respubliki Kazakhstan) [Bulletin of the Institute of Legislation and Legal Information of the Republic of Kazakhstan] 49.
38 Farhad Karagusov (Фархад Карагусов), ‘Снова о Международном финансовом центре «Астана» (Snova o Mezhdunarodnom finansovom tsentre «Astana») [Once again on the Astana International Financial Centre]’ (Online Zakon, 9 Mar 2022) <https://online.zakon.kz/Document/?doc_id=39068058> accessed on 6 Jun 2022.
39 Qatar and the UAE share a very similar historical trajectory, particularly in terms of the development of their legal systems. Both states have adopted a civil law system, strongly influenced by French and Egyptian civil law. At the same time, both Qatar and the UAE are Islamic states, and Sharia law applies to aspects of family, inheritance, and criminal law. See Zain Al Abdin Sharar, ‘Does Qatar Need Reforming Its Arbitration Law and Adopting the UNCITRAL Model Law for Arbitration? A Comparative Analysis’ (2011) 2 The Legal & Judicial Journal, Ministry of Justice, State of Qatar 1 <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2344139> accessed 19 Apr 2022. See also ‘Federal judiciary as per the UAE's Constitution’ (UAE Government Website, 29 Mar 2022) <https://u.ae/en/about-the-uae/the-uae-government/the-federal-judiciary> accessed 15 Apr 2022.
40 See Suleimenov, ‘Sistema prava’ (n 37).
41 A Nizar Hamzeh, ‘Qatar: The Duality of the Legal System’ (1994) 30 Middle Eastern Studies 79.
42 In 2020, the Eurasian Economic Commission prepared several initiatives to harmonise legislation within the EAEU – the union of five post-Soviet states, namely the Russian Federation, the Republic of Kazakhstan, the Republic of Belarus, the Kyrgyz Republic, and the Republic of Armenia. The Eurasian Economic Commission agreed to implement a number of important initiatives, including the signing of an agreement relating to a supranational body to regulate the common financial market of the EAEU, which was defined by the EAEU alongside a concept to form the common financial market. In addition, the plan included the standardisation of the licensing mechanism and the signing of the Standardised Licence Agreement to be developed by the Bank of Russia. The licence was to provide mutual access to the subsidiaries of the banks and insurance companies of the union members. Finally, a ‘road map’ was developed for the creation of a common exchange space for trading in the securities and financial instruments, which should link the exchange markets of the union states. For more information, see Eurasian Economic Commission, ‘Eurasian Economic Commission Plan for harmonizing EAEU countries’ legislation in the financial sector to be considered before year-end’ (24 Jul 2020) <http://www.eurasiancommission.org/en/nae/news/Pages/24.07.2020-2.aspx> accessed 6 Jun 2022.
43 Shaikenov & Shaikenov (n 36).
44 Katja Funken, ‘“The Best of Both Worlds” – The Trend Towards Convergence of the Civil Law and the Common Law System’ (Dec 2003) <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=476461> accessed 14 May 2022.
45 Nir Kedar, ‘I'm in the East but My Law is from the West: The East-West Dilemma in the Israeli Mixed Legal System’, in Vernon Valentine Palmer, Mohamed Y Mattar & Anna Koppel (eds), Mixed Legal Systems, East and West (Ashgate Publishing Company 2015).
46 ibid.
47 Vernon Palmer, ‘Mixed Legal Systems – The Origin of the Species’ (2013) 28 The Tulane European and Civil Law Forum 103, 104.
48 John Henry Merryman, The Civil Law Tradition: Europe, Latin America and East Asia (The Michie Company 1994), as cited in Funken (n 44) 4.
49 The Constitution of the Republic of Kazakhstan (promulgated 30 Aug 1995, amended 10 Mar 2017), art 81.
50 ibid art 75(4).
51 Shaikenov & Shaikenov (n 36).
52 The Constitution of the Republic of Kazakhstan, art 72(1)(4).
53 Constitutional Council (Конституционный Совет), Постановление об официальном толковании пункта 4 статьи 75 Конституции Республики Казахстан N 1 от 14 апреля 2006 года (Postanovleniye ob ofitsial'nom tolkovanii punkta 4 stat'i 75 Konstitutsii Respubliki Kazakhstan N 1 ot 14 aprelya 2006 goda) [Resolution on the official interpretation of paragraph 4 of Article 75 of the Constitution of the Republic of Kazakhstan No 1 of 14 Apr 2006] <https://adilet.zan.kz/rus/docs/S060000001_#z0> accessed 22 Sep 2022.
54 Конституционный закон Республики Казахстан от 25 декабря 2000 года No 132-II о судебной системе и статусе судей Республики Казахстан (Konstitutsionnyy zakon Respubliki Kazakhstan ot 25 dekabrya 2000 goda No 132-II o sudebnoy sisteme i statuse sudey Respubliki Kazakhstan) [Constitutional Statute No 132-II of 25 Dec 2000 on the Judicial System and the Status of Judges of the Republic of Kazakhstan] <https://online.zakon.kz/Document/?doc_id=1021164> accessed on 3 Mar 2022 (hereinafter ‘Constitutional Statutes on Judicial System’).
55 ibid.
56 ibid art 3(3).
57 ibid art 3-1.
58 AIFC Court Regulations, art 2/26.
59 AIFC Constitutional Statute, art 1.
60 AIFC Court Regulations, art 13/7.
61 AIFC Constitutional Statute, art 13(8).
62 See Zambrana-Tevar (n 25).
63 AIFC Constitutional Statute, art 4.
64 ibid art 4(1).
65 AIFC Regulations on AIFC Acts No 1 of 2017, art 8.
66 AIFC Constitutional Statute, art 4(1)(2).
67 ibid art 4(4).
68 ibid art 13(6).
69 ibid art 4(1)(2).
70 Research on the list of mixed legal systems has been conducted by the University of Ottawa. The research includes the identification of eleven types of mixed legal systems and the classification of each state as belonging to a specific type of mixed legal system. For more information, see JuriGlobe – World Legal Systems Research Group, ‘Mixed Legal Systems’ <http://www.juriglobe.ca/eng/sys-juri/class-poli/sys-mixtes.php> accessed 19 May 2022.
71 See Karagusov, ‘Snova’ (n 38).
72 See Maidan Suleimenov (Майдан Сулейменов) & Asel Duysenova (Асель Дуйсенова), ‘Смешанные юрисдикции и правовая система Республики Казахстан (публично-правовые и частноправовые аспекты) (Smeshannyye yurisdiktsii i pravovaya sistema Respubliki Kazakhstan (publichno-pravovyye i chastnopravovyye aspekty)) [Mixed Jurisdictions and the Legal System of the Republic of Kazakhstan (Public Law and Private Law Aspects)]’ (2021) 3 Вестник КарГУ (Vestnik KarGU) [Bulletin of the Karagandy State University] 118, 123.
73 See Maidan Suleimenov (Майдан Сулейменов) & Asel Duysenova (Асель Дуйсенова), ‘Государство Республики Казахстан как Смешанная Юрисдикция (Gosudarstvo Respubliki Kazakhstan kak Smeshannaya Yurisdiktsiya) [The State of the Republic of Kazakhstan as a Mixed Jurisdiction]’ in Svetlana Moroz (Светлана Мороз) et al (eds), ‘Субъекты Гражданского Права и Реформа Систем Юридических Лиц (Sub’’yekty Grazhdanskogo Prava i Reforma System Yuridicheskikh Lits) [Subjects of Civil Law and Reform of the Legal Entity System]’ (Almaty 2021).
74 The official texts of the AIFC Acts are published on the official page of the AIFC with classification by different spheres of social relations. See AIFC, ‘Legal Framework’ <https://aifc.kz/en/legal-framework> accessed 1 May 2023.
75 AIFC Constitutional Statute, art 4(1)(3).
76 ibid art 6(1).
77 AIFC Employment Regulation No 4 (20 Dec 2017, amended 22 Feb 2019) <https://aifc.kz/files/legals/219/file/4.-aifc-employment-regulations-2017_with-amendments-as-of-22-february-2019_new-design.pdf> accessed 3 May 2023.
78 AIFC Trust Regulations No 31 (6 Aug 2019), art 7 <https://authority.aifc.kz/files/legals/20/file/9.-aifc-trust-regulations-no.-31-of-2019.pdf> accessed 1 May 2023.
79 The Constitution of the Republic of Kazakhstan, art 2(3-1).
80 Yip (n 3).
81 Portland Communications (n 9).
82 Requejo Isidro (n 1).
83 Anselmo Reyes, ‘The Business of International Dispute Resolution’ (2017) 4 Journal of International and Comparative Law 69, 70.
84 Deborah R Hensler & Damira Khatam, ‘Re-Inventing Arbitration: How Expanding the Scope of Arbitration is Re-Shaping Its Form and Blurring the Line Between Private and Public Adjudication’ (2018) 18 Nevada Law Journal 381, 406.
85 See Lyazzat Nazarkulova (Ляззат Назаркулова) & Almas Salpekov (Алмас Салпеков), ‘Некоторые вопросы совершенствования судейских кадров в Республике Казахстан (Nekotoryye voprosy sovershenstvovaniya sudeyskikh kadrov v Respublike Kazakhstan) [Some Issues Regarding the Improvement of Judicial Personnel in the Republic of Kazakhstan]’ (2020) 59 Вестник Института законодательства и правовой информации Республики Казахстан (Vestnik Instituta zakonodatel'stva i pravovoy informatsii Respubliki Kazakhstan) [Bulletin of the Institute of Legislation and Legal Information of the Republic of Kazakhstan] 118. See also Gulnara Suleimenova (Гульнара Сулейменова), ‘Основные этапы судебной реформы в Республике Казахстан (Osnovnyye etapy sudebnoy reformy v Respublike Kazakhstan) [The Main Stages of Judicial Reform in the Republic of Kazakhstan]’ (Online Zakon, 29 Jan 2004) <https://online.zakon.kz/Document/?doc_id=36866416> accessed 4 Aug 2022.
86 Tatyana Kiseleva (Татьяна Киселёва), ‘Судебная реформа в РК: что хорошего уже сделано, а чего не хватает? — мнение адвокатов (Sudebnaya reforma v RK: chto khoroshego uzhe sdelano, a chego ne khvatayet? – mneniye advokatov) [Judicial Reform in the Republic of Kazakhstan: What Good Has Already Been Done, and What is Lacking? – The Opinion of Lawyers]’ (365 Info.kz, 27 Sep 2021) <https://365info.kz/2021/09/sudebnaya-reforma-v-rk-chto-horoshego-uzhe-sdelano-a-chego-ne-hvataet-mnenie-advokatov> accessed 13 Mar 2022.
87 For more information, see World Justice Project, ‘Rule of Law Index 2022’ <https://worldjusticeproject.org/rule-of-law-index/global/2022> accessed 10 May 2023.
88 Since 2017, the Supreme Court of the Republic of Kazakhstan has held several official meetings, signed the Memorandum of Mutual Cooperation, and also held several lectures with the judges of the AIFC Court, including the Chief Justice for the judges of the Republic of Kazakhstan. See Supreme Court of the Republic of Kazakhstan, ‘Жоғарғы Сотта АХҚО судьяларымен кездесу өтті’ (Joğarğı Sotta AXQO swdyalarımen kezdesw ötti) [A meeting was held with judges of the Supreme Court]’ <https://sud.gov.kz/kaz/news/zhogargy-sotta-ahko-sudyalarymen-kezdesu-otti> accessed on 19 Dec 2023. ‘Ж.Асанов провел встречу с судьями Суда МФЦА (Z.Asanov provel vstrechu s sud'yami Suda MFTSA) [Zh. Asanov Held a Meeting with Judges of the AIFC Court]’ <https://sud.gov.kz/rus/news/zhasanov-provel-vstrechu-s-sudyami-suda-mfca> accessed on 19 Dec 2023. ‘Судьи Верховного Суда встретились с председателями суда и Международного арбитражного Цента МФЦА (Sud'i Verkhovnogo Suda vstretilis’ s predsedatelyami suda i Mezhdunarodnogo arbitrazhnogo Tsenta MFTSA) [Judges of the Supreme Court met with the chairmen of the court and the AIFC International Arbitration Center]’ <https://sud.gov.kz/rus/news/sudi-verhovnogo-suda-vstretilis-s-predsedatelyami-suda-i-mezhdunarodnogo-arbitrazhnogo-centa> accessed on 19 Dec 2023. ‘Между Верховным Судом, судом и Международным арбитражным центром МФЦА подписан Меморандум о сотрудничестве (Mezhdu Verkhovnym Sudom, sudom i Mezhdunarodnym arbitrazhnym tsentrom MFTSA podpisan Memorandum o sotrudnichestve) [A Memorandum of Cooperation was Signed Between the Supreme Court, the Court and the AIFC International Arbitration Center]’ <https://sud.gov.kz/rus/news/mezhdu-verhovnym-sudom-sudom-i-mezhdunarodnym-arbitrazhnym-centrom-mfca-podpisan-memorandum-o> accessed on 19 Dec 2023.
89 ibid.
90 ibid.
91 Supreme Court of the Republic of Kazakhstan, ‘АХҚО сотының судьясы Руперт Джексон Қазақстан Жоғарғы Сотындағы әріптестерінің алдында дәріс оқыды (AXQO sotınıñ swdyası Rwpert Djekson Qazaqstan Joğarğı Sotındağı äriptesteriniñ aldında däris oqıdı) [Rupert Jackson, Judge of the International Criminal Court, Gave a Lecture to his Colleagues at the Supreme Court of Kazakhstan]’ <https://sud.gov.kz/kaz/news/ahko-sotynyn-sudyasy-rupert-dzhekson-kazakstan-zhogargy-sotyndagy-riptesterinin-aldynda-dris> accessed on 19 Dec 2023. See further ‘АХҚО сотының судьясы Қазақстан судьяларына дәріс оқыды (AXQO sotınıñ swdyası Qazaqstan swdyalarına däris oqıd) [A Judge of the ICAO Court gave a Lecture to the Judges of Kazakhstan]’ < https://sud.gov.kz/kaz/news/ahko-sotynyn-sudyasy-kazakstan-sudyalaryna-dris-okydy> accessed on 19 Dec 2023.
92 For more information regarding the first Chief Justice of the AIFC Court, see AIFC, ‘Председатель Суда МФЦА (Predsedatel’ Suda MFTSA) [Chairman of the AIFC Court]’ <https://court.aifc.kz/ru/chief-justice/> accessed 28 Nov 2021.
93 For more information, see World Justice Project, ‘Rt. Hon. Harold Woolf’ <https://worldjusticeproject.org/about-us/who-we-are/honorary-chairs/harold_woolf> accessed 10 May 2023.
94 See AIFC, ‘Состоялась церемония принесения присяги Председателем Суда МФЦА Лордом Мансом (Sostoyalas’ tseremoniya prineseniya prisyagi Predsedatelem Suda MFTSA Lordom Mansom) [The Affirmation Ceremony for the Chief Justice of the AIFC Court, Lord Mance]’ (8 Jul 2020) <https://court.aifc.kz/news/the-affirmation-ceremony-for-chief-justice-of-aifc-court-lord-mance/> accessed 3 Sep 2022.
95 See AIFC, ‘Who We Are’ <https://court.aifc.kz/en/who-we-are> accessed 19 Dec 2023.
96 ibid.
97 The Government of the Republic of Kazakhstan announced its plans to introduce amendments to twenty-nine different legislative acts, including amendments to the Civil Code of the Republic of Kazakhstan. For more information, see Постановление Правительства о Плане законопроектных работ Правительства Республики Казахстан на 2022 год No 991 от 31 декабря 2021 года (Postanovleniye Pravitel'stva o Plane zakonoproyektnykh rabot Pravitel'stva Respubliki Kazakhstan na 2022 god No 991 ot 31 dekabrya 2021 goda) [Decree of the Government on the Legislative Work Plan of the Government of the Republic of Kazakhstan for 2022 No 991 of Dec 2021] <https://adilet.zan.kz/rus/docs/P2100000991> accessed on 28 Jul 2022.
98 Ayagoz Sultanova (Аягоз Султанова), ‘Адат как способ взаимоотношений между кочевниками (Adat kak sposob vzaimootnosheniy mezhdu kochevnikami) [Adat as a Means of Relations between Nomads]’ (Научные статьи Казахстана (Nauchnyye stat'i Kazakhstana) [Scientific Articles of Kazakhstan], 2014) <https://articlekz.com/article/8927> accessed on 15 Aug 2022.
99 ibid.
100 Salyk Zimanov (Салык Зиманов), Казахстанский суд биев – уникальная система правосудия (Kazakhstanskiy sud biyev – unikal'naya sistema pravosudiya) [The Kazakh Court of Biys – A Unique Justice System] (Атамура (Atamura) 2008) 34–36.
101 Sultanova (n 98).
102 Currently, the ‘biy councils’ have started to operate in nine different regions of the Republic of Kazakhstan, including Mangistau, Atyrau, Semey, Shymkent, Turkestan, Taraz, Kyzylorda, Zhambyl, and Kokshetau. For more information on the ‘biy councils’, see Supreme Court of the Republic of Kazakhstan, ‘Biy Council’ <https://sud.gov.kz/rus/tag/sovet-biev> accessed 28 Aug 2022.
103 Kanat Duysembiev (Канат Дуйсембиев), ‘Совет биев, возврат к истокам (Sovet biyev, vozvrat k istokam) [Council of Biys, Returning to Basics]’ (Online Zakon, 3 Apr 2019) <https://online.zakon.kz/Document/?doc_id=38861900> accessed on 5 Sep 2022. See also Arina Gorbunova (Арина Горбунова), ‘Отчего плачут судьи и чего боятся инвесторы (Otchego plachut sud'i i chego boyatsya investory) [Why Judges Cry and What Investors Are Afraid of]’ (Forbes Kazakhstan, 13 Jul 2018) <https://forbes.kz/process/expertise/otchego_plachut_sudi_i_chego_boyatsya_investoryi/> accessed on 10 Aug 2022.
104 Lord Woolf CH, A Vision of the AIFC Court (Christopher Campbell-Holt ed, AIFC Court 2019) 6.
105 The AIFC Court and the IAC have dealt with more than nine hundred cases, the majority of which have been arbitration and mediation cases. In addition, 326 different lawyers from twenty-nine jurisdictions (twenty-seven countries) have joined the AIFC Court in order to represent their clients in cases before the AIFC Court. In addition, the AIFC Court and the IAC model are actively handling disputes concerning resolution clauses in more than 5,700 commercial contracts, with a value in excess of USD 2 billion, indicating the attractiveness of the AIFC Court in international business. For more information, see AIFC Court, ‘AIFC Court and IAC present their 2021 results and future plans’ (Press Release, 29 Dec 2021) <https://court.aifc.kz/news/aifc-court-and-iac-present-their-2021-results-and-future-plans/> accessed 15 Sep 2022.
106 The complete list of cases starting from 2019 is available on the official website of the AIFC Court. See ‘Judgments & Orders’ <https://court.aifc.kz/en/judgments> accessed 19 Dec 2023.
107 Success K Limited Liability Partnership v Ministry of Healthcare of the Republic of Kazakhstan, Case No AIFC-C/CFI/2021/0008 (24 Jan 2022).
108 See Закон Республики Казахстан No 488-V от 8 апреля 2016 года «Об арбитраже» (Zakon Respubliki Kazakhstan No 488-V ot 8 aprelya 2016 goda «Ob arbitrazhe») [Law of the Republic of Kazakhstan No 488-V of 8 Apr 2016 ‘On Arbitration’) <https://online.zakon.kz/Document/?doc_id=35110250> accessed 14 May 2023.
109 Закон Республики Казахстан No 413-IV от 1 марта 2011 года «О государственном имуществе» (Zakon Respubliki Kazakhstan No 413-IV ot 1 marta 2011 goda «O gosudarstvennom imushchestve») [Law of the Republic of Kazakhstan No 413-IV of 1 Mar 2011 ‘On State Property’] <https://online.zakon.kz/Document/?doc_id=30947363> accessed on 16 May 2023.
110 Resolution of the AIFC Management Council on the AIFC Court Regulations (5 Dec 2017) <https://aifc.kz/files/legals/73/file/aifc-arbitration-regulations-2017.pdf> accessed 24 Oct 2021 (hereinafter ‘AIFC Arbitration Regulations’).
111 JSC Cengiz Insaat Sanayi ve Ticaret AS v The Committee for Roads of the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan, Case No AIFC-C/CFI/2021/0005 (18 Oct 2021).
112 Cengiz Insaat Sanayi ve Ticaret AS v The Committee for Roads of the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan, Case No AIFC-C/CFI/2021/0007 (30 Sep 2021).
113 Firm 800 Limited Liability Company v The Ministry of Healthcare of the Republic of Kazakhstan, Case No AIFC-C/CFI/2022/0023 (7 Dec 2022).
114 Research conducted by the Central Asian Bureau for Analytical Reporting suggests that by 2019, corruption in the Republic of Kazakhstan had decreased compared to the previous decade. For instance, the number of cases of abuse of power decreased from 443 in 2009 to 220 in 2019, the number of cases of forgery in office decreased from 542 cases to 111, and the number of cases of abuse of authority decreased from 116 to 52. However, acceptance of bribery increased from 315 cases in 2009 to 523 in 2019. Cases of bribery remained at the same level throughout the decade. For more information, see Askar Mukashev, ‘How is the Fight Against Corruption in Kazakhstan Taking Place?’ (Central Asian Bureau for Analytical Reporting, 28 May 2020) <https://cabar.asia/en/how-is-the-fight-against-corruption-in-kazakhstan-taken-place?pdf=33753> accessed 28 Oct 2022.
115 Djamilya Musuraliyeva (Джамиля Мусуралиева), ‘Кабмин хочет создать Международный финансовый центр «Бишкек» (Kabmin khochet sozdat’ Mezhdunarodnyy finansovyy tsentr «Bishkek») [The Cabinet of Ministers wants to create the Bishkek International Financial Centre]’ (KaktusMedia, 5 Nov 2021) <https://kaktus.media/doc/448893_kabmin_hochet_sozdat_mejdynarodnyy_finansovyy_centr_bishkek.html> accessed 15 Dec 2021.
116 The Ministry of Economy and Finance of the Kyrgyz Republic submitted the draft of a normative legal act for public discussion. For more information, see ‘Министерство экономики и финансов Кыргызской Республики выносит на общественное обсуждение проект НПА (Ministerstvo ekonomiki i finansov Kyrgyzskoy Respubliki vynosit na obshchestvennoye obsuzhdeniye proyekt NPA) [The Ministry of Economy and Finance of the Kyrgyz Republic submits a draft regulatory legal act for public discussion]’ (Press Release, Government of the Kyrgyz Republic) <https://www.gov.kg/ru/npa/s/3380> accessed 17 Dec 2021.
117 Despite the the Kyrgyz Republic's clear interest in establishing the BIFC, lack of funding could be one of the main obstacles to the project's realisation. For more information, see ‘Что стало с законом по созданию Международного финансового центра «Бишкек»? — депутат (Chto stalo s zakonom po sozdaniyu Mezhdunarodnogo finansovogo tsentra «Bishkek»? – deputat) [What Happened to the Law on the Creation of the BIFC? – Deputy]’ (Aqparat Info, 7 Dec 2021) <https://aqparat.info/news/2021/12/07/10254500-chto_stalo_s_zakonom_po_sozdaniyu_mezhdu.html> accessed 10 Jan 2022.
118 In comparison to the Kyrgyz Republic, the Republic of Uzbekistan seems to have more political will and financial resources to create an international financial centre in Tashkent, and the leadership of the state continues to discuss the implementation of the developed plans. However, it is not clear when the TIFC will become operational, as the leadership of the Republic of Uzbekistan has not yet announced any dates. For more information, see ‘Начинается второй этап изучения концепции создания международного финансового центра в городе Ташкенте (TIFC) (Nachinayetsya vtoroy etap izucheniya kontseptsii sozdaniya mezhdunarodnogo finansovogo tsentra v gorode Tashkente (TIFC)) [The Second Stage of Studying the Concept of Creating an International Financial Centre in the City of Tashkent (TIFC) Begins]’ (UZ Daily, 21 Dec 2020) <https://www.uzdaily.uz/ru/post/57893> accessed 30 Aug 2021.
119 Currently, it is unclear whether the Republic of Uzbekistan will follow the example of the UAE, Qatar, and the Republic of Kazakhstan in creating an international financial centre in Tashkent, as Uzbekistan has not publish a draft of the legislation. Notably, Uzbekistan is also analysing the experiences of other cities, such as New York, London, Hong Kong, and Singapore. For more information, see ‘При поддержке правительства Великобритании будет разработана концепция международного финансового центра ТИФС (Pri podderzhke pravitel'stva Velikobritanii budet razrabotana kontseptsiya mezhdunarodnogo finansovogo tsentra TIFC) [With the Support of the UK Government, the Concept of the TIFC International Financial Centre will be Developed]’ (Investment Promotion Agency under the Ministry of Investments and Foreign Trade) <https://invest.gov.uz/ru/mediacenter/news/with-the-support-of-the-uk-government-the-concept-of-the-international-financial-center-tifc-will-be-developed/> accessed 14 Oct 2021.
120 Khaydarali Yunusov, ‘The Development of the Legal Systems of Central Asian States’ (2014) 2 Studii Europene 23. See also Leonid Golovko, ‘The Space for Legal Reform in Central Asia: Between Political Limits and Theoretical Deformations’ (2011) OSCE Yearbook 2010 105.
121 Evgeniy Anichkin (Евгений Аничкин) & Tatyana Ryakhovskaya (Татьяна Ряховская), ‘Конституционное право Российской Федерации и стран Центральной Азии: уникальное и универсальное (Konstitutsionnoye pravo Rossiyskoy Federatsii i stran Tsentral'noy Azii: unikal'noye i universal'noye) [Constitutional Law of the Russian Federation and Central Asian Countries: The Unique and the Universal]’ (2019) 440 Вестник Томского государственного университета (Vestnik Tomskogo gosudarstvennogo universiteta) [Bulletin of Tomsk State University] 195, 200.
122 Artem Timoshenko (Артем Тимошенко), ‘Признание и исполнение решений коммерческих арбитражей в Казахстане (Priznaniye i ispolneniye resheniy kommercheskikh arbitrazhey v Kazakhstane) [Recognition and Enforcement of Commercial Arbitration Awards in Kazakhstan]’ (Arbitration Journal, 30 Jan 2019) <https://journal.arbitration.ru/ru/analytics/priznanie-i-ispolnenie-resheniy-kommercheskikh-arbitrazhey-v-kazakhstane/> accessed 16 Oct 2021.
123 Lyayla Tleulina (Ляйля Тлеулина), ‘Признание и исполнение решений коммерческих арбитражей и иностранных судов в Казахстане (Priznaniye i ispolneniye resheniy kommercheskikh arbitrazhey i inostrannykh sudov v Kazakhstane) [Recognition and Enforcement of Decisions of Commercial Arbitrations and Foreign Courts in Kazakhstan]’ (Online Zakon, 15 Jun 2015) <https://online.zakon.kz/Document/?doc_id=32762407> accessed 10 Nov 2021.
124 ibid.
125 Altynay Mukhametkalikyzy, ‘Hidden Impediments Await Foreign Parties Seeking to Enforce Arbitral Awards in Kazakhstan’ (Kluwer Arbitration Blog, 1 Apr 2020), <http://arbitrationblog.kluwerarbitration.com/2020/04/01/hid-den-impediments-await-foreign-parties-seeking-to-enforce-arbitral-awards-in-kazakhstan/?> accessed on 3 Sep 2022.
126 Закон Республики Казахстан No 261-IV «Об исполнительном производстве и статусе судебных исполнителей» от 2 апреля 2010 года (Zakon Respubliki Kazakhstan No 261-IV «Ob ispolnitel'nom proizvodstve i statuse sudebnykh ispolniteley» ot 2 aprelya 2010 goda) [Law of the Republic of Kazakhstan No 261-IV ‘On Enforcement Proceedings and the Status of Bailiffs’ of 2 Apr 2010] <https://online.zakon.kz/document/?doc_id=30617206> accessed 19 Dec 2023.
127 Кодекс Республики Казахстан No 377-V «Гражданский процессуальный кодекс Республики Казахстан» от 31 октября 2015 года (Kodeks Respubliki Kazakhstan No 377-V «Grazhdanskiy protsessual'nyy kodeks Respubliki Kazakhstan» ot 31 oktyabrya 2015 goda) Code of the Republic of Kazakhstan No 377-V ‘Civil Procedure Code of the Republic of Kazakhstan’ of 31 Oct 2015 <https://adilet.zan.kz/rus/docs/K1500000377> accessed 7 Feb 2022.
128 Symbat Ukin (Сымбат Укин) & Diana Batyrbekova (Диана Батырбекова), ‘Действие актов Центра Международного финансового центра «Астана» и особенности их исполнения во времени, пространстве и по кругу лиц (Deystviye aktov Tsentra Mezhdunarodnogo finansovogo tsentra «Astana» i osobennosti ikh proyavleniya vo vremeni, prostranstve i po krugu lits) [Action of Acts of the Centre of the International Financial Centre «Astana» and Features of their Execution in Time, Space and Scope]’ (2018) 53 Вестник Института законодательства и правовой информации Республики Казахстан (Vestnik Instituta zakonodatel'stva i pravovoy informatsii Respubliki Kazakhstan) [Bulletin of the Institute of Legislation and Legal Information of the Republic of Kazakhstan] 41, 48. See further AIFC Constitutional Statute, art 13(8).
129 AIFC Constitutional Statute, art 13(8).
130 AIFC Court, ‘2021 results and future plans’ (n 105).
131 AIFC Court Regulations, art 17.
132 Svetlana Moroz (Светлана Мороз), ‘Суд МФЦА: вопросы теории и практики (Sud MFTSA: voprosy teorii i praktiki) [AIFC Court: Theoretical and Practical Issues]’ (2020) 59 Вестник Института законодательства и правовой информации Республики Казахстан (Vestnik Instituta zakonodatel'stva i pravovoy informatsii Respubliki Kazakhstan) [Bulletin of the Institute of Legislation and Legal Information of the Republic of Kazakhstan] 111, 114.