Astana International Financial Centre – A Legal Enclave in Kazakhstan

  • Diana S. BATYRBEKOVA Department of Theory of State and Law, Institute of Economics and Law Kostanay Regional University named after Akhmet Baitursynov, Kostanay, Kazakhstan
  • Symbat K. UKIN Department of Theory of State and Law, Institute of Economics and Law, Kostanay Regional University named after Akhmet Baitursynov, Kostanay, Kazakhstan
  • Nurzhan SAULEN Department of Constitutional, Administrative Legislation and Public Administration, Republican State Enterprise in Kazakhstan, Institute of Legislation and Legal Information of Kazakhstan, Ministry of Justice of Kazakhstan Nur-Sultan, Kazakhstan
  • Sylu M. SHUNAYEVA Department of Theory of State and Law, Institute of Economics and Law, Kostanay Regional University named after Akhmet Baitursynov, Kostanay, Kazakhstan
  • Guldaray B. ZHUSSUPOVA Department of Theory of State and Law, Institute of Economics and Law, Kostanay Regional University named after Akhmet Baitursynov, Kostanay, Kazakhstan

Abstract

The scientific article considers issues of higher legal force and direct effect of the Constitution of Kazakhstan throughout the territory of Kazakhstan in light of the functioning of the AIFC in the territory of Kazakhstan. The authors believe that the constitutional wording of paragraph 3-1) of Article 2 of the Constitution that a special legal regime in the financial sphere may be established within the city of Nur-Sultan which, in accordance with the constitutional law, may provide for two approaches. The first approach is that the constitutional postulate on the highest legal force and direct effect of the Constitution throughout the Republic (clause 2 of Article 4) is absolute, and accordingly, it is also applied without any reservations within the city of Nur-Sultan, where a special legal regime in the financial sector is established in accordance with constitutional law. The second approach stipulates that the constitutional postulate on the higher legal force and direct effect of the Constitution throughout Kazakhstan may have its own characteristics within the city of Nur-Sultan, where a special legal regime in the financial sphere is established in accordance with constitutional law. The authors adhere to the first approach. In addition, the article also analyses the definition of ‘legal enclave’ and proposes interpretations of this definition.


 

References

[1] Abramov, R.A., Morozov, I.V., Sokolov, M.S. 2018. Legal basis for the development of social capital in the conditions of the state transition to an innovative economy. Utopia y Praxis Latino-Americana 23(82): 292-300.
[2] Alekseev, S.S. 1979. Branches of Soviet law: problems, initial provisions. Soviet State and Law 9: 15-23.
[3] Alekseev, S.S. 1994.Theory of Law. Bek Publishing house.
[4] Batyrbekova, D.S., and Ukin, S.K. 2018. Special legal regime within the city of Astana in the context of the legal system of Kazakhstan. Law and State 78-79(1-2): 166-176.
[5] Batyrbekova, D.S., Ukin, S.K., and Titova, E.V. 2019. Some questions of the legal status of judges of the International financial center ‘Astana’. Bulletin of SUSU. Series ‘Law’ 19(1): 87-93.
[6] Beaverstock, J., Smith, R., and Taylor, P. 1999. A roster of world cities. GaWC Research Bulletin 5. https://www.semanticscholar.org/paper/A-roster-of-world-cities-Beaverstock-Smith/52ec6076b839d30eb741adec3c4628d19277bdee.
[7] Braudel, F. 1979. Material Civilization, Economics and Capitalism of the XV-XVIII Centuries. http://www.demoscope.ru/weekly/knigi/brodel/brodel.pdf.
[8] Choi, S.-R., Tschoegl, A., and Yu, C.-M. 1986. Banks and the world’s major financial centers, 1970-1980. Review of World Economics 122(1): 48-64.
[9] Constitution of Kazakhstan. 1995. http://adilet.zan.kz/rus/docs/K950001000_.
[10] Constitutional law of Kazakhstan No. 438-V ‘On the International financial center ‘Astana’. 2015. http://adilet.zan.kz/rus/docs/Z1500000438.
[11] Evgrafov, P.B. 1982. System of Soviet law and prospects of its development. Soviet State and Law8: 87.
[12] Friedmann, J., and Wolff, G. 1982. World city formation: an agenda for research and action. International Journal of Urban and Regional Research 6: 309-344.
[13] Giddy, I.H. 1973.The theory and industrial organization of international banking. In: R.G. Hawkins, R.M. Levich, and C.G. Wihlborg (Eds.). The Internationalization of Financial Markets and National Economic Policy, 195-243. JAI Press.
[14] Glushkova, S., Lomakina, O., Sakulyeva, T. 2019. The economy of developing countries in the context of globalization: Global supply chain management. International Journal of Supply Chain Management 8(1): 876-884.
[15] Hall, P. 1966.The World Cities. McGraw-Hill.
[16] Kindleberg, Ch.P. 1974. The formation of financial centers: a study in comparative economic history. Princeton Studies in International Finance 3: 54-58.
[17] Kostruba, A.V. 2018. Legal regulatory mechanism of social relations for ensuring dynamics in civil relationship. Journal of Advanced Research in Law and Economics 9(5): 1689-1695.
[18] Kostruba, A.V. 2019. The notion and attributes of right – terminating legal facts. Journal of Advanced Research in Law and Economics 10(1): 254-262.
[19] Law of Kazakhstan No. 469-IV ‘On Special Economic Zones in Kazakhstan’. 2011. http://adilet.zan.kz/rus/docs/Z1100000469.
[20] Malko, A.V., and Rodionov, O.S. 2001. Legal regimes in Russian legislation. Journal of Russian Law 9: 19-25.
[21] Pagano, M., Roell, A., Danthine, J.-P., and Schaefer, S.M. 1990. Trading systems in European Stock exchanges: current performance and policy options. Economic Policy 5(10): 63-68.
[22] Perlov, V.D. 1972. Procedural regime of consideration of criminal cases at plenums of the Supreme courts. Soviet State and Law1: 101-109.
[23] Plaskova, N.S., et al. 2017. Methodological support of organizations implementing innovative activities investment attractiveness estimation. Journal of Advanced Research in Law and Economics 8(8): 2533-2539.
[24] Prodanova, N.A., et al. 2017. Formation of system of internal control and features its functioning in the innovative development of industrial enterprises. International Journal of Applied Business and Economic Research 15(13): 179-189.
[25] Prodanova, N.A., et al. 2019. Methodology for assessing control in the formation of financial statements of a consolidated business. International Journal of Recent Technology and Engineering 8(1): 2696-2702.
[26] Reed, H. 1981.The Preeminence of International Financial Centers. Rank Size.
[27] Rusinov, R.К. 2001.Legal Regulation and Its Mechanism. Theory of State and Law. Publishing house NORMA.
[28] Sapargaliyev, G.S. 2002.Constitutional Law of Kazakhstan. JetiZhargy.
[29] Sassen, S. 1994.Cities in a World Economy. SAGE Publications.
[30] Shamsumova, E.F. 2001. Legal regimes (theoretical aspect). PhD diss., Ural Law Institute of the Ministry of Internal Affairs of Russia.
[31] Shashkova, A.V., Polovchenko, K.A., Volevodz, A.G. 2019. Questioning state corporations as special forms of legal entities. International Journal of Economics and Business Administration 7: 186-203.
[32] Shymanska, K.V., Kurylo, M., Karmaza, O., Timchenko, G. 2017. Determinants of migration motives as a precondition for the migration flows formation. Problems and Perspectives in Management 15(3): 1-13.
[33] Sluka, N.A. 2008. Evolution of the concept of ‘world cities’. Electronic Version of the Bulletin ‘Population and Society’. http://www.demoscope.ru/weekly/2008/0343/analit01.php.
[34] Tatsyi, V., et al. 2010. Semantic network of knowledge in science of law. IASTED International Conference on Automation, Control, and Information Technology – Information and Communication Technology, ACIT-ICT 2010, 15-18 June, Novosibirsk, Russian Federation, 218-222.
[35] Tereshchenko, E.Y., et al. 2017. Methodological basis of business value estimation. International Journal of Applied Business and Economic Research 15(11): 11-18.
[36] Toleubai, A.M., Kizdarbekova, A.S. 2018. The concept of commercial legal entities in Kazakhstan and foreign legislation. Journal of Advanced Research in Law and Economics 9(7): 2437-2446.
[37] Ukin, S.K., and Batyrbekova, D.S. 2018. Action of acts of the Center of International financial center ‘Astana’ and features of their execution in time, space and in a circle of persons. Bulletin of the Institute of Legislation of Kazakhstan 53(4): 41-49.
[38] Vinokurov, E.Yu. 2007. A Theory of Enclaves. Terra Baltica.
[39] Voronina, T.V., Yevchenko, N.N., Yatsenko, А.B., Madiyarova, D.M. 2018. Peculiarities of the process of digitalization of economies in the Eurasian Economic Union states. European Research Studies Journal 21: 1021-1033.
[40] Woo, J.J. 2016.Singapore as an International Financial Centre. Palgrave Macmillan UK.
Published
2019-09-30
How to Cite
BATYRBEKOVA, Diana S. et al. Astana International Financial Centre – A Legal Enclave in Kazakhstan. Journal of Advanced Research in Law and Economics, [S.l.], v. 10, n. 5, p. 1390-1398, sep. 2019. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/4822>. Date accessed: 03 dec. 2024.
Citation Formats
Issue
Vol 10 No 5 (2019): JARLE Volume X Issue 5(43) Fall 2019
Section
Articles

The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.