MAR 1.9.4(4)(a): the Expert limb of the correction defence refers to "(2)(c)", which is not about Expert statements; the Expert paragraph is (3)

MAR 1.9.4(4)(a) gives a defence where, before acquisition, "a correction or, where the statement was such as is mentioned in (2)(c), the fact that the Expert was not competent or had not consented" was published. Paragraph (2)(c) is the general correction defence and describes no statement; statements made on the authority of an Expert are dealt with in (3). Read literally, the second limb of (4)(a) has no case to apply to. The same reference is already in Amendments No. 7 (29 June 2022), which inserted 1.9.3 and 1.9.4: the instrument lettered the top-level paragraphs (a) to (f) but its own cross-references already used the numbers (2) to (6), so "(2)(c)" pointed to the correction defence from the start. The DFSA and ADGM market rules from which this text comes have the same reference (DFSA MKT 2.11.1(4)(a), ADGM MKT 4.11.1(4)(a)). MAR 1.9.3 and 1.9.4 appear in the consolidated MAR (V13) on aifc.kz but not in the AFSA online rulebook (see AIFC2-MKT-13).

Proposed correction

Please replace "mentioned in (2)(c)" with "mentioned in (3)" in MAR 1.9.4(4)(a).

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Market Rules (MAR), V13

Place

MAR V13, 1.9.4(4)(a) (rule), page 25

Record

Discrepancy

Class

Amendments

Where it arose

The amending act

Arxo's conclusion

Confirmed

Official text

Unchanged at last check

Last checked

2026-10-24

Evidence

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

where the statement was such as is mentioned in (2)(c), the fact that the Expert was not competent or had not consented

he had taken all reasonable steps to secure that a correction was promptly made and brought to the attention of the Persons likely to acquire the Securities in

purporting to be made by or on the authority of an Expert and included in the Prospectus with the Expert's consent

such as is mentioned in (2)(c), the fact that the Expert was not competent or had not consented

if any of the circumstances specified in (2) to (6) apply

Without prejudice to (2) and (3), a Person does not incur any liability

How to check it without Arxo's tools

1. Open Market Rules V13., (with amendments as of 7 December 2025, which commence on 1 January 2026) and find MAR V13, 1.9.4(4)(a) (rule), page 25; MAR V13, 1.9.4(2)(c) (rule), page 24; MAR V13, 1.9.4(3) (rule), page 24. Compare the text with the quotation above. A copy is kept in this register: 163c0ad176174003-mar_v13_01.01.2026.pdf (SHA-256 163c0ad17617400321bc039bc3f91829586cbde62fec9a8d37e946d417252e7d, copy of the official file).
2. Open Market Rules A7., with amendments as of 29 June 2022, commence on 29 June 2022 and find MAR Amendments No. 7 (29 June 2022), 1.9.4 paragraph '(d)', page 3 (Expert paragraph lettered '(c)'); MAR Amendments No. 7, 1.9.4 lettered paragraph '(a)', page 2 — numeric cross-references; MAR Amendments No. 7, 1.9.4 lettered paragraph '(d)', page 3. Compare the text with the quotation above. A copy is kept in this register: a8d7aa5caef9a91c-mar_a7_29.06.2022.pdf (SHA-256 a8d7aa5caef9a91ca3e9fb4116ab69592a5539176e4c3a4cf77bea273c3e3a7a, copy of the official file).
3. 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

Responses

No response recorded.

Documents and reproduction

• Market Rules V13., (with amendments as of 7 December 2025, which commence on 1 January 2026)
• Market Rules A7., with amendments as of 29 June 2022, commence on 29 June 2022

Related records

• ARXO-2026-0104 — AFSA online Market Rules do not contain MAR 1.9.3 and 1.9.4 (Amendments No. 7, 29 June 2022)

History

1. 2026-10-24Confirmed by Arxo
2. 2026-10-27Entered in the register
3. 2026-10-27Reported to Astana Financial Services Authority (AFSA) (e-mail)

Cite this record

Arxo Law, Arxo Findings Register, ARXO-2026-0096, https://arxo.io/findings/ARXO-2026-0096/ (status as of 2026-10-24). Data: ARXO-2026-0096.json.