A review commissioned by the UK government into UK equity markets and long-term decision making, chaired by Professor John Kay. The final report, The Kay Review of UK Equity Markets and Long-Term Decision Making, was published on 23 July 2012.

1. What is the applicable legislation? When making an investment through the creation of a Kazakh company or in relation to the acquisition of a share in it, other relations between the company's participants related to their mutual rights and obligations are regulated by Kazakhstani legislation. However, when acquiring a share in a Kazakhstani company, it is possible to bring most of the issues to the level of regulation by foreign law when changing the corporate structure of the acquired company. When an investor enters into an investment contract and other agreements signed on the basis of an investment contract, the legal relations of the parties can be regulated by the law of the Astana International Financial Centre or the Republic of Kazakhstan. However, it is worth noting that the conclusion of an investment contract is not mandatory for investors when making an investment and is mostly concluded to obtain investment preferences, discussed in the questions below. To regulate specific issues related to investment activities in the territory of the Republic of Kazakhstan, please refer

NOTE—to see whether notification thresholds in Kazakhstan and throughout the world are met, see further: Where to Notify. 1. Have there been any recent developments regarding the Kazakhstan merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Kazakhstan? The key law governing economic merger matters in Kazakhstan is the Entrepreneurial Code of the Republic of Kazakhstan Code No. 375‑V of 29 October 2015 (Entrepreneurial Code). The most recent amendments to the Entrepreneurial Code were made in June 2024, which introduced the following notable changes: • acquiring (into ownership, possession, or use) fixed tangible and intangible assets is now subject to notification to the antimonopoly authority (whereas previously such transactions required prior consent) • the assessment criteria relating to control (in the language of the Entrepreneurial Code—ie the power to direct business activities of another entity) has been expanded, such that the power to direct the business activities of another entity now includes the ability to, in each case: ◦ adopt decisions exclusively

The World Trade Organization (WTO) has circulated a request by Kazakhstan for consultations with Indonesia regarding the imposition and continued application of additional anti-dumping duties on imports of hot-rolled steel coils from Kazakhstan. Kazakhstan challenges a 20% ad valorem duty applied under various Indonesian regulations, arguing that the measures are inconsistent with the General Agreement on Tariffs and Trade (GATT) 1994, the Anti-Dumping Agreement, and the Marrakesh Agreement. Kazakhstan contends that the duties were extended to its exports despite not being part of the original investigation, on the basis of its association with a customs union, without sufficient evidence, proper investigation, or notification, and without allowing meaningful participation by Kazakh authorities or exporters. It further alleges that subsequent extensions through sunset reviews lacked findings of dumping or injury, relied on inadequate or undisclosed methodology, and improperly treated Kazakhstan as part of a single market with other countries. Kazakhstan also claims breaches of core WTO obligations, including non-discrimination, tariff commitments, transparency, and due process, as well as limited avenues for legal challenge, asserting that the measures have nullified or impaired its trade benefits and seeking consultations to resolve the dispute.

Kilobytes

Dispute Resolution analysis: This case deals with make-or-break procedural matters at the outset of a claim. The issues considered involve defective service of the claim form, and the applications that followed, ie seeking to contest jurisdiction under CPR 11 (though doing so out of time) and seeking to set aside default judgment under CPR 13. The case also examines limitation issues in a contract for services and the losses that can be claimed where the limitation date falls within the latter stages of a project. The claim form was deemed to not be adequately served where it was sent directly to the defendants rather than their solicitors who, although no longer acting, had previously agreed to accept service. The court also determined the outcome of applications under CPR 13 to set aside a default judgment, ultimately finding that the defendants had a reasonable prospect of successfully defending the claim looking at limitation issues and the substantive merits. An application under CPR 11 relating to the defective service was not made in time ie, within 14 days of an acknowledgement of service (AoS) indicating that a jurisdiction challenge would be made. The judge examined the case law on whether their default judgment application could be treated as being made under CPR 11. Written by Rebecca Lawrence, senior associate/PSL in Commercial Litigation at Trowers & Hamlins LLP.

This Practice Note considers keep open clauses in Scottish commercial leases. It outlines what a keep open clause is and considers why parties may want a keep open clause in their lease; what points a solicitor should consider when drafting a keep open clause; and remedies available to a landlord in the event of a tenant breach of the keep open clause. The Practice Note also briefly reviews the differing approach to enforcement of keep open clauses in Scotland and in England and finally looks at considerations of the Scottish courts during enforcement. This Practice Note will not consider the legal position outside Scotland, save in relation to brief commentary detailing the difference in the English and Scottish courts’ approach to enforcement of keep open clauses. It will therefore not detail the drafting considerations of English solicitors nor the English common law position. In addition, this Practice Note does not cover user restrictions or considerations around the change of use provisions in a lease. Keep

Arbitration analysis: The only useful discussion regarding AI is a practical discussion. That is because abstract AI hype causes collective fatigue and audiences switch off. I therefore welcome the new Guideline on the Use of AI in Arbitration (2025) (‘Guideline’) by the Chartered Institute of Arbitrators, which takes a commendably practical approach, all the way to providing draft agreements and procedural orders for the use of AI in international arbitration. Written in partnership with Hanna Roos, arbitrator and counsel, and founder and CEO of Aavalynx and Aavagard.

The civil servant who heads up the Department of Registers of Scotland which includes the Register of Sasines and the Land Register of Scotland.

Practice Management analysis: How can lawyers build lasting relationships with their clients even when not acting on a matter? Paul Jonson, managing partner at Pannone Corporate, comments on the importance of listening to clients, and Paul Bennett, senior partner at George Green, says it is important for the modern lawyer to be more than a lawyer to clients.

Time limits for implementing planning permission Sections 91 and 92 of the Town and Country Planning Act 1990 (TCPA 1990) require that every planning permission must contain a planning condition limiting the time within which the permission can be implemented. Local planning authorities (LPAs) have discretion under TCPA 1990, ss 91 and 92 to grant planning permission for such periods as they consider appropriate. The usual position is that: • in the case of a full planning permission, development must be commenced within three years (in England) or five years (in Wales) of the grant of permission, unless a planning condition states otherwise (with that period in England being subject to automatic extension where the permission is subject to legal challenge) • in the case of an outline planning permission relating to land in England, any application for the approval of a reserved matter must be made not later than the expiration of three years beginning with the date of the grant of outline planning permission and the development to which the permission relates must be begun not later than

Employment analysis: Employers are facing a new wave of AI assisted challenges in already challenging redundancy exercises. From attacks on selection pools and criteria to detailed requests for further information and lengthy appeals, there’s a significant increase in both the complexity and volume of challenges raised by employees. We consider how to respond fairly and proportionately. Síobhra Rush, Gemma Taylor, and Rebecca Jobling of Lewis Silkin consider the issues.