On the prospects for the implementation of elements of case law in the legislation of the Republic of Kazakhstan. Experience of IFC «Astana»

On May 30, 2019, the International Round Table «On the Prospects for Implementing of Elements of Case Law in the Legislation of the Republic of Kazakhstan» was held at the «CasesLaw» Center of the Sorbonna-Kazakhstan Institute of KazNPU. Experience of IFC «Astana». The organizers of the international dialogue platform were Abai KazNPU, Sorbonne-Kazakhstan Institute and the International Financial Center «Astana» with the support of the Foundation of the First President of the Republic of Kazakhstan - Elbasy.

The event was attended by Takir Balykbaev, Igor Rogov - Deputy Executive Director of the Foundation of the First President of the Republic of Kazakhstan - Elbasy, Member of the Venice Commission of the Council of Europe, Sheikh Bilal Khan - Director for Islamic Finance at the Astana International Financial Center, Member of the Board of Arbitrators of the International Arbitration Center of the IFC «Astana», Member of the Advisory Board of the IFC «Astana» on Islamic finance, Lawyer to the senior courts of England and Wales, Partner and Global Head of Islamic Finance, Kazakhstani scientists from higher educational institutions in Almaty, French experts in the field of law and finance, as well as experts from the France-Kazakhstan Chamber of Commerce and Industry, and practical experts.

Takir Balykbaуev, welcoming all the participants of the meeting, stressed the importance of the current issues under discussion for the study and exchange of best practices, achievements, knowledge in the field of law and international law.

«We cooperate with the International Financial Center Astana. On the basis of KazNPU a month ago we created a special center where students can receive advice on legal and financial issues. We are ready to become a new information platform and work with you to implement and distribute it, develop cooperation. In our center, other universities can get this opportunity», the university rector said.

The event discussed the implementation of case law elements in Kazakhstan legislation, international case law experience, the advantages of English common law and AIFC experience, case law implementation in countries with a European continental legal system, financial technology challenges and opportunities, the results of joint work of IFC Astana and Sorbonne-Kazakhstan Institute, peculiarities of legal regulation of compliance control in foreign banks in the Republic of Kazakhstan.

During the round table presentations were made by Igor Rogov («On the implementation of case law in countries with a European continental legal system»), Sheikh Bilal Khan («Advantages of English common law and AIFC experience»), as well as a transaction support manager «Deloitte» Bauyrzhan Shalbayev («Financial technologies-challenges and opportunities»), founder of the international payment system Wooppay Alexander Doroshenko («Fintech Wooppay Ecosystem»), Regional Business Development Manager Refinitiv Eduard Kahn («AIFC and Sorbonne-Kazakhstan Institute. The introduction of Eikon information terminal»), Dean of the Law Faculty of Al-Farabi KazNU Daulet Baideldinov («Features of the legal regulation of the compliance control service in foreign banks in the Republic of Kazakhstan»), Professor of D.A. Kunaev Eurasian Law Academy Orazbay Samatov («English Law in the Legal System of the Republic of Kazakhstan»).

As Sheikh Bilal Khan noted: «The case law, which we also call «common law», goes back to the British legal system since the British Empire. Later, this system was tried and tested in many parts of the world. It is a very flexible case-based system. Precedents mean: when it comes to court, an example of his decision is recorded and future similar cases are decided based on the previous decision, unless the judge annuls it. This makes this right very flexible, constantly changing, which is necessary today when technological discoveries are made constantly. Speaking of Kazakhstan, I would not say that it needs case law: it is already being used as an experiment in the international financial center Astana. This is practically legal jurisdiction, a country within another country, that is, the legal system applied in the AIFC is completely different from the basic law of the Republic of Kazakhstan. This is a good laboratory for testing, and if successful, Kazakhstan will be able to apply it throughout the country. Why do we need an international financial center in Kazakhstan, because Kazakhstan, following the instructions of the First President, is trying to bring the economy to a new level, to attract more investment in the country, to increase privatization, which means the arrival of foreign investors».

During the meeting, the participants asked questions on the topic under discussion, to which exhaustive answers were received.

In conclusion, Takir Balykbayev thanked everyone for their participation and cooperation. He said that our university has a certain experience in conducting various events, about its readiness to become a platform for discussing any issues in the field of law and international law and sharing experience with other universities.

Department of Public Relations