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Institutional Development and the Astana International Financial Center in Kazakhstan
journal contribution
posted on 2019-10-25, 13:08 authored by Horace Yeung, Flora Huang, Zhanyl Bekmurzayeva, Dina SuleimenovaThis article investigates the most recent instance of the transplantation of English
corporate and financial law into a different legal environment. The Astana International
Financial Centre (AIFC) in Kazakhstan was launched in 2018. The AIFC has largely built on
the institutional model pioneered by the Dubai International Financial Centre. This key
institutional innovation is the transplanting and operation of laws based on the English common
law, independent of their national legal systems (civil law systems, heavily influenced by
Islamic tradition, and, in the case of Kazakhstan, also Soviet socialist principles). This article
seeks to contribute to the understanding of the system of Kazakhstan, a strategically located
but well under-investigated country, and a potentially viable institutional model for other
aspiring financial centers. To the best knowledge of the authors, this work is the first ever
English academic literature on the development of the AIFC.
Funding
The authors would like to acknowledge the feedback received from the Company, Commercial and Financial Law Research Cluster meeting at the University of Leicester in July 2018, and a webinar organized by the Academy of Public Administration under the President of Republic of Kazakhstan in November 2018. The authors also would like to acknowledge the financial support from the EU Erasmus+ program and the University of Leicester’s International Seed Fund and College Research Development Fund to facilitate our bilateral research trips.
History
Citation
University of Leicester School of Law Research Paper No. 18-07, Forthcoming, 19(2) Washington University Global Studies Law ReviewAuthor affiliation
/Organisation/COLLEGE OF SOCIAL SCIENCES, ARTS AND HUMANITIES/Leicester Law SchoolVersion
- AM (Accepted Manuscript)