MAR 5.5.2, 6.1.7, 6.2.2 and 6.4.3: references printed as "MAR 5.2.65", "MAR 6.2.21" and "MAR 5.2.6.6" name no existing rule

Four references in the market abuse and disclosure chapters name rules that do not exist: "MAR 5.2.65" (5.5.2 and 6.1.7), "MAR 6.2.21" (6.2.2) and "MAR 5.2.6.6" (6.4.3). Up to V4 (14 February 2019) these places read "MAR 5.2.6" and "MAR 6.2.2"; the merged numbers first appear in V5 (2019), and we found no amending instrument that made that change. Amendments No. 6 (2020) shows "5.2.5" as new text in 6.1.7, next to a broken field code ("Error! Reference source not found."), and its text of 6.2.2 and 6.4.3 is also damaged; V7 to V13 still print "MAR 5.2.65". The AFSA online text is the same. The bracketed titles show the intended targets for three of the places: 5.2.5 (Unlawful disclosure of Inside Information) in 5.5.2 and 6.1.7, and 6.2.1 (Obligation to draw up insider lists) in 6.2.2. In 6.4.3 there is no title.

Proposed correction

Please correct the references to "MAR 5.2.5" in 5.5.2 and 6.1.7 and to "MAR 6.2.1" in 6.2.2; because the bracketed titles fix the meaning, this can be an editorial correction under section 19(3)(a) of the AIFC Regulations on AIFC Acts. Please also state which rule 6.4.3 is meant to refer to.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Market Rules (MAR), V13

Place

MAR V13, 5.5.2 (rule), page 53

Record

Discrepancy

Class

Text of the act

Where it arose

Not established

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.

constitute unlawful disclosure of Inside Information (MAR 5.2.65) provided that the Person

as referred to in MAR 5.2.65 (Unlawful Disclosure of Inside Information)

for complying with MAR 6.2.21 (Obligation to draw up insider lists).

For the purposes of MAR 5.2.6.6, MAR 5.4.2(c), MAR 6.4.1 and MAR 6.4.2

Unlawful disclosure of Inside information occurs where:

as referred to in MAR Error! Reference source not found. 5.2.5 (Unlawful

as referred to in MAR 5.2.6 (Unlawful Disclosure of Inside Information)

for complying with MAR 6.2.21 (Obligation to draw up insider lists).

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, 5.5.2 (rule), page 53; MAR V13, 6.1.7 (rule), page 56; MAR V13, 6.2.2 (rule), page 56; MAR V13, 6.4.3 (rule), page 59; MAR V13, 5.2.5 (rule), page 48 - the intended target. 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 A6., with amendments as of 28 June 2020, commence on 1 July 2020 and find MAR Amendments No. 6 (in force 1 July 2020), 6.1.7, page 29 ('5.2.5' underlined). Compare the text with the quotation above. A copy is kept in this register: 2dcc359f7710ccac-mar_a6_01.07.2020.pdf (SHA-256 2dcc359f7710ccacc176f97cbae6c9080f7783c57ea6240fa3d5dc3e61ba56e9, copy of the official file).
3. Open Market Rules V4., with amendments as of 14 February 2019, commence on 14 February 2019 and find MAR V4 (14 Feb 2019), 6.1.7 - text before the merge. Compare the text with the quotation above. A copy is kept in this register: 0e4b702830703cd8-mar_v4_fr0003_14.02.2019.pdf (SHA-256 0e4b702830703cd8850cde46f966f8938dd182852ccdb9c12f9fdb54abeb4f55, copy of the official file).
4. Open Market Rules V5., with amendments as of 24 june 2019, commence on 24 June 2019 and find MAR V5 (2019), 6.2.2, page 52 - first appearance of merged numbers. Compare the text with the quotation above. A copy is kept in this register: 90d9567374a19dd8-mar_v5_fr0003_05.05.2019.pdf (SHA-256 90d9567374a19dd84ae4b6b852799320568880f931cbcae432a29e200283ea9d, copy of the official file).
5. 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
• AIFC Authority — body that prepares AIFC acts and publishes them on the AIFC website

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 A6., with amendments as of 28 June 2020, commence on 1 July 2020
• Market Rules V4., with amendments as of 14 February 2019, commence on 14 February 2019
• Market Rules V5., with amendments as of 24 june 2019, commence on 24 June 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)
4. 2026-10-27Reported to AIFC Authority (e-mail)

Cite this record

Arxo Law, Arxo Findings Register, ARXO-2026-0094, https://arxo.io/findings/ARXO-2026-0094/ (status as of 2026-10-24). Data: ARXO-2026-0094.json.