CIS 5.1 disapplies 5.3(b)(i) (investment objective, strategy, leverage) for Non-Exempt Funds; in the draft, 5.1 refers to the deleted rule 5.3

CIS 5.1(a) applies 5.3 to all Funds "excluding 5.3(b)(i) and (j)", and 5.1(b) applies "5.3(b)(i) and (j)" to Exempt Funds only. 5.3(b)(i) is the core disclosure of the investment objective, policy and strategy, asset types, risks and leverage, including the maximum level of leverage. The items that are Exempt-only by nature are 5.3(i) (the Exempt Fund legend) and 5.3(j) (the legend for an Exempt Fund of a Foreign Fund Manager). Read literally, a Non-Exempt (retail) Fund is relieved of 5.3(b)(i) while Exempt Funds must give it. The opening words of 5.3(b) and Schedule 1(j) still bind every Fund, so what is literally lost is the specific list, including the maximum level of leverage. The draft in Consultation Paper AFSA-PSRD-CSP-2026-0001 deletes rule 5.3 and moves its content to the new 5.4, 5.5 and Schedule 1-1, while 5.1(a) and (b) still refer to "5.3 (excluding 5.3(b)(i) and (j))" and "5.3(b)(i) and (j)". If the draft is adopted as published, both references will point to a deleted rule.

Proposed correction

Please confirm whether 5.1(a) and (b) should refer to the Exempt Fund legends (5.3(i) and (j)) rather than to 5.3(b)(i). When finalising the draft, please redirect 5.1(a) and (b) to the new content rules (5.4 and 5.5) and name the items that apply to Exempt Funds only.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Collective Investment Scheme Rules (CIS), V8

Place

CIS V8 5.1(a)

Record

Discrepancy

Class

Amendments

Where it arose

The amending act

Arxo's conclusion

Confirmed

Official text

Unchanged at last check

Last checked

2026-10-25

Evidence

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

Rules 5.2(c) and 5.3 (excluding 5.3(b)(i) and (j)) apply to all Funds (whether Exempt or Non-Exempt Funds) that are Offered to investors in the AIFC.

Rules 5.2(b) and 5.3(b)(i) and (j) apply to Exempt Funds only.

a description of the investment objective, policy and strategy of the Fund,

and the maximum level of leverage which the Fund may utilise; and

All Offering Materials relating to an Exempt Fund must prominently disclose the following statement to prospective Unitholders:

Rules 5.2(b) and 5.3(b)(i) and (j) apply to Exempt Funds only.

All Offering Materials relating to an Exempt Fund must prominently disclose the

contain all the information which a person and his professional advisers would reasonably require

information on the investment objectives of the Fund, including:

How to check it without Arxo's tools

1. Open Collective Investment Scheme Rules V8., with amendments as of 15 December 2024, commence on 1 January 2025 and find CIS V8 5.1(a); CIS V8 5.1(b); CIS V8 5.3(b)(i); CIS V8 5.3(b)(i), end; CIS V8 5.3(i); CIS V8 5.3(b) opening words; CIS V8 Schedule 1(j) (Constitution). Compare the text with the quotation above. A copy is kept in this register: 733512c03c358cc3-cis_v8_fr0009-01.01.2025.pdf (SHA-256 733512c03c358cc361a31decd44731fd64d90dcb747829a11e3d1382e4669fb7, copy of the official file).
2. Open Collective Investment Scheme Rules A2., with amendments as of 2 July 2019, commence on 5 August 2019 and find Amendments No. 2, page 9: 5.1 inserted (underlined; rendered page checked). Compare the text with the quotation above. A copy is kept in this register: 23d4bc1ba051f953-cis_a2_02.07.2019.pdf (SHA-256 23d4bc1ba051f953a6e2c45f7097039568dbd53ad91e21bf0a3af12f790a1afd, copy of the official file).
3. Open Collective Investment Scheme Rules V3., with amendments as of 2 July, commence on 5 August 2019 and find CIS V3 5.3(i) — Exempt Fund legend already lettered (i) when 5.1 was written. Compare the text with the quotation above. A copy is kept in this register: 3606f32aa9d57ac2-cis_v3_fr0009_02.07.2019.pdf (SHA-256 3606f32aa9d57ac2842993ea3483d38ed42b03d10e2ce383351ee6ee7f80accb, copy of the official file).
4. 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

• Collective Investment Scheme Rules V8., with amendments as of 15 December 2024, commence on 1 January 2025
• Collective Investment Scheme Rules A2., with amendments as of 2 July 2019, commence on 5 August 2019
• Collective Investment Scheme Rules V3., with amendments as of 2 July, commence on 5 August 2019

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-2026-0109, https://arxo.io/findings/ARXO-2026-0109/ (status as of 2026-10-25). Data: ARXO-2026-0109.json.