JD Supra (JD Supra Kazakhstan)
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Kazakhstan plans to introduce a unified regime for procurement of goods (works, services) in the quasi-state sector
Currently, the legal acts regulating the procedures for the procurement of goods (works, services) by quasi-state entities include, amongst others, the Kazakhstan Law "On State Property", the Kazakhstan Law "On Sovereign Wealth Fund", and the Kazakhstan Law "On State Procurement".
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New rules for working with personal data in Kazakhstan
A new draft law has been introduced in Kazakhstan that will significantly change the conditions for working with personal data and strengthen data protection. In this brief overview, we cover what you need to know about the expected changes and how they will affect your business.
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Employment termination under Article 50.3 of the Kazakhstan’s Labor Code: the Supreme Court’s position
In April 2021, the Supreme Court of Kazakhstan made an important decision that affects employers. It ruled that an employer is not entitled to terminate a labor agreement upon mutual consent with payment of the compensation provided in the labor agreement, after this provision was removed from the Labor Code in May 2020, even if such an agreement was made during the validity period of Article 50.3
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The impact of the GDPR in Kazakhstan
Recent changes related to personal data protection show that Kazakhstan strives to be a part of jurisdictions that recognize the importance of the development of the legal framework for the protection of personal data and that are actively adopting the basic principles set out in the EU’s GDPR.
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Latest Amendments to Kazakhstan's Public-Private Partnership Legislation
The president of the Republic of Kazakhstan signed Law No. 399-VI, On Amendments into Certain Labour-Related Legislative Acts of the Republic of Kazakhstan (the Amendment Law), on January 2, 2021.
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Investment disputes in Kazakhstan: important amendments to legislation
The head of state has signed a number of laws related to the modernization of the judicial system, including the Law introducing certain amendments (the "Law") to the Civil Procedure Code (the "CPC") and the Administrative Procedure and Process-related Code (the "APPC").
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International Capital Markets Newsletter - March 2021 - Issue 3: Recent Developments in Kazakhstan Capital Market Regulations Affecting Commercial Bank Issuers
Dechert’s International Capital Markets team analyzes some of the practical considerations that Kazakhstan banks should take into account when considering offering their securities domestically and internationally.
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One will be able to check credibility of one’s business partner in Kazakhstan
Starting from July 1, 2021, the National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken" plans to launch an information system called the ‘Business Partners Register’.
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Kazakhstan continues improving the regulatory framework of concessions and public-private partnerships
On January 2, 2021, Kazakhstan introduced amendments to various laws including the Concession Law and PPP Law (the “Amendments”). The Amendments aim to clarify and improve a number of provisions of the Concession Law and PPP Law.
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Kazakhstan plans to join the EAEU’s Trademarks Agreement
Kazakhstan is actively discussing the draft law on accession to the Agreement on Trademarks of the Eurasian Economic Union (the “Agreement”).
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Kazakhstan widens support for major investors with a new legal instrument, the “Investment Agreement”
At the beginning of this year, a number of codes and laws were amended due to the introduction of a new investor support instrument: the Investment Agreement.
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What internet resources can be blocked in Kazakhstan starting from February 1, 2021?
The Law on Informatization requires that internet resources with .kz and .қaz domains must be hosted on hardware and software complexes located in Kazakhstan.
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Kazakhstan strengthens personal data protection by gradually moving toward GDPR standards
In January 2021, the following changes in personal data rules were adopted. Now, companies are obliged to notify the Ministry of Digital Development, Innovations and Aerospace Industry about any incidents of information security related to illegal access to personal data.
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Kazakhstan opens up opportunities for joint investment projects in construction
We expect that the changes below will have a positive impact on the development business in Kazakhstan and will offer new formats for joint activities in implementing construction projects by private investors.
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What Kazakhstan will sell until 2025? The new privatization plan is already in effect
The Kazakhstan government has approved a complex privatization plan for 2021-2025 (Resolution of the Government No. 908 dated December 29, 2020; this became effective on January 1 this year).
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"Agent", "Security Agent" and "Syndicated Financing" – new (old) concepts in Kazakh law
January 2021 has been full of changes to Kazakh legislation regulating financial markets. We previously drew your attention to the changes related to operations of branches of foreign banks, and private placement of non-government bonds. Another important change that came into effect this month is the establishment of a legal framework for “syndicated financing” in Kazakhstan.
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Significant changes for trademark owners in Kazakhstan
The beginning of 2021 has marked several significant changes in the area of trademark rights protection in Kazakhstan, as well as wine trademark and wine name advertisement.
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Kazakhstan introduces new concept of private placement of bonds
As of January 16, 2020, it will be possible to carry out a private placement of non-sovereign bonds in Kazakhstan, i.e., it shall be possible to offer bonds to a limited number of investors. In principle, an issuer of non-sovereign bonds has had the right to offer bonds to particular investors in Kazakhstan prior to these amendments (e.g., by means of subscription carried out on a stock exchange).
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Kazakhstan widens access to local financial market for foreign banks
From December 16, 2020, foreign banks are allowed to do business in Kazakhstan by opening a local branch. Previously, the only option for foreign banks wishing to operate in Kazakhstan was to set up a subsidiary.
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Kazakhstan strengthens protection of contract personnel
The Senate of the Republic of Kazakhstan has approved the Draft Law on amending the Labour Code on December 3, 2020, and its adoption is expected at the beginning of 2021. Currently, Kazakh legislation does not regulate contract services for providing personnel (e.g. outstaffing). The Ministry of Labour and Social Protection has stated that the lack of regulation in this area led to numerous...
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Personal data protection in Kazakhstan is increasing
Kazakhstan is continuously working to strengthen the protection of personal data. Now the Rules on the collection and processing of personal data (the “Rules”) have been adopted on the basis of the previously adopted special law on personal data.
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Remote work in Kazakhstan: what changes to expect?
The Draft Law proposes to exclude Article 138 on remote work from the Labor Code and to add to it a separate set of rules as a new Chapter 12-1 under the title “Specifics of the regulation of remote work”. In this new chapter, it is proposed to set out the norms on various aspects of the regulation of remote work, temporary remote work, and combined remote work.
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The terms for entering information into the Unified System of Labor Agreements Recording have now been determined in Kazakhstan
Information on newly executed employment agreements must be entered into the Unified System of Labor Agreements Recording (USLAR) within five business days from the date of signing of the agreements by both parties.
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Rules on Controlled Foreign Corporations in Kazakhstan May Change
The Kazakhstan Tax Code may change so that controlled foreign corporation rules will not apply to foreign persons that are residents of countries having a double tax treaty with Kazakhstan. Kazakhstan residents (both individuals and legal entities) may own shares in foreign companies.
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What Positive Changes Might New Kazakhstan Administrative Procedures Code Bring?
On 29 June 2020, the Kazakhstan president signed the new Administrative Procedures Code, which will come into effect on 1 July 2021. The Administrative Procedures Code introduces major changes in a state authority’s exercise of public power and the resolution of disputes between private persons and state authorities.
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Overview of recent changes in land relations, construction and registration of rights to real property in Kazakhstan
On July 10, 2020, amendments to certain legislative acts on improving the business climate became effective in Kazakhstan. Generally, these amendments may be viewed as positive since they are substantially focused on facilitating the conduct of business.
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Amendments to Astana International Financial Centre and Astana International Exchange Rules
The amendments came into force in July 2020 and are generally positive for market participants, particularly for issuers considering cross- and dual-listings.
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Export customs duties for oil products are cancelled in Kazakhstan through the end of 2020
The customs duty rate for oil products exported outside Kazakhstan is to be adjusted to "0" for the period August 15, 2020 to December 31, 2020. This change has been introduced on August 3, 2020 by the Order of the Minister of Trade and Integration of the Republic of Kazakhstan, which amended the List of Goods Subject to Export Customs Duties.
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Kazakhstan Amends Its Personal Data Protection and Informatization Laws
A new set of amendments to the Kazakhstan personal data protection and informatization laws introducing dedicated state body, new services, and terminology came into force on 7 July 2020.
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Kazakhstan has introduced additional tax incentives
Certain changes were made to Kazakh law in March and April of 2020, introducing exemptions from paying certain taxes and providing other tax incentives in order to mitigate the impact on business, caused by the spread of COVID-19. According to the Law of the Republic of Kazakhstan dated July 2, 2020, the state took additional measures to support some sectors of economy, aimed at reducing the tax...