We are pleased to announce that Andrew Oldland QC, Senior Partner at Michelmores, has been re-appointed to the Astana International Financial Centre (AIFC) Legal Advisory Council for a second term.
The AIFC, based in Kazakhstan, is the fourth International Financial Centre (IFC) with its own jurisdiction based on English common law situated within the territory of a sovereign state. The AIFC is the first such IFC outside the Middle East. It aims to develop a financial market focusing on Eurasia, Russia and China in particular. The major strategic directions for the development of the AIFC are Capital Markets, Asset Management, Islamic Finance, Fintech, Private Banking and Green Finance.
Andrew has been advising on the statutes required to create the General Legal Framework for the AIFC. He has also been closely involved in drafting bespoke financial regulations for the AIFC which included the overarching Financial Services Framework Regulation.
The AIFC Court President is the former Lord Chief Justice, Lord Woolf.
Andrew is a leading specialist in the areas of financial regulation and financial crime. Commenting on his re-appointment, Andrew Oldland QC said:
“It has been a real privilege to work on the creation of the AIFC which is an incredibly exciting project. I believe the adoption of the English common law model, with the AIFC Courts presided over by English judges, combined with the AIFC’s location as the first IFC in Eurasia bodes very well for its future. The Republic of Kazakhstan will shortly embark on a massive privatisation programme using the AIFC, which can only add to the AIFC’s prospects of success. It is also likely that many contracts for the massive One Belt One Road project will be subject to AIFC law. The timing could not be better.”
Given Andrew’s work with the AIFC, Michelmores is well placed to advise on all aspects of AIFC law.