INTERPRETATION
1. Rules of interpretation
(1) In these Regulations, a reference to:
- (a) a statutory provision includes a reference to the statutory provision as amended or re-enacted from time to time;
- (b) a person includes any natural person, body corporate or body unincorporate, including a company, partnership, unincorporated association, government or state;
- (c) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in these Regulations, include publishing or causing to be published in printed or electronic form;
- (d) unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Saturday or Sunday or an official state holiday in the Republic of Kazakhstan, the obligation shall take place on the next calendar day which is a business day;
- (e) a calendar year shall mean a year of the Gregorian calendar; and
- (f) a reference to the masculine gender includes the feminine.
(2) The headings in these Regulations shall not affect their interpretation.
2. Legislation in the AIFC
AIFC Law is any AIFC Act or law in force in the AIFC
3. Defined Terms
In these Regulations, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings.
Term |
Definition |
Acting Law of the AIFC |
has the meaning given by the Constitutional Statute. |
AFSA |
Astana Financial Services Authority. |
AIFC |
Astana International Financial Centre. |
AIFC Act |
means an act adopted by the AIFC Bodies. |
AIFC Bodies |
has the meaning given by article 9 of the Constitutional Statute and the document entitled The Structure of the Bodies of the Astana International Financial Centre adopted by the Management Council on 26 May 2016. |
AIFC Co-operation and Exchange of Information Rules |
means the rules entitled AIFC Co-operation and Exchange of Information Rules, AIFC Rules No. FR0042 of 2018. |
AIFC Glossary |
means the glossary of terms entitled AIFC Glossary, AIFC Act No. FR0017 of 2018. |
AIFC Participant |
has the meaning given by article 1(5) of the Constitutional Statute. |
AIFC Trust |
means a legal relationship whereby:(a) Trust Property is held by or in the name of a Trustee, and(b) the Trustee is under a fiduciary obligation to administer the Trust (in accordance with its terms) exclusively for the benefit of the Beneficiaries; and(c) the Beneficiaries are identified in or ascertainable in accordance with the terms of the Trust, and(d) the Beneficiaries may be persons (whether in existence or not) or groups of such persons, or persons able to benefit from any valid Charitable Trust or other Purpose Trust. |
Arbitration Regulations |
means the arbitration regulations adopted by the Resolution of the AIFC Management Council, dated 5 December 2017. |
Authorised Firm for Providing Trust Services |
means an AIFC Participant that has been licensed by the AFSA to carry on the regulated activity defined in paragraph 7 of Schedule 1 of the AIFC’s General Rules. |
Beneficial Interest |
means the interest of a Beneficiary under a Trust. |
Beneficiary |
means a person entitled to benefit under a Trust or in whose favour a discretion to distribute Property held on Trust may be exercised. |
Breach of Trust |
means a breach of any duty imposed on a Trustee by these Regulations or by the terms of the Trust. |
Charitable Trust |
means a Trust or portion of a Trust, created for a charitable purpose described in section REF _Ref10507303 \w \h \* MERGEFORMAT 35 ( REF _Ref10507303 \h \* MERGEFORMAT Charitable Trusts). |
Companies Regulations |
means the AIFC Companies Regulations No. 2 of 2017, as amended. |
Collective Investment Scheme Rules |
means the AIFC Collective Investment Scheme rules. |
Constitutional Statute |
means the constitutional statute of the Republic of Kazakhstan dated 7 December 2015 entitled On the Astana International Financial Centre. |
Constructive Trust |
means a trust imposed by a Court in accordance with section 69 or otherwise. |
Court |
means the AIFC Court as established under the Constitutional Statute. |
Discretionary Trust |
is a Trust in which the Settlor has delegated complete or limited discretion to the Trustee to decide, amongst other things:when and how much Income or Property is distributed to a Beneficiary; andwhich of the Beneficiaries may benefit. |
DNFBP |
has the meaning given to it in the AIFC Glossary. |
Enforce |
in relation to a Trust means to require or compel Trustees to execute, carry out and perform their duties under the Trust Instrument in relation to its non-charitable purposes and to bring and prosecute proceedings to enforce the terms of the Trust. |
Enforcer |
shall be construed in accordance with section REF _Ref10507309 \w \h \* MERGEFORMAT 36 ( REF _Ref10507309 \h \* MERGEFORMAT Non-Charitable Trusts or Purpose Trusts). |
Express Trust |
is a Trust created with the Settlor’s express intent declared in writing or a written declaration of Trust by the Trustee. |
Foreign Law |
means any law other than AIFC Law. |
Foreign Trust |
is a Trust whose Governing Law is the law of a jurisdiction other than AIFC, including any Trust within the meaning of the Hague Convention. |
Governing Law |
has the meaning given in section REF _Ref12146665 \r \h \* MERGEFORMAT 8 ( REF _Ref12146665 \h \* MERGEFORMAT Governing Law). |
Governor |
means the Governor of the Astana International Financial Centre. |
Hague Convention |
means the Convention on the law applicable to Trusts and on their recognition, done at The Hague on 1 July 1985. |
Heirship Right |
means any right, claim or interest in, against or to Property of a person arising, accruing or existing in consequence of, or in anticipation of, that person’s death, other than any such right, claim or interest created by will or other voluntary disposition by such person or resulting from an express limitation in the disposition of the Property of such person. |
Income |
includes rents and profits. |
Management Council Resolution on AIFC Bodies |
means the document entitled The Structure of the Bodies of the Astana International Financial Centre, adopted by resolution of the Management Council on 26 May 2016, as amended by resolution of the Management Council, the Amendments and supplementations to the Structure of the Bodies of the Astana International Financial Centre, adopted on 9 October 2017. |
Minor |
means a person who has not attained the age of majority under the Governing Law of Trust or the law of his domicile. |
Non-Charitable Trust (or Purpose Trust) |
has the meaning given in section REF _Ref10507309 \w \h \* MERGEFORMAT 36 ( REF _Ref10507309 \h \* MERGEFORMAT Non-Charitable Trusts or Purpose Trusts). |
Personal Relationship |
includes every form of relationship by blood adoption marriage or cohabitation regardless of whether the law of any jurisdiction recognises the validity, legitimacy or existence of the relationship, including a former personal relationship which has in law or in fact terminated and in particular a personal relationship between two persons exists if:one is the child of the other, natural or adopted, whether or not the adoption is recognised by law, legitimate or illegitimate;one is married to the other, whether or not the marriage is recognised by law;one cohabits with the other or so conducts himself or herself in relation to the other as to give rise in any jurisdiction to any rights, obligations or responsibilities analogous to those of parents and child or husband and wife; orpersonal relationships exist between each of them and a third person,but no change in circumstances shall cause a personal relationship once established to terminate. |
Property |
means any movable or immovable property, and includes rights and interests, whether present or future and whether vested or contingent. |
Protective Trust |
is a Trust that is designed to protect the Trust Property to ensure the continued support of the Beneficiary. |
Protector |
means any person other than the Settlor upon whom any power is conferred by section REF _Ref12036537 \w \h \* MERGEFORMAT 97 ( REF _Ref12036537 \h \* MERGEFORMAT Incapacitation of Protector or Settlor). |
Purpose Trust |
means a Trust or portion of a Trust created for a purpose which is not a charitable purpose as described in section REF _Ref10507309 \w \h \* MERGEFORMAT 36 ( REF _Ref10507309 \h \* MERGEFORMAT Non-Charitable Trusts or Purpose Trusts). |
Regulations |
means the AIFC Trust Regulations 2019. |
Schedule |
means a schedule to these Regulations. |
Settlor |
means a person who provides Trust Property or makes a testamentary disposition on Trust or to a Trust. |
Trust |
is a right, enforceable solely in equity, to the beneficial enjoyment of Property to which another person holds the legal title and includes an AIFC Trust and a Foreign Trust. |
Trust Instrument |
means an instrument by which a Trust is created and includes a unilateral declaration of Trust and any instrument varying the terms of the Trust. |
Trust Property |
means the Property for the time being held in Trust. |
Trustee |
means a person appointed to act as a Trustee of a Trust or holding office as such in accordance with the provisions of these Regulations. |
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