TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Procedure for making regulations and subsidiary instructions) Regulations, 2025
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....R I PRELIMINARY 1. Short title and commencement. (1) These regulations may be called the International Financial Services Centres Authority (Procedure for making regulations and subsidiary instructions) Regulations, 2025. (2) Save as otherwise provided in these regulations, they shall come into force on the date of their publication in the Official Gazette. 2. Definitions. (1) In these regulations, unless the context otherwise requires, - (a) "Act" means the International Financial Services Centres Authority Act, 2019; (b) "Authority" means the International Financial Services Centres Authority established under sub-section (1) of section 4 of the Act; (c) "public comments" means the comments rec....
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....e, or intent of any provision; (c) providing clarification on any provision; (d) laying down any procedural requirement; or (e) addressing any other matter necessary for effective implementation of the Act or regulations made thereunder. (2) The public consultation process, as specified under regulations 5 and 7, shall be followed before issuing any subsidiary instructions covered under clause (a) or (b) of sub-regulation (1). CHAPTER III PROCEDURE OF PUBLIC CONSULTATION, APPROVAL OF REGULATIONS AND SUBSIDIARY INSTRUCTIONS 5. Publishing consultation paper of the proposed regulations or subsidiary instructions. Public comments shall be sought, prior to making regulations or subsidiary instructions sp....
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....ummary with the remarks thereon, shall be placed before the Authority. (3) The proposed regulations may be considered by the Authority in terms of the International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020. (4) If the Authority decides to approve the revised draft regulations, which is substantially different from the proposed regulations placed before it, it shall record the reasons for such deviation in writing. (5) The summary of public comments received, along with a general statement of response on the comments received and the substantial changes carried out by the Authority, if any, along with the justification thereof, shall be uploaded in the Authority's website, prior to th....
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.... to whom such power may be delegated by it. (5) The summary of the public comments received shall be uploaded on the Authority's website, along with a general statement of its response on the comments, prior to the issuance of subsidiary instruction. 8. Additional consultation mechanism(s) and constitution of committee(s). (1) Notwithstanding anything contained above, the Authority may explore additional mechanism(s) for engaging with stakeholder(s), as considered appropriate. (2) Without prejudice to provisions of these regulations, the Authority may constitute and consult expert or advisory committees, as it may consider appropriate, for making recommendations in relation to drafting or reviewing of regulations and subsidiary ....
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.... (f) its relevance in the changed environment; (g) the scope for reducing redundancies; (h) promoting ease of doing business; and (i) any other factor considered relevant by the Authority. (2) Pursuant to the review, if any amendment is warranted, the regulation shall be amended in accordance with Chapter III. CHAPTER V MISCELLANEOUS 12. Non-applicability on certain matters. (1) Notwithstanding anything contained in these regulations, the provisions of these regulations shall not be applicable to - (a) the internal organisational matters of the Authority, including those governing the conduct of its meetings, administration and service conditions of its employees; (b) regulations a....