AIFC Legal Advisory Council
Representatives of the largest UK law firms took part in the meeting of the Astana International Financial Center’s Legal Advisory Council. The Council reviewed draft legislation; the system will have the independent arbitration to protect assets. Astana International Financial Center will adopt the experience of Singapore, Dubai, New York and London. It will be subject to the rules of English law, as all the oldest financial institutions of the world. Specialized courts will consider administrative, civil matters and commercial disputes. Criminal cases will be handed over to Kazakhstan's courts. Experts believe that the AIFC will become an economic hub for the entire Central Asian region.
MICHAEL BLAIR, CHAIRMAN, AIFC LEGAL ADVISORY COUNCIL:
- Financial center has own right but it will have to have some sort of relationship with some of the other centers. Some of which are not in the same height, helping them to achieve it.
ANDREW OLDLAND, MEMBER, AIFC LEGAL ADVISORY COUNCIL:
- If they have confidence in that system then they will come. There is specific regulations being joined up, financial regulations being joined up at the moment which doesn’t fall specifically yet within the relent of the legal advice.