REC 1.1.4(a): should the comparison also cover Chapter 2 of Part 3 of the Framework Regulations?

REC 1.1.4 is made for section 89(3)(a) of the Framework Regulations, which asks whether investors get protection equivalent to the requirements for licensing an Authorised Market Institution "in Chapter 2 of Part 3". REC 1.1.4(a) asks the applicant to compare its home rules "with Part 4 of the Framework Regulations and Chapters 2 and 3 or 4 (as appropriate) of the AMI Rules". Part 4 is "Controlled and Designated Functions". The AMI chapters cover much of what section 89(3)(a) protects, and controlled functions are also relevant, but Chapter 2 of Part 3 is not named.

Proposed correction

Please clarify whether REC 1.1.4(a) should also refer to, or refer instead to, Chapter 2 of Part 3 of the Framework Regulations.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Recognition Rules (REC)

Place

REC 1.1.4(a)

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.

comparing the regulatory requirements in the applicant's home jurisdiction with Part 4 of the Framework Regulations

licensing of an Authorised Market Institution in Chapter 2 of Part 3;

PART 4: CONTROLLED AND DESIGNATED FUNCTIONS

How to check it without Arxo's tools

1. Open AIFC Recognition Rules No. FR0004 of 2017 and find REC (FR0004, as amended 29 June 2022), 1.1.4(a) (rule), page 3. Compare the text with the quotation above. A copy is kept in this register: c2c8f517a52b3b68-aifc-recognition-rules-no.-fr0004-of-2017.pdf (SHA-256 c2c8f517a52b3b68cfb5459e68d5b0965ae4a8e9e2c9a6bfd3f9c02fc75512eb, copy of the official file).
2. Open AIFC Financial Services Framework Regulations, V12 and find FSFR V12 s.89(3)(a), page 44; FSFR V12 contents. Compare the text with the quotation above. A copy is kept in this register: 9c995b9be0e4359d-fsfr-v12.pdf (SHA-256 9c995b9be0e4359d9a595afe7d0a9d5d9f3a4597c3ee3255db2b2e1df520b5c3, 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

• AIFC Recognition Rules No. FR0004 of 2017
• AIFC Financial Services Framework Regulations, V12

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-2026-0103, https://arxo.io/findings/ARXO-2026-0103/ (status as of 2026-10-24). Data: ARXO-2026-0103.json.