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Insurance functions as a tool to optimize financing process of recovery of the resources lost as a result of random events and by this insurance considerably decreases financial load to the budget of the state. Insurance aids to avoid also such serious macroeconomic problems as the growth of the public expenditures and the budget deficit which is an inflationary factor. The subject of the current state and development of the insurance market in Uzbekistan remains relevant today.
In Russia, on the participant of legal relations is entrusted serious risks associated with the manifestation of due diligence and prudence, which are often a condition for the subsequent protection of rights before state bodies and courts, including in disputing transactions.
On 27 December 2017, Kazakhstan adopted a new Code on Subsoil and Subsoil Use for mining companies (the “Code”) to come into force six months after its official publication. The Code will replace the current Law on Subsoil and Subsoil Use dated 24 June 2010 save for a limited number of provisions applicable to those subsoil users that will keep their subsoil use contracts without transitioning to relevant subsoil use licences.
At the Pharmaceutical Forum of the EAEU and CIS countries held in Moscow in late February 2018, the Director of the Department of Technical Regulation and Accreditation of the Eurasian Economic Commission (EEС) said that the full-scale work on registration of medicines using the unified information system of the Eurasian Economic Union (EAEU) will start upon its launch scheduled on the first half of 2018. Currently, the integration segment of this system is ready, and the work to prepare national segments in each state of the EAEU is underway. Representatives of the regulatory authority of Kazakhstan reported that the first applications for registration of medicines under the unified EAEU rules had already been submitted, and representatives of the Belarus regulator confirmed their readiness to accept such applications.
In this article, SHAIMERDEN CHIKANAYEV outlines some of the key legal developments and challenges faced by the Islamic finance market in Kazakhstan in 2017 and provides an overview of some of the major factors that will shape the Islamic finance industry's growth and trends in Kazakhstan in 2018.
Uzbek government continues its strive to transform country's legislation and make Uzbekistan more open to foreign investment and international trade. With the addition modern-thinking specialists to the management in the state authorities, alongside with radical legislative improvements in legislation, directed to full-scale liberalisation, increasing trade turnover and development of local industry, attracting foreign investors, full transfer to market economy and overcoming such obstacles as corruption, restrictions for payment on current international transactions, tariff and non-tariff barriers, the prospects of Uzbekistan are becoming increasingly more attractive for global businesses.
In keeping with GRATA’s practice of informing clients of important legal developments that might influence their business, we would like to draw your attention to some important upcoming legislative developments regarding the foreign exchange regulation and foreign exchange control.
Samat Daumov, Managing Partner, GRATA International, shares the firm’s experience in building a regional network of a consulting firm or the largest network of lawyers and litigation attorneys in Kazakhstan.
On 29 November 2017 the deputies of the Mazhilis of the Parliament of the Republic of Kazakhstan approved in the first reading draft law "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Regarding Regulation of Land Relations" (hereinafter referred to as the "Draft Law"), developed following the work of the Commission on Land Reform.
It has shown a particular interest in the Law of 28 December 2017 No. 128-VI on Introducing Amendments and Additions to some Legislative Acts of the Republic of Kazakhstan on Information and Communication ('the Law'), which, among other amendments, requires website operators to collect identification data of website users who post comments on such websites.
GRATA International commented on the following questions:
1- What is the background to the Law, and the Kazakh government's reason for introducing it?
2- Which types of companies will be affected by the provisions with regard to i) identifying website users ii) retaining user data? How is this likely to affect the operation of websites, and their users?
On 29 December 2017 the Republic of Kazakhstan has ratified the Convention on avoidance of double taxation with Ireland and the Protocol thereto (hereinafter – the ‘Convention’).
GRATA International contributed to LexisNexis Mergers & Acquisitions Law Guide 2018. Special Focus - One Belt One Road China Investment.
Since 1991, Kazakhstan, Central Asia’s largest economy and oil producer, has had to rely on the deteriorating infrastructure it inherited from the Soviet Union. As a result, nearly every piece of public infrastructure (e.g., roads, hospitals, power plants, kindergartens, sewerages) in Kazakhstan requires a different degree of upgrading or expansion. It is expected that proper PPPs and project finance deals will finally take off in Kazakhstan in the near future, firstly because proper legislation on PPPs has been put in place in 2015 and, secondly, after decades of neglect, the government of Kazakhstan has finally not only declared, but seems to confirm its readiness to improve the investment climate and to attract private investments through PPPs (including into the housing and utilities sector) and decided to invest at least part of the wealth from commodity exports in long-postponed infrastructure projects.
Over the past 25 years Kazakhstan has developed its own financial sector, which is considered to be the most advanced in Central Asia. With the evolution of financial sector and the complexities of key players involved, the need for regulation of dealing with data arose.
GRATA International is launching a new practice in Russia - White-Collar Crime. In keeping with GRATA International's practice of informing about important legal developments that might affect their business, we highlight the impact of criminal law on business in Russian Federation.
GRATA International Kazakhstan contributed to the International Comparative Legal Guide series - Mining Law 2018 with the chapter on Kazakhstan.
Uzbek government intensifies restructuring of the state apparatus by adding modern-thinking specialists to the management, alongside with radical improvements in legislation, directed to full-scale liberalisation, increasing trade turnover and development of local industry, attracting foreign investors, full transfer to market economy and overcoming such obstacles as corruption, restrictions for payment on current international transactions, tariff and non-tariff barriers.
GRATA International Kazakhstan contributed to the International Comparative Legal Guide series - Franchise 2018 with the chapter on Kazakhstan.
GRATA International Moscow office contributed to the International Comparative Legal Guide series - Franchise 2018 with the chapter on Russia.
GRATA International Kazakhstan office experts became the contributors of the 2017 edition of The Law Reviews Guide to The Intellectual Property and Antitrust Review 2017 Kazakhstan
On July 30, 2017 the amendments to the Federal Laws "On Foreign Investments in the Russian Federation" and "On the Procedure for Making Foreign Investments in Companies of Strategic Importance for National Defense and State Security" came into force, in particular, clarifying the notion of a foreign investor and supplementing the list of activities of strategic importance for the national defense and state security, as well as establishing new consequences of non-compliance by foreign investors of the obligation to submit information to the competent authority on the acquisition of 5 percent and more of the shares (stakes) of the strategic company.
Kazakhstan's accession to the World Trade Organisation, membership in the Eurasian Economic Union requires the improvement of national legislation in the area of intellectual property, elimination of contradictions and gaps, both within the provisions of national legislation and between national law and provisions of international agreements, to which Kazakhstan is a party.
The Federal Law No. 242-FZ dated 29 July 2017 amended certain legislative acts of the Russian Federation on the use of information technologies in the area of health care providing, in particular, for features of medial aid using telehealthcare technologies, e-document flow in the medial aid provision and the establishment of the Unified State Information System in the healthcare sector.
Publications 1 - 24 of 244
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