Securitisation exposures: Table 5C row 10 or Table 5H? No rule says which applies to an originator's or sponsor's retained positions

BBR has two risk-weight tables for securitisation exposures. Table 5B item 9 sends "claims on securitisation exposures" to Table 5C row 10 (50% to 250%; unrated 150%). Rule 5.21(16) applies Table 5H (20% to 350%; B+ and below or unrated 1,250% or deduction) to on-balance-sheet retained securitisation exposures, which 5.21(12)-(13) link to a Bank that is an originator or sponsor, including its investments in the securitisation. Read as a specific rule, 5.21(16) governs those positions and Table 5C row 10 the positions of other investors. But no rule says so, and 5.21(7) speaks of applying Table 5H to "a securitisation exposure" in general. The weights differ widely, for example 50% against 20% for AAA and 150% against 1,250% for an unrated exposure.

Proposed correction

Please confirm which table applies to which securitisation positions: Table 5H only to retained exposures of an originator or sponsor (5.21(16)), or to all securitisation exposures where the due-diligence conditions of 5.21(7) are met; and state this in Table 5B item 9 or in 5.21.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Banking Business Prudential Rules (BBR), V6

Place

BBR Table 5B item 9, p.41

Record

Question of reading or data

Class

Question of reading or data

Where it arose

The text of the 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.

claims on securitisation exposures

If column 3 of table 5B states that the risk weight is “based on ECRA rating” for a particular asset, the applicable risk-weight for that asset item must be derived from the table 5C.

securitisation exposures 50 100 100 150 150 250 150

investments in the securitisation;

A Bank must not apply a risk-weight to a securitisation exposure using table 5 H, unless the Bank meets the following due diligence requirements:

The RWA amount of an on-balance-sheet retained securitisation exposure is calculated by multiplying the exposure by the applicable risk-weight in table 5 H.

A Bank that is an originator or sponsor of a securitisation might, despite having transferred the

How to check it without Arxo's tools

1. Open AIFC Banking Prudential Rules_V6 (with amendments as of 13 April 2025, which commence on 13 October 2025) and find BBR Table 5B item 9, p.41; BBR 5.7(3); BBR Table 5C row 10, p.42 (rendered: 50 100 100 150 150 250 150); BBR 5.21(13)(a); BBR 5.21(7); BBR 5.21(16), p.54; BBR 5.21(12), p.53. Compare the text with the quotation above. A copy is kept in this register: 6384caa7b1938818-bbr_v6_13.10.2025_ma.pdf (SHA-256 6384caa7b19388180b780ec19044e1261cae3021c63c670f14ceb35285107022, copy of the official file).
2. 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

• AIFC Banking Prudential Rules_V6 (with amendments as of 13 April 2025, which commence on 13 October 2025)

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-2026-0123, https://arxo.io/findings/ARXO-2026-0123/ (status as of 2026-10-24). Data: ARXO-2026-0123.json.