The AIFC Court and IAC held an in person special meeting “Innovations at the AIFC Court and IAC: The Premier Centres for Commercial Dispute Resolution in Eurasia”, organised in association with Astana Finance Day
The AIFC Court and IAC held an in person special meeting “Innovations at the AIFC Court and IAC: The Premier Centres for Commercial Dispute Resolution in Eurasia”, organised in association with Astana Finance Days. More than 100 participants attended the meeting.
During the Astana Finance Day 2023 activities, the AIFC Court and IAC launched three new initiatives to enhance outreach with their users and their contribution to the continual improvement of the attractiveness of Kazakhstan as a commercial dispute resolution and investment hub: The AIFC Court and IAC Eurasia Expansion Initiative, IAC Chambers, The AIFC Court and IAC Training Centre.
“We are delighted that the AIFC Court and IAC are increasingly trusted by investors as safe institutions for commercial dispute resolution that is expeditious, cost-effective, reliable, and always applies the highest international standards of the rule of law. As case volume has continued to increase significantly we are earning a reputation with investors, including well known global corporations, as being the place to come in Eurasia for independent and impartial international standard commercial dispute resolution.”
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/