Regulatory Alerts2022-11-28
Summary of Amendments to Revised Guidelines on Compliance Function for Fund Management Companies
The regulator issued revised Guidelines on Compliance Function for Fund Management Companies on 28 November 2022 to align with the Guidelines on Islamic Capital Market Products and Services. The amendments update Paragraph 1.04(a) to reference the new Islamic Capital Market guidelines and replace the term 'Shariah mandate' with 'Islamic fund management business' in Paragraph 4.04(q). These changes ensure regulatory consistency for fund management companies operating within the Islamic finance sector.
SUMMARY OF AMENDMENTS REVISED GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES (Date of Issuance: 28 November 2022) Page 1 of 1 The following table provides a summary of key amendments to the revised Guidelines on Compliance Function for Fund Management Companies (Guidelines) issued on 28 November 2022: A. Overview The Guidelines was revised to reflect changes consequent upon issuance of Guidelines on Islamic Capital Market Products and Services (ICMPS Guidelines). B. Amendment Highlights No. Prior to 28 November 2022 Revised Version Dated 28 November 2022 Comments Chapter 1: Introduction
- Paragraph 1.04(a) Paragraph 1.04(a) Amended to make reference to ICMPS Guidelines. Chapter 4: Key Responsibilities
- Paragraph 4.04 (q) Paragraph 4.04 (q) Amended the term “Shariah mandate” to “Islamic fund management business”. Amended to make reference to ICMPS Guidelines.