IFSCA joins Int l Org of Securities Commissions
By IANS |
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Fri, Jan 1 2021 14:57 IST |
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Ministry of Finance. (File Photo: IANS). Image Source: IANS News
New Delhi, Jan 1 : The International Financial Services Centres Authority (IFSCA) has become an associate member of the International Organization of Securities Commissions (IOSCO).
IOSCO is the international organisation that brings together the world s securities regulators, covering more than 95 per cent of the world s securities markets, and it also sets the global standard for the securities sector.
The organisation also works closely with the G20 and the Financial Stability Board (FSB) in setting up the standards for strengthening the securities markets. The IOSCO Objectives and Principles of Securities Regulation have been endorsed by FSB as one of the key standards for sound financial systems.
International Financial Services Centres Authority (IFSCA) on Friday said that it has become an associate member of the International Organization of Securities Commissions (IOSCO). The IOSCO works closely with the G20 nations and the Financial Stability Board (FSB), in setting up the standards for strengthening the securities markets, said IFSCA. The IOSCO Objectives and Principles of Securities Regulation have been endorsed by FSB as one of the key standards for sound financial systems. The membership of IOSCO will provide the IFSCA a platform to exchange information at the global level, and even at the regional level, on areas of common interests.
IFSCA allows banking units to transfer assets using participation agreement
The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement
PTI | December 30, 2020 | Updated 15:54 IST
Transfer of assets through the risk participation agreement route is a common practice in many jurisdictions especially in the field of trade finance
The International Financial Services Centres Authority (IFSCA) on Wednesday allowed Banking Units (BUs) to transfer assets to/from other financial institutions, persons resident in India and persons resident outside India through any internationally recognised standard risk participation agreement. The above dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement.
IFSCA permits banking units to transfer assets through participation pacts
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Last Updated: Dec 30, 2020, 01:11 PM IST
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The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement. The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
New Delhi: The International Financial Services Centres Authority (IFSCA) on Wednesday allowed Banking Units (BUs) to transfer assets to/from other financial institutions, persons resident in India and persons resident outside India through any internationally recognised standard risk participation agreement. The above dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement.