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## Report on the International Financial Services Centres Authority Bullion Exchange Amendment Regulations, 2021 **1. Executive Summary:** This report analyzes the International Financial Services Centres Authority (IFSCA) Bullion Exchange Amendment Regulations, 2021. This amendment, published on July 6, 2021, modifies the original IFSCA Bullion Exchange Regulations, 2020. The core purpose of the amendment is to rectify minor errors and inconsistencies within the 2020 regulations and to clarify the relationship between the Bullion Exchange Regulations and the Market Infrastructure Institutions Regulations. The key findings indicate changes in terminology, reference corrections, and the establishment of precedence for the Market Infrastructure Institutions Regulations in case of conflict. **2. Introduction:** This report aims to provide a comprehensive overview of the International Financial Services Centres Authority Bullion Exchange Amendment Regulations, 2021, based solely on the content of the provided policy text. It analyzes the amendments made to the original International Financial Services Centres Authority Bullion Exchange Regulations, 2020. **3. Policy Overview:** * This document is an amendment to the **International Financial Services Centres Authority Bullion Exchange Regulations, 2020.** * **Core Objective:** Based on the text, the core objective of the amendment is to refine and clarify the existing Bullion Exchange Regulations, ensuring internal consistency and resolving potential conflicts with other relevant regulations, specifically the Market Infrastructure Institutions Regulations, 2021. **4. Background and Rationale:** This amendment addresses inconsistencies and minor errors within the original IFSCA Bullion Exchange Regulations, 2020. The specific amendments suggest a need for clearer definitions, corrected references, and a defined hierarchy between regulations, particularly regarding potential conflicts between the Bullion Exchange Regulations and the Market Infrastructure Institutions Regulations, 2021. The amendment seemingly intends to remove ambiguities and promote smoother implementation of the Bullion Exchange Regulations. **5. Key Provisions / Changes:** This section details the key changes introduced by the IFSCA Bullion Exchange Amendment Regulations, 2021: * **I. Regulation 2 (1)(l):** Adds "and" after "established" and before "recognised" within clause (l) of subregulation 1 in regulation 2. *Effect:* Likely grammatical correction for improved readability. * **II. Regulation 4 (2):** Substitutes "Anybody" with "Any body". *Effect:* Correction of a typographical error. * **III. Regulation 6 (7):** Substitutes "regulation 3" with "regulation 4". *Effect:* Corrects a reference, ensuring the regulation refers to the appropriate section. * **IV. Regulation 20 (2)(iii):** Omitts the word "stock". *Effect:* Removal of the word "stock" in this clause to possibly avoid ambiguity of what is being referenced, potentially to streamline with the regulations. * **IV. Regulation 20 (3):** Inserts "as" after "conditions" and before "may". *Effect:* Likely a grammatical correction. * **V. Regulation 21 (2):** Substitutes "stock" with "bullion". *Effect:* Replacing the term 'stock' with 'bullion' indicates alignment with proper terminolgy of the exchange. * **V. Regulation 21 (3):** Substitutes "stock" with "bullion". *Effect:* Same as above, ensuring consistent terminology related to bullion exchange. * **VI. Regulation 28 (2):** Substitutes "subrule" with "sub regulation". *Effect:* Correction of terminology to maintain internal consistency. * **VII. Regulation 31:** Substitutes "3, 5 and 6" with "4, 6 and 7". *Effect:* Correction of cross-references within the regulation. * **VIII. Regulation 41 (2):** Substitutes "prescribed" with "specified". *Effect:* Likely aims to standardize terminology used within the regulations. * **IX. Regulation 43 (1):** Substitutes "43" with "44". *Effect:* A typographical correction. * **X. Regulation 48 (1):** Substitutes "provided" with "specified". *Effect:* Likely aims to standardize terminology used within the regulations. * **XI. Regulation 52 (2):** Substitutes "50" with "51". *Effect:* A typographical correction. * **XI. Regulation 52 (5):** Omitts the words "by the Authority after the word registration shall be omitted". *Effect:* streamlining of the process by removing unneccesary wording. * **XII. Regulation 53 (4):** Substitutes "the" with "its". *Effect:* Likely grammatical correction for improved readability. * **XIII. Insertion of Regulation 59:** Introduces a new regulation stating that in case of conflict between these regulations and the International Financial Services Centres Authority Market Infrastructure Institutions Regulations, 2021, the latter shall prevail. *Effect:* Establishes a clear hierarchy, prioritizing the Market Infrastructure Institutions Regulations in case of conflicting provisions. **6. Target Audience and Stakeholders:** Based on the text, the target audience and stakeholders directly affected by these amendments are: * Participants in the International Financial Services Centres Authority Bullion Exchange. * Entities regulated by the IFSCA under the Bullion Exchange Regulations. * The International Financial Services Centres Authority itself. * Entities also regulated by the International Financial Services Centres Authority Market Infrastructure Institutions Regulations, 2021. **7. Implementation Aspects (Inferred):** * **Responsible Agency:** The International Financial Services Centres Authority (IFSCA) is the responsible body for implementing and enforcing these amended regulations. * **Timelines:** The amendment came into force on the date of its publication in the Official Gazette (July 6, 2021), implying immediate effect. * The specific changes are primarily related to correcting errors and clarifying existing text, therefore implementation mainly involves updating documentation and ensuring that relevant personnel are aware of the modifications. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these specific changes are: * Improved clarity and reduced ambiguity within the Bullion Exchange Regulations. * Enhanced internal consistency and accuracy of cross-references. * A clear hierarchical framework between the Bullion Exchange Regulations and the Market Infrastructure Institutions Regulations, resolving potential conflicts. * Smoother implementation and enforcement of the Bullion Exchange Regulations. * Overall, a more robust and reliable regulatory framework for the International Financial Services Centres Authority Bullion Exchange. **9. Conclusion:** The International Financial Services Centres Authority Bullion Exchange Amendment Regulations, 2021, represent a set of minor but important refinements to the original 2020 regulations. The amendments primarily address typographical errors, correct cross-references, clarify terminology, and establish a clear hierarchy with the Market Infrastructure Institutions Regulations, 2021. These changes contribute to a more precise, consistent, and enforceable regulatory framework for the IFSCA Bullion Exchange, ultimately benefitting all stakeholders.

Key Entities Referenced