AIFC Law and Sources of Law in the Republic of Kazakhstan

https://www.doi.org/10.32523/2791-0954-2023-7-3-38-45

Abstract

Abstract. The paper discusses the impact of the current law of the Astana International Financial Center on the development of the system of sources of law in the Republic of Kazakhstan. It is noted that over the five years of the functioning of the AIFC jurisdiction, the legal system of Kazakhstan has included elements atypical for the existing system of sources of national law, allowing the use of foreign judicial practice, international standards and ways of interpreting legal norms in a foreign language. The lack of a doctrinal understanding of this process, and sometimes ignoring the trends in the development of the new AIFC jurisdiction in the legal community, leads to the formation of parallel law and order in terms of sectoral regulation, contradictions between which will only increase over time. The author proposes to investigate and analyze the differences between the sources of AIFC Law in the context of sources of national law, and on the basis of this to harmonize existing approaches.

Keywords: Astana International Financial Center, sources of law, current AIFC law, English common law, financial relations, legal doctrine, implementation.