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IFSCA Informal Guidance Framework

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Published on

September 5,
2024

Last updated on

September 11, 2024
15:19

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1 Who can request:
2 Types of guidance:
3 Process:

The IFSCA issued a consultation paper yesterday proposing an “informal guidance” framework, summarized below:

Who can request:

Existing players in IFSCA

Persons intending to undertake business in IFSC

Others as may be specified

Types of guidance:

No-Action Letters: Request IFSCA to indicate whether or not it would take any action if the proposed activity/ business/ transaction is carried out

Interpretive Letters: Request for IFSCA’s interpretation of specific legal provisions

Process:

Application fee: USD 1,000

IFSCA aims to respond to requests within 30 days

The consultation paper invites stakeholders / public to submit feedback by September 10, 2024 via email This is a proactive approach by the IFSCA to foster transparency and provide support to entities operating or looking to operate within the IFSC, ensuring that they have the necessary guidance to comply with the evolving regulatory landscape.

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