Kazakhstan expands central bank’s supervisory powers — good or bad move?
On the 1st January 2019, Kazakhstan promulgated certain changes in legislation that gave its central bank, the National Bank of Kazakhstan (NBK), enhanced capacity and introduced risk based supervision of the financial sector.
Guidelines for the selection of
trade names of medicines and for
manufacturing of finished dosage
forms in the Eurasian Economic
Union
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).
13.02.2019
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").
Kazakh government should
concentrate on attracting
cross-border Islamic financing
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.
23.01.2019
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.
23.01.2019
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.
Almaty Light Rail Transit project in Kazakhstan
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.
Natural monopolies in Kazakhstan: The right time to invest?
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.
26.10.2018
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.
Agricultural business in
Kazakhstan and opportunities for
Islamic
finance
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.