Michelmores' Senior Partner discusses AIFC law and opportunities for the region in specialised webinars
Senior Partner, Andrew Oldland QC has conducted two virtual seminars for the Astana International Finance Centre (AIFC) during the COVID-19 lockdown.
Targeted at lawyers in Kazakhstan and from international law firms operating in the region, the webinars focused on the structure and operation of the AIFC legal regime as well as the scope of activities permitted within the AIFC. Recordings of the two webinars can be accessed below.
The AIFC, based in Kazakhstan, is the fourth International Financial Centre (IFC) with its own jurisdiction based on English common law and situated within the territory of a sovereign state. Andrew is a founding member of the Legal Advisory Council (LAC) to the AIFC which provides strategic legal advice to the Governor and recommends legislation for enactment. Andrew was re-appointed to the LAC in 2018.
A leading specialist in the areas of financial regulation and financial crime, Andrew has been involved with the development of the AIFC since the outset. He led the team that drafted many of the bespoke financial regulations for the AIFC which included the overarching Financial Services Framework Regulations and the regulations governing the capital markets.
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. The AIFC has its own Court and Arbitration Centre. The judges of the Court include former UK Supreme Court judge, Lord Mance (President), and a number of former English Court of Appeal judges.
Andrew was recently co-opted onto the AIFC Corporate Governance Working Group and assisted in producing the AIFC's Corporate Governance Principles and Guidance. Andrew has also contributed a Q&A to The Expert magazine's special report issue which focusses on the impact of IFCs. The interview is part of Elena Pogodina's article 'London calling: How English common law is becoming a mandatory feature of financial centres' which can be found on page 89 of the publication; click here to read the online version.
For advice on AIFC law, including disputes before the Court and Arbitration Centre, please contact Andrew Oldland QC.