Custody for domestic Exempt Funds: CIS 7.3(d) requires an Eligible Custodian "in accordance with Rule 8.2", but chapter 8 applies only to other Funds; do its exceptions apply?

CIS chapter 7 applies to Domestic Fund Managers "in respect of all Funds" (7.1), so 7.3(d) — delegate custody to an Eligible Custodian "in accordance with Rule 8.2" — reaches domestic Exempt Funds. Chapter 8, including the exceptions in 8.2(b) and (e), applies only to Non-Exempt Funds and REITs of Domestic Fund Managers and to Exempt Funds of Foreign Fund Managers (8.1). The words "in accordance with Rule 8.2" can be read to bring the exceptions in 8.2(b) and (e) with them, and the general waiver in CIS 1.3 is also available, but the text does not say so. Separately, PRU(INV) Table 3.3 assumes that a Single Family Office Fund does not need an Eligible Custodian; CIS has no such rule. This overlaps with our earlier item on PRU(INV) Table 3.3 (AIFC-PRU-01).

Proposed correction

Please state whether 8.2(b) and (e) apply to Exempt Funds of Domestic Fund Managers and, if a Single Family Office Fund may operate without an Eligible Custodian, set that out in CIS.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Collective Investment Scheme Rules (CIS), V8

Place

CIS V8 7.1

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

2026-10-25

Evidence

Contradiction within the text. Quotations are verbatim from the official material; translations are ours and marked.

This chapter applies to all Domestic Fund Managers in respect of all Funds managed by those Fund Managers.

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.

all Domestic Fund Managers in respect of all Non-Exempt Funds and Real Estate Investment Trusts managed by those Fund Managers; and

A Fund to which this chapter applies must have an Eligible Custodian and a Fund Administrator, in both cases acceptable to the AFSA.

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

The AFSA may waive the requirement to appoint an Eligible Custodian or Administrator on a case-by-case basis on application by the Fund Manager of the relevant Fund.

For the purposes of these Rules, a Single Family Office Fund is treated as a Domestic Fund that is managed by a Domestic Fund Manager.

Eligible Custodian is not required (a) due to the nature of the Fund and the type of assets which it holds; or (b) because the Fund is a Single Family Office Fund

Fund has an appointed Eligible Custodian unless the appointment of an Eligible Custodian is not required due to the

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 7.1; CIS V8 7.3(d); CIS V8 8.1(a); CIS V8 8.2(a); CIS V8 8.2(b); CIS V8 8.2(e); CIS V8 7.2-1.2(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 AIFC Prudential Rules for Investment Firms (PRU INV), V7 and find PRU(INV) V7 Table 3.3, Exempt Fund row (context; the capital overlap itself is stage-1 PRU-01). Compare the text with the quotation above. A copy is kept in this register: 1d2d8c432b940719-pru-v7.pdf (SHA-256 1d2d8c432b94071987e1f351c1dd44b443f39d75aa8fc552c31d1c7051812e89, copy of the official file).
3. Open Guidance for Fund management Activity and Funds in the AIFC and find AFSA Guidance for Fund Management Activity (26.05.2023), Table 3 note. Compare the text with the quotation above. A copy is kept in this register: e423fedb500c9da8-guidance-for-fund-management-activity-and-funds-in-the-aifc.pdf (SHA-256 e423fedb500c9da8f2e88768f703b50e11cd2bfd4d175a59edb30cbad47bffbc, copy of the official file).
4. 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
• AIFC Prudential Rules for Investment Firms (PRU INV), V7
• Guidance for Fund management Activity and Funds in the AIFC

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-2026-0110, https://arxo.io/findings/ARXO-2026-0110/ (status as of 2026-10-25). Data: ARXO-2026-0110.json.