SIGNUM Head and Managing Partner Sofiya Zhylkaidarova spoke at the X Corporate Lawyers Forum

Partner Sofiya Zhylkaidarova spoke at the X Corporate Lawyers Forum, the event organized by VIPromotion on 5-6 November 2015 in Almaty. The Forum brought together corporate lawyers and other law professionals representing law firms, oil and gas and mining, transport and pharmaceuticals and trading companies from Kazakhstan and other CIS countries. Novelties in civil litigation, the recently adopted entrepreneurial code and the major concepts of draft subsoil use code, corporate government, investment disputes were among the issues discussed at the forum.

Sofiya spoke at the opening session organized by KazBar on the recent and upcoming legal developments focusing on the concept of new draft subsoil code

Sofiya Zhylkaidarova, Managing Partner: “The need for a new subsoil use code is rising due to lack of adequate regulation of certain subsoil use aspects by the current laws, which require further development. In addition, subsoil use matters are generally regulated by numerous legal acts, which makes it more difficult for investors to apply and to comply with in practice. The new subsoil use code aims at: i) putting in place a transparent and comprehensive procedure for granting, changing and terminating subsoil use rights; ii) granting more independence to subsoil users when managing subsoil use operations; iii) reducing bureaucratic procedures, e.g. reducing the list of documents for approval; iv) introducing fair responsibility (i.e. preventive/reimbursable approach as opposed to current punitive approach); v) better understanding of project economics and indicators and setting up a fair tax payment system; 6) taking into account subsoil use operations specifics (stages, complexity of oilfields, etc.)

The new subsoil use code if adopted would be a good signal to investors and would confirm that Kazakhstan is committed to improving the investment climate and to promoting clear and comprehensive rules and regulations, as well as productive relations between subsoil users and the state. The SIGNUM Subsoil Use Practice team is currently working with the government on drafting and commenting on the draft code.»