Publications

As the Central Asia’s largest and richest country, Kazakhstan has a lot of natural advantages for the development of renewables, including 3,000 hours of solar radiation a year and the average annual wind speed of nine meters per second in some parts of the country.

Rules relating to statute of limitation contained in the Civil Code of the Republic of Kazakhstan (the “Civil Code”) may seem relatively straightforward.

The insurance market in Kazakhstan is mainly regulated by two legal acts, namely, the Civil Code of the Republic of Kazakhstan dated 27 December 1994 (the “Civil Code”) and the Law of the Republic of Kazakhstan “On Insurance Activity” No.126-II dated 18 December 2000 (the “Insurance Law”).

The President of Kazakhstan, Nursultan Nazarbayev, signed, on 28 December 2017, the Law No. 128-VI on Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Information and Communication (‘the Law’). Marina Kahiani and Lola Abdukhalykova, Partner and Associate at GRATA International, provide an analysis of the obligations under the Law, including user identification, data retention and data localisation provisions, applicable for telecommunications operators and website operators.

As it is known, Kazakhstan adopted a new Code on Subsoil and Subsoil Use dated 27 December 2017 (“Code"), which comes into force on 30 June 2018.

The Code will replace the current Law on Subsoil and Subsoil Use dated 24 June 2010 (except for certain provisions).

As the Central Asia’s largest and richest country, with a Muslim-majority population of around 18 million people, Kazakhstan wants its local Islamic banking industry, as an alternative source of capital for SMEs, to reach 3-5% of its total banking assets by 2020 from 0.08% in 2015.

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[1]. 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.

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.

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.

Any company can and shall make a choice at a certain stage of its development. We made our choice and decided to penetrate regions. Now, it has been almost 3.5 years since we have expanded our presence all over Kazakhstan, but we faced many difficulties that we would like to note and share our experience with other consulting firms dealing with legal issues. This article is aimed to encourage firms to contribute in the regions’ development.