IFSC distributors: IFSCA adds UAE, Singapore, Australia and the European Union as specified jurisdictions; “jurisdiction” means where the product is domiciled
IFSCA has amended its Master Circular for Distributors in the IFSC. UAE, Singapore, Australia and the European Union are specified as jurisdictions for regulation 32(1)(a) and (c) of the Capital Market Intermediaries Regulations, 2025, provided they are not FATF-listed or notified as high risk. “Jurisdiction” refers to the domicile of the product, not the location of its manager.
Key facts
- In force
- Immediate effect — circular dated 18 September 2026
- Who it affects
- Distributors registered with IFSCA under the Capital Market Intermediaries Regulations, 2025; Fund Management Entities in the IFSC; issuers and managers of capital market products domiciled in the UAE, Singapore, Australia and the EU
- What it is
- Clarified
- Section
- FEMA & RBI
- Published
- 18 September 2026
In 30 seconds
- Circular eF.No. IFSCA-PLNP/45/2026-Capital Markets is dated 18 September 2026 and is in force with immediate effect.
- It inserts paragraphs 5.1A and 5.1B in Chapter III of the Master Circular for Distributors in the IFSC dated 5 August 2025.
- UAE, Singapore, Australia and the European Union are specified for clauses (a) and (c) of regulation 32(1) of the CMI Regulations.
- The jurisdictions in paragraphs 5.1 and 5.1A must not be FATF high-risk or increased-monitoring jurisdictions, or identified as high risk by the Central Government.
- “Jurisdiction” means the domicile of the capital market product or service, not where the entity managing it is located.
हिंदी में सार
IFSCA ने 18 सितंबर 2026 के परिपत्र से IFSC के Distributors के Master Circular में संशोधन किया है। CMI Regulations के विनियम 32(1)(a) और (c) के लिए UAE, सिंगापुर, ऑस्ट्रेलिया और यूरोपीय संघ को निर्दिष्ट क्षेत्राधिकार में जोड़ा गया है, बशर्ते वे FATF या केंद्र सरकार की उच्च-जोखिम सूची में न हों। यह भी स्पष्ट किया गया है कि “jurisdiction” का मतलब उत्पाद का domicile है, न कि उसे चलाने वाली संस्था का स्थान।
What has been amended
The International Financial Services Centres Authority has amended its “Master Circular for Distributors in the IFSC” dated 5 August 2025 by a circular dated 18 September 2026. The Master Circular is issued under the IFSCA (Capital Market Intermediaries) Regulations, 2025 (“CMI Regulations”). Its Chapter III, among other things, identifies the jurisdictions relating to the distribution of capital market products and services by a Distributor registered with the Authority.
IFSCA says the change has been made after considering representations received from stakeholders. The circular is addressed to all Distributors and all Fund Management Entities in the IFSC.
Four more jurisdictions
A new paragraph 5.1A is inserted after paragraph 5.1 of Chapter III. For the purposes of clauses (a) and (c) of sub-regulation (1) of regulation 32 of the CMI Regulations, the Authority specifies:
| No. | Jurisdiction specified in paragraph 5.1A |
|---|---|
| (a) | UAE |
| (b) | Singapore |
| (c) | Australia |
| (d) | European Union |
The condition attached
A proviso applies to the jurisdictions in both paragraph 5.1 and the new paragraph 5.1A. They must not be:
- identified by FATF as High-Risk Jurisdictions subject to a Call for Action;
- identified by FATF as Jurisdictions under Increased Monitoring; or
- identified by the Central Government as a high-risk jurisdiction for money laundering, terrorist financing or proliferation financing.
What “jurisdiction” means
A new paragraph 5.1B clarifies, for the removal of doubts, that in regulation 32(1) of the CMI Regulations the term “jurisdiction”, in the context of capital market products and services, refers to the jurisdiction of domicile of the capital market product or service — and not to the jurisdiction in which the entity managing that product or service is located.
Commencement
The circular is issued under sections 12 and 13 of the IFSCA Act, 2019 read with regulations 32 and 45 of the CMI Regulations, and comes into force with immediate effect.
What distributors should do
Distributors registered with IFSCA should read paragraphs 5.1, 5.1A and 5.1B together, classify each product by its domicile, and check the FATF and Central Government lists before relying on a jurisdiction. The circular does not reproduce the jurisdictions already in paragraph 5.1; for those, refer to the Master Circular itself.
Questions and answers
Which jurisdictions has IFSCA added for distributors in the IFSC?
UAE, Singapore, Australia and the European Union, through a new paragraph 5.1A in Chapter III of the Master Circular for Distributors in the IFSC, for the purposes of clauses (a) and (c) of regulation 32(1) of the CMI Regulations.
Is there a condition on these jurisdictions?
Yes. The jurisdictions in paragraphs 5.1 and 5.1A must not be identified by FATF as High-Risk Jurisdictions subject to a Call for Action or as Jurisdictions under Increased Monitoring, or by the Central Government as a high-risk jurisdiction for money laundering, terrorist financing or proliferation financing.
Does “jurisdiction” refer to the fund manager’s location?
No. Paragraph 5.1B clarifies that it refers to the jurisdiction of domicile of the capital market product or service, and not to the jurisdiction in which the entity managing it is located.
Published 18 September 2026. Updated 9 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.