Resolution of the Cabinet of Ministers as of June 30, 2017 No. 449 introduced the market rate of foreign exchange for certain transactions in the over-the-counter foreign exchange market.
On 1 June 2017, the Federal Law No. 92-FZ dated 1 May 2017 came into force that, in particular, established two categories of Russian banks depending of a list of permitted operations: banks with a universal license and banks with a basic license, as well as provided for new requirements for the minimum amount of the charter capital of credit institutions.
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. м
The Decree of the Government of the Russian Federation No. 1518 dated 26 December 2016 amended the value of assets of financial institutions for the purpose of antimonopoly control in Russia of transactions and other actions with respect to such institutions.
This presentation was part of the seminar 'Legal and Practical Aspects of Public-Private Partnership (PPP): reviewing CIS project experience for Kazakhstan. '
Under Kazakh law, all legal entities fall into two categories, depending on whether or not the acquisition of profit is the main purpose of their activity: commercial organisations; and noncommercial (non-profit) organisations.
The International Comparative Legal Guide : Corporate Recovery & Insolvency 2016, 10th edition. A practical cross-border insight into corporate recovery and insolvency work.
In keeping with GRATA’s practice of informing clients regarding important legal developments that might influence their business, allow us to draw your attention to the following changes in Kazakhstani legislation that occurred during 2015.
On 29 October 2015, the President of the Republic of Kazakhstan signed the Commercial Code of the Republic of Kazakhstan.
In the Address, dated 29 January 2010, ‘New Decade - New Economic Growth - New Opportunities for Kazakhstan’, the President of the Republic of Kazakhstan – N.A. Nazarbayev, said, in particular: “A huge potential to attract private investments belongs to the public-private partnership mechanism. We have launched this mechanism in Kazakhstan, but it requires improvements in accordance with the best international practice”.
Kazakhstan’s legal system is a civil law system similar to the systems in most other former Soviet jurisdictions. Its laws are contained in the Constitution, various codes, laws, edicts, decrees (having the force of law), regulations, instructions, orders and other normative acts of the Republic of Kazakhstan.