Astana International Financial Center will officially start its work starting from the next year
Astana International Financial Center will officially start its work starting from the next year. London hosted the regular meeting of the Legal Advisory Council under AIFC. This consultative and advisory body includes the leading British experts of the City of London.
KAIRAT KELIMBETOV, GOVERNOR, ASTANA INTERNATIONAL FINANCIAL CENTER:
- This is a part of the legal reform which the Head of State is conducting according to the rule of law. According to 100 steps program and 5 institutional reforms, an independent court will be based on the English Common Law in finance and arbitration center. In general, a system will be created to regulate relations between the state, the private sector and the global investment community.
Well-known British companies like Baker McKenzie, Hogan Lovells, Norton Rose Fulbright and others are participating in the work of the council. Every one of them works on specific sections of legislation related to the AIFC.
MICHAEL THOMAS, PARTNER, HOGAN LOVELLS:
- Hogan Lovells has undertaken quite a lot of extensive work with the AIFC to help them to design the structure of the LOP, the legal system that will be applied within the AIFC, to choose the model for the general legal framework.
The center plans to start testing and to launch its own stock exchange. The world's largest sites like the Nasdaq Stock Market and the Shanghai Stock Exchange will support the center’s work.
ANDREW OLDLAND, SENIOR PARTNER, MICHELMORES:
- I think the AIFC has one key advantage over the other international financial centers and that is the privatization program and I believe that the privatization program will bring life at an early stage to the stock exchange.
The Astana International Financial Center will be located on the territory of the EXPO 2017 where the center will use modern infrastructure and advanced technologies. Experts are confident that the new financial center will become the core of Kazakhstan's financial infrastructure and monetary hub of the entire Central Asian region.