CERTAIN RESULTS OF A COMPARATIVE LEGAL STUDY OF THE DECISIONS OF THE COURT OF THE "ASTANA" INTERNATIONAL FINANCIAL CENTRE

Abstract

The Astana International Financial Centre was established in 2018 to attract international investors to the Republic of Kazakhstan and with ambitious goal of becoming a financial hub not only among CIS countries but for the entire Central Asian region. The creation of AIFC was inspired by the experience of Gulf countries, with the Dubai International Financial Centre serving as the main prototype, having established itself as an innovative and leading financial center in the Middle East. Significant financial investments were made to implement the financial center project, along with the involvement of leading experts and specialists from both DIFC and the neighboring Qatar Financial Centre. One of the key features of modern financial centers is the establishment of specialized commercial courts, operating on the basis of English common law and appoint judges from England and Wales. This provides international investors with guarantees that local legislation does not apply to their activities and ensures that all commercial disputes can be resolved in a court staffed with internationally reputable judges. However, the activities of AIFC Court have not received due attention from Kazakhstan's legal academic community. This is particularly important since the AIFC Court's decisions may set precedents for future disputes and thus become part of the AIFC’s legal framework. A key conclusion from the analysis of the AIFC Court's activities is that through its decisions, the Court has clearly defined its jurisdiction and has consistently ruled in favor of private companies in disputes with state authorities of the Republic of Kazakhstan.