International Financial Services Centres Authority (Fund Management) (Amendment) Regulations, 2026

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....ices Centres Authority hereby makes the following regulations, further to amend the International Financial Services Centres Authority (Fund Management) Regulations, 2025, (hereinafter referred to as the principal regulations), namely: - 1. (1) These regulations may be called the International Financial Services Centres Authority (Fund Management) (Amendment) Regulations, 2026. (2) These regulations shall come into force on the date^# of their publication in the Official Gazette. 2. In regulation 7 of the principal regulations, in sub-regulation (5), for clause (b), the following clause shall be substituted, namely: - "In addition to the qualifications mentioned under clause (a), an experience of at least five (5) years in....

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....diction, providing services to the institutions mentioned above in (i), in relation to a financial product; and iii) a company, whether private or public, if the experience is in relation to finance/ accounts/ secretarial/ law departments of such company. 3. In regulation 19 of the principal regulations, in sub-regulation (3), for the proviso, the following proviso shall be substituted, namely: - "Provided that if a FME fails to achieve the minimum size of corpus, as specified under sub-regulation (1) of regulation 23, within the specified time period, it shall have the option to extend the validity of the placement memorandum, wherein each such extension shall be for a period of six (6) months starting from the day aft....

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.... per cent. (25%) of the applicable fee for filing of a fresh scheme, as may be prevalent at the time of such extension; and ii) for each subsequent extension, fifty per cent. (50%) of the applicable fee for filing of a fresh scheme, as may be prevalent at the time of such extension" 5. In regulation 131 of the principal regulations, in sub-regulation (1), after clause (b), the following clauses shall be inserted, namely: - "(c) If the FME has raised funds from the investors under the scheme but fails to achieve the minimum corpus during the validity or extended validity of the placement memorandum or offer document, as applicable, and the FME has not extended the validity thereof by making the requisite filing and payme....