8D. It might be a similar issue of possible harmonization with English law.
Recently the President of Kazakhstan announced a National Plan called «100 specific steps for implementation of five institutional reforms of the Head of State Nursultan Hazarbayev».[17] It was declared that this Plan should serve as a response to global and internal challenges and as the Kazakhstan National Plan to be recognized among 30 developed countries in new historical circumstances.[18] As one of the steps (70th out of entire 100) it is proposed to establish an International Finance Center Astana (AIFC) with its special status. The AIFC will be located in our capital city on the basis of the infrastructure which is currently under development for the expected ASTANA EXPO 2017. Among the features of the special status of the AIFC there «a creation of an independent judicial system with its own jurisdiction which will be functioning on principles of English law; its corpus of judges will be formed out of foreign specialists» have been announced. It is expected that in a perspective such financial hub of Kazakhstan shall be among 20 of the advanced financial centers of the World. Before the official announcement of the Plan our Institute of Private law was asked by the RK Ministry of Justice to opine regarding «implementation of norms of British law into the legal system of Kazakhstan». More details about our reaction to that request can be found in the publication on my personal web page.[19]
8E. Fears and expectations in connection with adoption of the Entrepreneurial code in Kazakhstan.
The legal system of Kazakhstan has a bad fortune in connection with adoption of the Entrepreneurial code in 2015. The Code has been already adopted by the Parliament and the President’s signature is expected soon: as it was said, «the Code consolidates the laws regulating entrepreneurial activity in general. It shall define legal, economic and social conditions and guarantees (as minimal standards - FK) providing the freedom of entrepreneurship, and it was made to improve and develop legislation in the field of interaction of subjects of entrepreneurship and the State.»[20] The most of legal scholars and researchers, as well as a significant part of businessmen and other members of our society strongly opposed to the idea of such Code as well as the contents of its numerous drafts. We were supported by the professional analysis and opinion of the most authoritative colleagues in the CIS and wider world. Unfortunately the Code has been passed and consists of 8 parts, 34 chapters and 465 articles. However we succeeded to make the Parliament aware of the significant damage that can be caused if certain provisions of the draft would be implemented. In the context of corporate law we specified that a chapter concerning corporate governance in joint-stock companies cannot be included in an entrepreneurial code because the entire set of rules related to the legal status of legal entities (including JSC) has been regulated in the RK Civil Code. It would be a non-sense to regulate corporations by the Civil Code and at the same time include regulation of corporate governance in JSCs within the scope of another legal act of the same level of their hierarchy. As we knew from the press the chapter related corporate governance has be excluded from the Entrepreneurial Code when the lower chamber of our Parliament passed it.[21] Nevertheless, this small achievement can reduce a harmful effect that can be caused when the Entrepreneurial Code becomes effective. In particular significant difficulties in applying the Code’s provisions by courts as well as increase of tension in relations between businesses and regulatory or controlling authorities can be foreseen. ____________________ 22 October 2015
Prepared as presentation to be made at the International Conference «20 years of Commercial Code: Estonian and European Company Law Experiences and Perspectives» (Tartu University, Estonia, 22-23 October 2015) / Подготовлено для доклада на Международной конференции «20 лет Коммерческому Кодексу: Опыт и Перспективы Эстонского и Европейского Законодательства о Компаниях» (Университет Тарту, Эстония, 22-23 октября 2015 г.) [1] Information system PARAGRAPH (ИС ПАРАГРАФ) (www.prg.kz): search page of the section «ЮРИСТ» (http://online.zakon.kz/), accesses 15 October 2015. [2] See, Corporate and Business Law in European Union: Status and Perspectives 1997. By Peter Hommelhoff. / Chapter in: «Towards a European Civil Code. Second Revised and Expanded Edition. - Ars Aeque Libri - Nijmegen, 1998. 652 p. Pp. 602 - 603. [3] See, Gower’s Principles of Modern Company Law. Sixth Edition. By Paul Davies. - London: Sweet & Maxwell, 1997. 867 p. Pp. 3-5. [4] See, Grundlagen des Deutschen und internationalen wirtschasrecht. / Основы германского и международного экономического права. Учебное пособие / Х.Й.Шмидт-Тренц. Ю.Плате, М.Пашке и др. - СПб.: Издательский дом С.-Петерб. гос. ун-та, Издательство юридического факультета СПбГУ, 2007. - 736 с. С.296-297. [5] See, Коммерческий кодекс Франции / предисловие, перевод с французского, дополнение, словарь-справочник и комментарии В.Н. Захватаева. - Москва: Волтерс Клувер, 2008. 1272 с. [6] See, Гражданское уложение. Кн. 1. Положения общие: проект Высочайше учрежденной Редакционной комиссии по составлению Гражданского уложения (с объяснениями, извлеченными из трудов Редакционной комиссии) / под ред. И.М.Тютрюмова; сост. А.Л.Саатчиан. - Москва: Волтерс Клувер, 2007. 288 с; С. 70-74. [7] See, Шершеневич Г.Ф. Учебник торгового права / по изданию 1914 г. / Вступительная статья - Е.А. Суханов. - Москва: Фирма «СПАРК». 335 с. С. 104-166. [8] See, Концепция развития гражданского законодательства Российской Федерации / Вступ. ст. А.Л.Маковского. - Москва: Статут, 2009. С. 7, 48-49. [9] See, http://www.consultant.ru/popular/gkrf1/, accessed on 15 October 2015. [10] There also some programming documents were adopted in Kazakhstan (for example, concerning development of the national educational system) according to which it was proposed to introduce corporate governance in «foundations for education». But due to obvious non-corporate nature of such non-profitable and no-membership organizations they certainly cannot be qualified as corporations. And the reference to corporate governance in such foundations has been made inappropriately. [11] They include such disputes which are related to any of the following matters: (i) foundation, reorganization or liquidation of the legal entity; (ii) rights to shares and participation interests in economic partnerships and cooperatives, establishing encumbrances over them and implementation of the rights, including invalidation of transactions with respective assets, but excluding separation of common property and distribution of inherited property; (iii) claiming damages caused to the legal entity by its managers, members or third parties; (iv) acknowledgement of transactions invalid and/or application of consequences of invalidations of such transactions; (v) challenging decisions or actions / inaction of organs of the legal entity; (vi) registration of rights to shares and other types of securities, as well as securities placement and/or circulations; (vii) shares issuance; (viii) acknowledged of invalidity of the state registration of shares emission; (ix) appointment or election, termination, suspension of authorities, liability of directors and managers, as well as any civil-law relations between the legal entity and its directors or managers connected to implementation, suspension of termination of their authorities, and (x) convening and conducting general meeting of members and its decisions. According to further amendments to Art.24 of the CPC this list of grounds for a corporate dispute has no longer exists in the CPC with effect from January 2015. However it is re-produced in the new version of the CPC recently passed by the Parliament and awaiting the Presidential approval. [12] See, Карагусов Ф.С. Правовое положение коммерческих организаций по законодательству Республики Казахстан. - Алматы, 2012. - 333 с. (ISBN 978-601-289-059-4); Карагусов Ф.С. Основы корпоративного права и корпоративное законодательство Республики Казахстан. Изд. втор. доп. / Алматы: Издательство «Бастау», 2011. - 368 с. (ISBN 978-601-281-022-6); Карагусов Ф.С. О развитии законодательства о государственных предприятиях в Республике Казахстан. - Алматы: Научные труды «Адилет», №2 (48), 2014. С.84-98; Карагусов Ф.С. О некоторых аспектах правового положения государственных предприятий по законодательству Республики Казахстан. / В изд. Гражданское общество и развитие гражданского права: Сборник статей к юбилею доктора юридических наук, профессора Н.С.Кузнецовой. Отв. ред. Р.А.Майданик и Е.В.Кохановская. - Киев: ЧАО «Юридическая практика», 2014. - 656 с. С. 515-534; Карагусов Ф.С. Основные особенности развития корпоративного права в Республике Казахстан. В изд. Казахского Национального Университета имени Аль-Фараби «Вестник КазНУ (серия юридическая)», №3(63). - Алматы: Казак Университетi, 2012. (объем - 20,9 пл.л.). С.128-147; F.Karagussov and S.Tynybekov. Development of Corporate Law in the Republic of Kazakhstan. In: KazNU Bulletin (Law series), 2015, №1(73) - Almaty: Kazakh University, 2015 (Вестник Казахского национального университета им. Аль-Фараби (серия юридическая), 2015 г. №1(73) - Алматы: Казак университетi, 2015). 537 р. P.158-163. [13] See, G. Roth and P. Kindler. The Spirit of Corporate Law: Core Principles of Corporate Law in Continental Europe. / Germany: C.H. Beck, Hart, Nomos, 2013. 190 p. Pp. 1 -26; Gower’s Principles of Modern Company Law. Sixth Edition. By Paul Davies. - London: Sweet & Maxwell, 1997. 867 p. Pp.61-71; Corporate and Business Law in European Union: Status and Perspectives 1997. By Peter Hommelhoff. / Chapter in: «Towards a European Civil Code. Second Revised and Expanded Edition. - Ars Aeque Libri - Nijmegen, 1998. 652 p. Pp.585 - 603. [14] See, Карагусов Ф.С. Предложения по совершенствованию корпоративного законодательства Республики Казахстан. - Алматы: Юрист, №5, май 2011. С.17-26. (http://www.zakon.kz/analytics/211008-predlozhenija-po-sovershenstvovaniju.html); Карагусов Ф.С. О текущем состоянии и основных аспектах совершенствования корпоративного законодательства Республики Казахстан. - Краснодар: научно-практический журнал «Власть закона», №4(12), 2012. С. 127-146. [15] См. Концепция развития гражданского законодательства Российской Федерации. / Вступ. ст. А.Л. Маковского. - Москва: Статут, 2009. С.25; Суханов Е.А. Очерк сравнительного корпоративного права. / В изд. Суханов Е.А. Проблемы реформирования Гражданского кодекса России: Избранные труды 2008-2012 гг. - Москва: Статут, 2013. 494 с. С.147-187; Авилов Г.Е., Суханов Е.А. Юридические лица в современном российском гражданском праве. - Москва: Вестник гражданского права, том 6, 2006, №1. С.17-18. [16] Corporate and Business Law in European Union: Status and Perspectives 1997. By Peter Hommelhoff. / Chapter in: «Towards a European Civil Code. Second Revised and Expanded Edition. - Ars Aeque Libri - Nijmegen, 1998. 652 p. Pp. 585-592. [17] More details about the Five Institutional Reforms see: http://online.zakon.kz/Document/?doc_id=38887267, accessed 17 October 2015. [18] See, 100 конкретных шагов по реализации пяти институциональных реформ Главы государства Нурсултана Назарбаева (100 specific steps for implementation of five institutional reforms of the Head of State Nursultan Hazarbayev) - http://ortcom.kz/ru/program/program-100steps/text/show, accessed 17 October 2015. [19] See, Карагусов Ф.С. Об «имплементации норм британского законодательства в законодательством Республики Казахстан»: http://online.zakon.kz/Document/?doc_id=33424293, accessed 17 October 2015. [20] See, ИА Новости-Казахстан (Information Agency «news-Kazakhstan): Предпринимательский кодекс принят Парламентом. - http://www.zakon.kz/4747610-predprinimatelskijj-kodeks-priniat.html, accessed 19 October 2015. [21] See, Азат Перуашев: Зачем предпринимателям Казахстана свой кодекс (RK Parliament Deputy Azat Peruashev: Why entrepreneurs of Kazakhstan need their own Code). - http://forbes.kz/process/businessmen/azat_peruashev_zachem_predprinimatelyam_kazahstana_svoy_kodeks/, accessed 19 October 2015.
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