The International Financial Services Centres Authority (IFSCA) on November 01, 2024, issued the International Financial Services Centres Authority (Market Infrastructure Institutions) (Amendment) Regulations, 2024 to further amend the (Market Infrastructure Institutions) Regulations, 2021.
The following has been stated namely: -
• Regulation 2 which specifies “Definitions” sub-regulation (1) the following has been substituted namely: -
“(c) ‘clearing corporation’ means an entity that is established to undertake the activity of clearing and settlement of trades in securities or other permitted financial products and includes a clearing house
(j) ‘key management personnel’ in relation to a recognised market infrastructure institution shall mean and include:
i. a person appointed as its managing director or executive director
ii. a person serving as the head of a department or vertical and directly reporting to the managing director or to the directors of its governing board
iii. a person serving as the head of a core function as specified in regulation 27 of these regulations”
• Regulation 10A which states “Code of Conduct for recognised market infrastructure institution” has been inserted namely: -
“A recognised market infrastructure institution shall abide by the Code of Conduct as specified under Part-A of Schedule-I of these regulations.”
• Regulation 43A which states “Winding down of operations of a Recognised Clearing Corporation” has been inserted.
[Notification No. IFSCA/GN/2024/011]
