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The Board of the Eurasian Economic Commission (EEC) approved on 29 January 2019 the Recommendations on the Guidelines for the Selection of Trade Names of Medicinal Products and the Guidelines for Manufacturing of Finished Dosage Forms of Medicinal Products in order to eliminate differences in the requirements for the manufacturing of finished dosage forms of medicines in Eurasian Member States Economic Union (EAEU).
On 2 July 2018, the Law of the Republic of Kazakhstan No. 166-VI "On Amendments to Certain Legislative Acts of the Republic of Kazakhstan on Insurance and Insurance Activities, Securities Market" was adopted. Among other things, this legislative act has amended the Law of the Republic of Kazakhstan dated 13 May 2003 No. 415-II "On Joint Stock Companies" (the "JSC Law").
Though Kazakhstan adopted relevant legislation for domestic (such as the governed Kazakh law) Islamic banking transactions more than seven years ago and has a Muslim population of over 11 million, Islamic finance is still in the early stages of its development and Islamic products are rarely used. According to the National Bank of Kazakhstan (NBK), as of 2018, the share of Islamic banking assets account for only 0.16% of total banking sector assets in Kazakhstan.
The following is an outline of some of the major legal developments in Kazakhstan last year, and a selection of key changes that we anticipate for business, including Islamic finance, for this year.
On the 29th November 2018, Almaty, the former capital and the largest city in Kazakhstan, received responses from nine international consortia, consisting of companies from Japan, France, Russia, Turkey, Spain, China and Kazakhstan, to participate in the first stage of the open tender of the Almaty Light Rail Transit (LRT) public-private partnership (PPP) project.
A ban on the import into Russia of certain commodities, the country of origin of which is Ukraine or which move through the territory of Ukraine was introduced by the Decision of the Government of the Russian Federation dated 29 December 2018 No. 1716-83.
Let us introduce you this 'Doing Business in Kazakhstan' publication prepared by GRATA International law firm. The information in the brochure is based on theoretical and practical information available as of June 2018. The content of this brochure is intended for foreign businessmen and companies seeking to do business in Kazakhstan.
On 26 November 2018, the Office of the Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor) in the Central Federal District initiated an administrative case against Google, LLC due to the company's failure to fulfill its obligations to connect to the federal state information system containing a list of information resources, information and telecommunication networks, access to which is restricted in Russia (FGIS ).
The importance of the so-called natural monopolies in Kazakhstan can be seen in the fact that some of Kazakhstan’s largest and most powerful corporate empires, such as the KEGOC (national transmission grid operator) and KTZ (national railway company), are officially subject to natural monopoly regulation.
On 22 October 2018, the President of the Russian Federation signed Decree No. 592 "On the application of special economic measures in connection with the unfriendly actions of Ukraine in relation to citizens and legal entities of the Russian Federation", according to which the federal government bodies, local authorities, organizations and individuals under the jurisdiction of Russia need in their activities to proceed from the fact that from the date of entry into force of this Decree special economic measures are applied in respect of certain individuals and entities identified by the Government of the Russian Federation.
The Astana International Financial Centre (AIFC) was launched on the 5 July 2018. It is a financial hub located in Astana, Kazakhstan. The aims of AIFC are to attract investment and bring in clients from Asia, Europe and the Middle East.
The exclusive rights of the trademark holder will be granted or entitled when the trademark is officially registered with the General authority of Intellectual property and trademark certificate is issued.
Agriculture is one of the most attractive sectors of Kazakhstan’s economy. Kazakhstan has approximately 24 million hectares of arable land and 188 million hectares of pasture.
In 2017 the International Federation of Consulting Engineers has introduced major amendments to FIDIC 1999 Yellow, Red and Silver Books which have been in use in the construction industry for almost twenty years.
This Law determines legal conditions of concession, types of state support of concessionaire and regulates social relations arising during conclusion, execution and termination of concession agreements.
This Law determines legal conditions of public-private partnership, ways of its implementation, and regulates social relations arising during preparation and implementation of public-private partnership projects, execution, performance and termination of public-private partnership agreements.
As football developes and becomes more popular in Kazakhstan, the legal relationships and arrangements of the parties involved increasingly require compliance with legal formalities. A professional club, sportsman, coach and federations are guided by regulations approved by the international sports organisations and/or concluded contracts.
Although the Kazakhstan securities market is the most developed in Central Asia, its development has been slow compared to the country’s banking sector.
Despite the fact that Mongolian legislation provides for a wide range of legal forms of commercial entities (limited liability company or LLC, joint-stock company or JSC and joint venture), in practice, private businessmen and foreign investors mostly prefer LLC or JSC. Representative office of foreign legal entities is also common
Land relations can be a crucial issue for foreign investors considering whether or not to start a business in a particular country. Let us provide you with a summary of land legislation of Belarus and the opportunities it offers for business.
On 29 August 2018, the Administration of Almaty (Almaty Mayor’s Office) has officially announced the public tender for participation in PPP project for development of design specification, construction, commissioning, financing, operation and technical maintenance of Almaty Light-Rail Transportation System (the “Project”).
The Law on Amendments Intended to Improve Business Conditions (the “Business Improvement Law”) came into effect on 12 March 2017, except certain provisions.
The purpose of the Business Improvement Law is to further improve the investment climate in line with the general policy of the country to support local entrepreneurs and foreign investors.
Federal Law No. 291-FZ dated 3 August 2018 (Law No. 291-FZ) provides for the establishment and operation of special administrative districts in the territories of the Russian Island (Primorsky Krai) and Oktyabrsky Island (Kaliningrad Region) to form an investment-attractive environment for Russian and foreign investors.
Renewable energy development has recently become hot topic in Kazakhstan that is actively being discussed among market existing and potential participants, relevant state bodies including the Ministry of Energy of the Republic of Kazakhstan (the “MoE”), international development institutions and other stakeholders.
In early July this year we witnessed the opening of the Astana International Financial Center (AIFC). We have seen a large number of reports in the media on the Court and Arbitration at the AIFC, but little has been said specifically on what exactly they can offer to Kazakhstani businesses.
Kazakhstan has high ambitions in China’s Belt and Road initiative (BRI) as it is geographically an ideal junction between China and the west.
The competition law regulates matters related to the creation of conditions for fair competition in the market for business entities, identification and implementation of legal and organisational grounds for prohibition, restriction and prevention of any activities impeding competition.
On 17 July 2018, the Board of the Eurasian Economic Commission (EEС) adopted the following acts aimed at regulation of the general market of medicines in the Eurasian Economic Union (EAEU):
Federal Law No. 234-FZ of July 29, 2013 amended the Tax Code of the Russian Federation providing for the cancellation of the state duties for state registration of:
Rules relating to statute of limitation contained in the Civil Code of the Republic of Kazakhstan (the “Civil Code”) may seem relatively straightforward. However, in our practice we frequently encounter situations where rules relating to the calculation of the statute of limitation are erroneously applied or where their applications to relevant facts create disputes. In this article, the author has attempted to provide a practical perspective on some of the most frequently encountered questions relating to the statute of limitation under Kazakh law and express views on the interpretation of certain rules.
By the end of June of this year Kazakhstan signed the Multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI).
Modeled on the Dubai International Financial Centre, the Astana International Financial Centre (AIFC) was officially launched on the 5th July this year, established with the aim of bridging the gap between the world’s major fi nancial centers and a regional gateway for capital and investments.
Publications 1 - 32 of 292
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