IFSCA FAQ answers the Second Amendment has overtaken: a practitioner's checklist

IFSCA's FAQs on the Fund Management Regulations are a useful guide, but the version in circulation was last updated on 30 June 2026, before the Second Amendment. Where an FAQ and the amended Regulations differ, the Regulations prevail. These are the answers to treat with care.

FAQs 23, 48 and 67: parking money

These list certificates of deposit among permitted parking instruments for VC, restricted and retail schemes. Certificates of deposit have since been removed from the regulations.

FAQs 26, 54 and 71: valuation

These describe the independent-valuation carve-out as applying to funds of funds. The amended provisions extend it to any scheme investing in regulated, independently valued schemes.

FAQs 28 and 57: contribution

These describe tiered contribution bands based on targeted corpus. The amended formula is the lower of a percentage of corpus and a fixed amount.

FAQs 29, 58 and 74: exemptions

These list the contribution exemptions as they stood. New exemptions now cover index schemes and funds of funds investing in passive ETFs, and the fund of funds exemption carries new conditions.

FAQ 91: ESG threshold

The FME-level ESG threshold of USD 3 billion of AUM now excludes fund of funds AUM.

FAQ 119: sponsor lock-in

The sponsor lock-in detail for Investment Trusts is found in the Fourth Schedule, Part D(c), rather than in Chapter VII.

How to use this list

If your PPM, policies or training material quote any of these FAQs, update the reference to the amended regulation. The portal's FAQ Tracker keeps this list with links to each regulation.