2016 | Octubre 6
On 8 April 2016, Kazakhstan adopted the Law No. 488-V On Arbitration which replaced two previous laws – the Law No. 23-III On International Arbitration dated 28 December 2004 and the Law No. 22-III On Arbitration (treteiskii sud) dated 28 December 2004. The new law is a good step forward in simplifying domestic arbitration proceedings but a number of respected lawyers believe that still more can be done. More of a concern is the uncertainty created due to the adoption of the new law in its current form.
The main problem with the new law is that it does not clearly differentiate between domestic and foreign arbitration. By foreign arbitration we mean international arbitration bodies such as the London Court of International Arbitration (LCIA), International Chamber of Commerce (ICC), the Arbitration Institute of the Stockholm Chamber of Commerce and similar establishments.
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