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Under the New York Convention 1958, the Kazakhstan courts may set aside an arbitral award issued outside the member state if the award was made under its law. However, the position is far from clear-cut in practice and a Kazakh defendant may prefer to comply with an award even if it represents a breach of Kazakhstan’s public order requirements and exceeds the scope of the arbitration agreement.
Including: Licences; Supervisory Functions of the National Bank; Financial and Other Requirements; Foreign Investment; Liquidation and Reorganization of Banks
An amendment to the Law on Banks and Banking Activity has significantly increased the regulatory powers of the Financial Markets Supervision Agency. The amendment is intended to stabilize the sector by allowing the agency to suspend the rights and authority of a bank's shareholders and management.
The rules on litigation costs in the Code of Civil Procedure are straightforward and generally work well, but when litigation deviates from the standard scenario, their narrow language may give rise to unexpected or contradictory results. Fortunately, the courts often choose to take a simplified and practical approach.
Foreign investors involved in commercial litigation in Kazakhstan are often unprepared for the rigidity of the rules of evidence under the Civil Procedure Code and may not fully appreciate the significance of collecting appropriate evidence in advance.
Given Kazakhstan's economic reliance on its natural resources, it is surprising that aspects of court practice on questions of subsurface use have long been uncertain. A recent Supreme Court decision in favour of the government's right to terminate a subsurface use contract may indicate a new litigation risk for foreign investors.
Kazakhstan's real estate market is developing rapidly as old residential buildings are demolished to make way for new business properties. The acquisition of land for state purposes has suddenly become a pressing subject and has led to numerous court cases.