Market Eyesight Issue: Ambitious Initiatives Of Kazakhstan
Laying the first bricks
The special economic zone is targeted to be created on the territory of EXPO-2017 International Specialized Exhibition. The Management Board of the Centre will be formed to be the advisory body of the President on the issues of AIFC. Its general function will be to make recommendations the activities of AIFC. Supervision of AIFC and its members is supposed to be made by the National Bank of Kazakhstan. To ensure the activities of AIFC, the National Bank of Kazakhstan will establish the management company and attract the best professionals.
English Law Isle
It is supposed to create a special legal regime with its own jurisdiction based on English law principles, as well as with foreign judges. AIFC will attract financial institutions of Kazakhstan and following members to its platform:
accredited broker companies; investment management companies; companies engaged in auditing and legal advice on the implementation of financial transactions; and infrastructure companies of the securities market. Taxation
AIFC Participants will be provided with the special taxation procedure. Participants holding the National Bank license will be subject to exemption from corporate income tax for 10 years. Members of AIFC holding the permissive document of the Financial Supervisory Authority will be subject to exemption from corporate and personal income tax for 10 years.
AIFC Infrastructure
An important role in the risk management process will play infrastructure companies. Kazakhstan Stock Exchange will determine the common rules of exchange trade at the AIFC site, as well as the rules for securities transactions. The stock exchange will operate on the basis of a multicurrency settlement system for securities. A single registrar will carry out the issue of securities. The issuer will be able to determine solely the preferable legislation to issue the securities.v
Terms of trade, functioning of risk management and settlement on an organized market are in line with international standards. The...
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