Disclosure item for a Fund Manager acting itself as custodian of Real Property points to CIS 7.3(e), which the same amending instrument deleted

CIS 5.3(l)(viii) requires three disclosures "If the Fund Manager itself acts as the custodian of Real Property, in accordance with CIS 7.3.(e)". CIS 7.3(e) reads "[intentionally omitted]": Amendments No. 3 (in force 1 June 2023) inserted 5.3(l)(viii) with this reference and, on the same page, deleted the whole of 7.3(e), which was the custody exemption for a Self-managed Fund. The reference therefore has no target. A Fund may still have no Eligible Custodian under 8.2(b), or under a waiver (8.2(e) or 1.3), but CIS does not describe any of these cases as the Fund Manager itself acting as custodian, so it is unclear when the disclosure applies. The draft in Consultation Paper AFSA-PSRD-CSP-2026-0001 deletes the words "Subject to Rule (e), and" in 7.3(d) but moves the disclosure item, with the same reference to 7.3(e), into the new CIS 5.6.2(h).

Proposed correction

Please state which case the item (5.3(l)(viii), in the draft 5.6.2(h)) is meant to cover and correct the reference: (a) to CIS 8.2(b) or 8.2(e), if those cases are meant; or (b) to a new rule that allows a Fund Manager to act as custodian of Real Property, with conditions. If no such case is intended, the item can be removed.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Collective Investment Scheme Rules (CIS), V8

Place

CIS V8 5.3(l)(viii)

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.

If the Fund Manager itself acts as the custodian of Real Property, in accordance with CIS 7.3.(e):

Subject to Rule (e), and without removing the generality of the obligation under (c), the Fund Manager must delegate the Regulated Activity of Providing Custody in relation to the Fund's property to a service provider who is an Eligible Custodian in accordance with Rule 8.2.

(e) [intentionally omitted]

For the purposes of these Rules, an Eligible Custodian is a Person who is a separate legal entity from the Fund Manager for the relevant Fund and who also meets one of the following criteria:

If the Fund Manager itself acts as the custodian of Real Property, in accordance with CIS

A Self-managed Fund is not required to delegate the Regulated Activity of Providing Custody to an

(b) A Fund Manager is not required to appoint an Eligible Custodian where, due to the nature

A Person may apply to the AFSA to waive any specific requirement of these Rules in respect of

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 5.3(l)(viii); CIS V8 7.3(d); CIS V8 7.3(e); CIS V8 8.3 (chapeau); CIS V8 8.2(b); CIS V8 1.3 (Waivers). 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 A3., with amendments as of 16 April 2023, commence on 1 June 2023 and find Amendments No. 3, page 6: 5.3(l)(viii) inserted (underlined); Amendments No. 3, page 6: 7.3(e) struck through in full (rendered page checked). Compare the text with the quotation above. A copy is kept in this register: 246115c48a9b6dcc-cis_a3-01.06.2023.pdf (SHA-256 246115c48a9b6dcc965363841d924a864d80308e6e9c64234bb4e57c3548b35b, 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

• Collective Investment Scheme Rules V8., with amendments as of 15 December 2024, commence on 1 January 2025
• Collective Investment Scheme Rules A3., with amendments as of 16 April 2023, commence on 1 June 2023

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-2026-0106, https://arxo.io/findings/ARXO-2026-0106/ (status as of 2026-10-25). Data: ARXO-2026-0106.json.