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.