International Financial Services Centres Authority (Procedure for Making Regulations) Regulations, 2021
On 5th July 2021, the International Financial Services Centres Authority (IFSCA) issued a Notification No. IFSCA/2021-22/GN/REG012, titled “International Financial Services Centres Authority (Procedure for making Regulations) Regulations, 2021”.
The IFSCA Procedure for Making Regulations 2021 is designed to specify details on the procedure to be followed by the authority when making regulations. This includes aspects such as public consultation and urgent regulations. The regulations also mention provisions regarding amendment of regulations and review of regulations.
The regulations further specify that the regulations’ objective, outcome, experience of its implementation, experience of its enforcement and the related litigation, global best practices, relevance in the changed environment, and any other factor considered relevant by the Authority should be considered during the review.
