News & Analysis as of

Kazakhstan

Certain changes in the currency legislation of the Republic of Kazakhstan

by Dentons on

By the RK Law No. 86-VI dated 3 July 2017, a number of amendments were made to some legislative acts of the Republic of Kazakhstan on the redistribution of powers between branches of state power (enacted on July 25, 2017)...more

High Court Willing to Set Aside Arbitral Awards on Public Policy Grounds

by Latham & Watkins LLP on

On 6 June 2017, the High Court held that there was sufficient evidence that an award of over US$500 million in damages against the Republic of Kazakhstan may be tainted by fraud and that this should be examined at trial...more

Client alert on latest amendments to the Criminal Code in Kazakhstan

by Dentons on

On 17 July 2017, the Law of the Republic of Kazakhstan dated 3 July 2017 No. 84-VI “On amendments and additions to some legislative acts of Kazakhstan on issues of improvement of law enforcement system” (the Law) entered into...more

English Court Questions the Application of Litigation Privilege in Criminal Investigations

On 8 May 2017, the English High Court of Justice handed down judgment in The Director of the Serious Fraud Office v. Eurasian Natural Resources Corporation Ltd,1 which could significantly limit the application of litigation...more

More Items Subject to Individuals’ Mandatory Tax Reporting in Kazakhstan

by Morgan Lewis on

On January 1, 2017, amendments affecting individual income tax reporting came into force in the Republic of Kazakhstan. Amendments to the Tax Code of the Republic of Kazakhstan (Tax Code) became effective January 1, expanding...more

Ignore Investment Structuring at your Peril

by Latham & Watkins LLP on

In a recent challenge to an arbitral award under section 67 of the Arbitration Act 1996 (the Act), the High Court in Ruby Roz Agricol LLP v Republic of Kazakhstan, confirmed that the tribunal had correctly declined...more

Latest Amendments To The Law On Arbitration And The Civil Procedure Code

by Dentons on

On February 27, 2017, Law No. 49-VI on Amendments to Certain Legislative Acts of the Republic of Kazakhstan in Relation to Issues of Improvement of the Civil Law, Banking Law and Improvement of Conditions of Business Activity...more

Amendments to the civil legislation re the institute of invalidity of transactions

by Dentons on

The Law of 27 February 2017 - The law of 27 February 2017 introduced very important amendments to the civil legislation, which entail significant consequences, both for future transactions and for transactions made in...more

Doing Business in Russia, Kazakhstan, Ukraine and Belarus

by Bennett Jones LLP on

On February 16, 2017, Bennett Jones hosted a networking lunch with the Canada Eurasia Russia Business Association to discuss recent Canadian project experience in Russia, Kazakhstan, Ukraine and Belarus. ...more

Serious Fraud Office Makes Big Splash with UK Bribery Act Resolution with Rolls Royce

by Michael Volkov on

After years of fits and starts, and promises and disappointments, the Serious Fraud Office and the UK Bribery Act made its initial splash on the anti-corruption enforcement landscape. Since 2011, companies have been...more

Four Things Compliance Practitioner Should Know About the Eurasian Economic Union

by Thomas Fox on

Four Things Compliance Practitioner Should Know About the Eurasian Economic Union - An effective Compliance risk management at emerging markets for any business significantly depends on timeous observation of changes in...more

Rolls-Royce Global Enforcement Action: Part IV – What Does it all Mean?

by Thomas Fox on

Today I conclude my series on the Rolls-Royce global anti-corruption enforcement action by taking a look what it all means going forward. The resolution is more than simply the stunning fines and penalties of £671 million...more

New Sheriff In Town As Rolls-Royce Pays Record Penalty For Foreign Bribery And Corruption

On 17 January 2017, the UK Serious Fraud Office (“SFO”),[1] the US Department of Justice (“DOJ”),[2] and the Brazilian Ministério Público Federal (“MPF”) announced an $800 million global settlement with Rolls-Royce plc and...more

Kazakhstan Ordered to Pay $506 Million for Crude Expropriation of Oil and Gas Investments

In a case that highlights both that governments are not above the rule of law and that it is difficult to swiftly enforce arbitral awards, a Swedish appeals court, on December 12, 2016, upheld a $506 million award against...more

Rolls Royce Global Enforcement Action-Part III, the US DPA

by Thomas Fox on

Today I continue my exploration of the Rolls-Royce global corruption enforcement action by considering the company’s resolution in the US under the Foreign Corrupt Practices Act (FCPA). Before we dive into that, I first...more

Changes in tax and customs legislation: novelties in the appeals procedure and certain administrative matters

by Dentons on

From 1 January 2017 numerous changes to the tax and customs legislation of the Republic of Kazakhstan has become effective. The majority of these changes were introduced by the Law of the Republic of Kazakhstan dated 30...more

Rolls-Royce Global Enforcement Action: Part I

by Thomas Fox on

When most people across the globe think of Rolls-Royce, one word comes to mind – excellence. Yet that image largely relates to Rolls-Royce Limited, the automobile manufacturer, which was founded in 1909. Just a few years...more

Recent major amendments to the antimonopoly legislation

by Dentons on

On 1 January 2017, the Law of the Republic of Kazakhstan “On Amendments to Certain Legislative Acts of the Republic of Kazakhstan on Competition and State Support to Housing Development” (the Law) came into effect. The...more

Legal and practical approaches to meet the requirements for the localization of personal data in Kazakhstan

by Dentons on

The Personal Data Law was adopted in 2013 and was amended once in 2015. The amendment of 2015 relates to the localization of personal data in Kazakhstan. The requirement for localization of personal data came into effect on 1...more

New Kazakhstan Law on Payments and Payment Systems: Key Novelties

by Morgan Lewis on

The law targets new payment systems and markets and improves the existing payment rules. In fall 2016, a new Law titled On Payments and Payment Systems (the Law), took effect in Kazakhstan. Upon the Law’s enactment, the...more

To the attention of foreign TV and radio broadcasters: register a representative office by January 1, 2017

by Dentons on

According to one of the recent changes in the RK legislation on broadcasting, owners of foreign television and radio companies retransmitting TV and radio channels in Kazakhstan are required to register a representative...more

New Kazakhstan Arbitration Law

by Morgan Lewis on

The new law regulates issues relating to arbitration as a method for settlement of disputes. On 20 April, a new arbitration law entered into force in Kazakhstan (Arbitration Law) that contains a number of new provisions...more

New Work Permit Rules: Step forward or step back?

by Dentons on

Work Permit Rules have been under discussion for a long time, and their publication on October 6 in the electronic data base was not a surprise. However, what was a surprise is that apparently they were adopted by the Order...more

International focus - Taking security over real estate in the Commonwealth of Independent States

by Dentons on

For better or worse, we live in an increasingly globalised world. And in the lifetime of many businesses, there comes a time when they need to expand into new markets in foreign lands. Rather than taking the well-trodden road...more

Law on the transition to a green economy presented in Kazakhstan

by Dentons on

On 1 July 2016, the Law of the Republic of Kazakhstan On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on the transition of the Republic of Kazakhstan to a “green economy” (hereinafter –...more

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