International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020

Oct 29, 2020 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The International Financial Services Centres Authority (IFSCA) on October 27, 2020 has approved the draft IFSCA (Bullion Exchange) Regulations, 2020. The Regulations envisage to provide an integrated platform for all the market intermediaries including trading members, clearing members, bullion depositories, vault managers, etc. so as to facilitate transparency and traceability in the bullion market and standardisation of bullion contracts.

The salient aspects of the Bullion Exchange Regulations include:

• Functions and general obligations of a bullion exchange and clearing corporation.

• Ownership and governance structure of a bullion exchange and clearing corporation.

• Rights and Obligations of Bullion Depositories, Participants and Beneficial Owners.

• The grant of registration to a vault manager by the Authority.

• The role of bullion depositories.

• Other operational aspects of the bullion exchange.

 

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