AIFC Court and IAC held their second Users’ Committee meeting of 2023
The AIFC Court and IAC held their second AIFC Court and IAC Users’ Committee meeting of 2023. The Users’ Committee enables users and potential users of the AIFC Court and IAC to hear first-hand and contribute to the development of the dispute resolution services provided by the AIFC Court and IAC. Members of the Users’ Committee include senior lawyers from international, Eurasia-wide, and Kazakhstan law firms, and from the AIFC Bodies.
At the meeting, members discussed the AIFC Court’s and IAC’s updated results which include 2,201 cases successfully resolved via litigation, arbitration and mediation. Of particular note were discussions about a new Code of Conduct for Lawyers’ representing parties in litigation at the AIFC Court, and a new practice direction which is being drafted to assist lawyers with the preparation of international standard documents for AIFC Court and IAC case proceedings.
At the end of the meeting, enhanced cooperation was agreed between the AIFC Court and IAC and the President of Narxoz University, Mr. Miras Daulenov, including further training to be provided by the AIFC Court and IAC to Narxoz law students and wider participation by Narxoz law students in AIFC Court and IAC internship and mooting programmes. The campus of Narxoz University in Almaty, Kazakhstan, with its world class Court hearing room and meeting rooms, is home to ‘AIFC Court and IAC Almaty’, which was launched in 2022. The first case at ‘AIFC Court and IAC Almaty’ was held in 2022 before Justice The Rt. Hon. The Lord Faulks KC. ‘AIFC Court and IAC Almaty’ was launched to provide maximum ease and convenience in AIFC Court and IAC dispute resolution proceedings for investors based in Almaty.
The AIFC Court and IAC launched similar physical hearing premises with their partners in eight additional countries in Eurasia from which investors can seek resolution of commercial disputes connected to investments in Kazakhstan: Armenia, Azerbaijan, Georgia, Kyrgyzstan, Tajikistan, Turkey, Turkmenistan, and Uzbekistan. This ‘Expansion Initiative’ was launched to further enhance the AIFC Court’s and IAC’s accessibility and user friendliness to investors coming to Kazakhstan from Eurasia countries and to enhance the AIFC Court’s and IAC’s recognition as the ‘international gold standard’ commercial dispute resolution institutions in Eurasia.
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz
The AIFC Court is an independent legal entity. It has its own procedural rules modelled on English common law procedures and leading international practice. The AIFC Court is separate and independent from the courts of the Republic of Kazakhstan. It consists of two tiers: a Court of First Instance, which includes a specialist division known as the Small Claims Court; and a Court of Appeal. It has exclusive jurisdiction over disputes arising out of the activities and operations of the AIFC and jurisdiction in the case of other disputes in which all parties agree in writing to give the AIFC Court jurisdiction. It does not have jurisdiction in relation to disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/
The International Arbitration Centre (IAC) is an independent legal entity. It has its own procedural rules modelled on best international practice. It has its own panel of leading international arbitrators and mediators having many years of arbitration and mediation experience in commercial law, including oil and gas, trade, construction, energy, financial services, banking, Islamic finance, insurance, and intellectual property. IAC arbitration awards are recognised and enforceable in Kazakhstan and internationally. https://iac.aifc.kz/