IFSCA Informal Guidance Framework

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.