ARXO-2026-0069 · Reported

Glossary, "Authorised Investment Exchange": refers to "Operating an Investment Exchange"

The definition refers to the "Market Activity of Operating an Investment Exchange". The Market Activity in GEN Schedule 4, paragraph 1, and in the Glossary itself is "Operating an Exchange". The entry "Operating a facility for Investment Tokens" uses the same name.

Proposed correction

"Market Activity of Operating an Exchange".

Jurisdiction: Kazakhstan — AIFC
Act: AIFC Glossary (GLO), V23
Place: Glossary V23, entry "Authorised Investment Exchange"
Record: Discrepancy
Class: Text of the act
Where it arose: The text of the act
Arxo's conclusion: Confirmed
Official text: Unchanged at last check
Last checked: 2026-10-23

Evidence

Contradiction within the text. Quotations are verbatim from the official material; translations are ours and marked.

Market Activity of Operating an Investment Exchange.

Normative text · AIFC Glossary (GLO), V23 · Glossary V23, entry "Authorised Investment Exchange" · retrieved 2026-10-23 · SHA-256 041617346ad87a9ff3634eff95b3b92f65ee5f4965298a2c1137b8b9a8374b45 · copy

The Market Activity defined in paragraph 1 of Schedule 4 of the AIFC General Rules.

Normative text · AIFC Glossary (GLO), V23 · Glossary V23, entry "Operating an Exchange" · retrieved 2026-10-23 · SHA-256 041617346ad87a9ff3634eff95b3b92f65ee5f4965298a2c1137b8b9a8374b45 · copy

Operating an Exchange means operating a facility which functions regularly and brings together

Normative text · AIFC General Rules (GEN), V20 · GEN V20 Schedule 4 para 1 / page 57 · retrieved 2026-10-23 · SHA-256 e863a30c73072b0323a4d064ab0e3f7e103428a7992f91360ed19a173a68e681 · copy

Operating an Investment Exchange on which Investment Tokens are traded

Normative text · AIFC Glossary (GLO), V23 · Glossary V23, entry «Operating a facility for Investment Tokens» (a) · retrieved 2026-10-23 · SHA-256 041617346ad87a9ff3634eff95b3b92f65ee5f4965298a2c1137b8b9a8374b45 · copy

How to check it without Arxo's tools

Open AIFC Glossary (GLO), V23 and find Glossary V23, entry "Authorised Investment Exchange"; Glossary V23, entry "Operating an Exchange"; Glossary V23, entry «Operating a facility for Investment Tokens» (a). Compare the text with the quotation above. A copy is kept in this register: 041617346ad87a9f-glo-v23.pdf (SHA-256 041617346ad87a9ff3634eff95b3b92f65ee5f4965298a2c1137b8b9a8374b45, copy of the official file).
Open AIFC General Rules (GEN), V20 and find GEN V20 Schedule 4 para 1 / page 57. Compare the text with the quotation above. A copy is kept in this register: e863a30c73072b03-gen-v20.pdf (SHA-256 e863a30c73072b0323a4d064ab0e3f7e103428a7992f91360ed19a173a68e681, copy of the official file).
The finding holds if the quoted passages read as shown and the comparison gives the result stated at the top of this page. If it does not, write to us with the record ID.

How this finding was made

AI agents read the official texts, turned the provisions concerned into executable rules and ran the comparison; they also drafted this record. A person at Arxo checked the finding and approved the report before it was sent (2026-10-27).

Responsible institutions

Astana Financial Services Authority (AFSA) — author of the AIFC Rules

Reported to

Date	Institution	Channel	Reference
2026-10-27	Astana Financial Services Authority (AFSA)	e-mail

Date

Institution

Channel

Reference

2026-10-27

Astana Financial Services Authority (AFSA)

e-mail

Responses

No response recorded.

History

2026-10-23Confirmed by Arxo
2026-10-27Entered in the register
2026-10-27Reported to Astana Financial Services Authority (AFSA) (e-mail)

Cite this record

Arxo Law, Arxo Findings Register, ARXO-2026-0069, https://arxo.io/findings/ARXO-2026-0069/ (status as of 2026-10-23). Data: ARXO-2026-0069.json.