Code of Conduct
Regulation 118
Code of Conduct
IFSCA (Fund Management) Regulations, 2025No change in 2026Chapter VIII · General Obligations and Responsibilities
Chapter VIII · General Obligations and Responsibilities
Regulation 118 – Code of Conduct
High importance about 4 min
Ongoing obligations & governance: Conduct, reporting, risk, custody, change in control and the day-to-day compliance load.
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In plain English
Every FME, its fiduciaries and KMPs (including the , fund managers and the designated ) must abide by the Code of Conduct in the Third Schedule.
In plain English
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The rule, in its own words
Read the exact text of Regulation 118
118. Every FME, fiduciaries, KMPs (including Principal officer, Fund Managers and Designated Compliance Officer) shall abide by the Code of Conduct specified in Third Schedule.
Statutory text — Principal Regulations, 2025 (as amended to 30 January 2026), consolidated where amended. The notified Gazette text prevails. Tap a highlighted word for how it functions.
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What this means in practice
Practical effect
The Third Schedule is the standard against which conduct is judged in an inspection or enforcement action; the Second Amendment added a board/committee-approval requirement for all policies and frameworks (Part A item (o)).Compliance actions
- Applies to
- All FMEs, fiduciaries, KMPs
- Frequency
- Ongoing
- Evidence
- Code-of-conduct acknowledgements and monitoring records
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Where it connects
Refers to / depends on
Read alongside
5
Check yourself
Quiz Centre
Test yourself on Regulation 118
3 questions in the unified bank test this regulation. Each explains every option and cites the provision.
The Code of Conduct that FMEs, fiduciaries and KMPs must follow is in which schedule?
What did the Second Amendment add to the Third Schedule Code of Conduct?
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Your notes
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Ongoing obligations & governance