IFR 7.3 requires SSB approval of a Fund's "Prospectus", a Glossary term for securities prospectuses; Funds issue "Offering Materials"

IFR 7.3(1) and (2) require a Fund’s Constitution "and Prospectus" to be approved by an SSB and reviewed every year; the Guidance under 7.2 also speaks of the Fund’s "most recent Prospectus". In the Glossary, "Prospectus" is the document referred to in MAR 1.3, which an unlisted Fund does not issue; such a Fund gives investors "Offering Materials" (CIS 5.3), and IFR itself uses that term in 7.8. Read with 7.8, "Prospectus" in 7.3 can be understood as the Fund’s Offering Materials, but the defined term points elsewhere. CIS has moved to the same term for Funds: Amendments No. 7 to CIS (in force 1 January 2025) replaced "Prospectus" with "Offering Materials" in the Feeder Fund rules. IFR 7.3 was not aligned.

Proposed correction

Please use "Offering Materials" in IFR 7.3(1), 7.3(2) and the Guidance under 7.2, or state that "Prospectus" there includes a Fund’s Offering Materials.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Glossary (GLO), V23

Place

Glossary V23 'Prospectus'

Record

Discrepancy

Class

Text of the act

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.

A document referred to in MAR 1.3.

copies of the Prospectus Offering Materials and the last audited annual

The Fund Manager of a Domestic Fund that is a Non-Exempt Fund must ensure that the relevant Fund’s Constitution and Prospectus are approved by the Fund’s SSB.

The Fund Manager of an Exempt Fund must ensure that the Fund’s Constitution and Prospectus are, approved by the Fund Manager’s SSB.

Additional disclosures in the Offering Materials of a Non-Exempt Islamic Fund

How to check it without Arxo's tools

1. Open AIFC Glossary (GLO), V23 and find Glossary V23 'Prospectus'. Compare the text with the quotation above. A copy is kept in this register: 041617346ad87a9f-glo-v23.pdf (SHA-256 041617346ad87a9ff3634eff95b3b92f65ee5f4965298a2c1137b8b9a8374b45, copy of the official file).
2. Open Collective Investment Scheme Rules A7., with amendments as of 15 December 2024, commence on 1 January 2025 and find CIS Amendments No. 7, page 4: 'Prospectus' struck, 'Offering Materials' inserted. Compare the text with the quotation above. A copy is kept in this register: 26b1d661daa1376e-cis_a7-01.01.2025.pdf (SHA-256 26b1d661daa1376ede349c4366d802d11b0d58158c0ec1fcbf4da71a8d6cdca3, copy of the official file).
3. Open ISLAMIC FINANCE RULES and find IFR 7.3(1); IFR 7.3(2); IFR 7.8 heading — IFR's own use of 'Offering Materials'. Compare the text with the quotation above. A copy is kept in this register: f5bf530f9d9d46ed-islamic-finance-rules-1.pdf (SHA-256 f5bf530f9d9d46edbfb3740d5937f3ca2ec853c0a15174b64d7e9d548a7baaed, 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

• AIFC Glossary (GLO), V23
• Collective Investment Scheme Rules A7., with amendments as of 15 December 2024, commence on 1 January 2025
• ISLAMIC FINANCE RULES

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-2026-0118, https://arxo.io/findings/ARXO-2026-0118/ (status as of 2026-10-24). Data: ARXO-2026-0118.json.