CIS 5.3(l) is headed 'Information relating to a Feeder Fund' but sets property-fund disclosures; 'Property Fund' is not defined

Paragraph (l) of CIS 5.3 opens 'Information relating to a Feeder Fund:' and then lists only real-estate items: investment in Real Property, the 'Property Fund's' net assets in property-related assets, vacant or mortgaged properties, valuer under 6.10(b), insurance of Real Property, single-property funds, REIT vehicle. Nothing in (l) concerns Feeder Funds (whose disclosures sit in 2.4-1(c)(v)). The term 'Property Fund' used in (l)(ii), (iv), (v), (vi)(E), (vii) and Schedule 1 (j)(i) is not defined in CIS or in Glossary V23. Under s.24 of the AIFC Regulations on AIFC Acts the heading is part of the act, so the text names one scope (Feeder Funds) and the content implies another (funds investing in Real Property, incl. REITs).

Proposed correction

Please replace the heading of CIS 5.3(l) with "Information relating to a Property Fund" (or "a Fund investing in Real Property") and define the term in the Glossary; the scope is for the AFSA to set.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Collective Investment Scheme Rules (CIS), V8

Place

CIS V8 5.3(l) lead-in

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.

Information relating to a Feeder Fund:

if the Fund is a REIT, whether the investment vehicle is an Investment

whether the aim of the Fund is to spread investment risks and, if a Property Fund, whether the Fund invests in a single property;

Information relating to a Feeder Fund:

What percentage of the Property Fund’s net assets may consist of property related assets, referred to in 3.1(b), which are not traded in or dealt on markets provided for in the Constitution.

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) lead-in; CIS V8 5.3(l)(vi)(J); CIS V8 Schedule 1 (j)(i); CIS V8 5.3(l)(ii). 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 5: 5.3(l) inserted with this heading. 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-2026-0107, https://arxo.io/findings/ARXO-2026-0107/ (status as of 2026-10-25). Data: ARXO-2026-0107.json.