![]() ![]() SEBI (Alternative Investment Funds) Regulations, 2012 and the circulars issued by SEBI and the IFSCA in this regard. The Regulations would, inter alia, supersede the existing framework for set up of funds in IFSC i.e. Thus, the company banquet would not qualify as a widely attended gathering under those circumstances either.A Committee of Experts on Investment Funds was set up by International Financial Services Centres Authority (IFSCA) to review global best practices and make recommendations to the IFSCA on the roadmap for the investment funds industry, and accordingly on 31 January 2022 a committee report together with draft IFSCA (Fund Management) Regulations, 2022 were issued for public comments.Īfter receiving public comments, the IFSCA has issued final Fund Management Regulations (Regulations) which will come into effect from 30 th day from the date of passing notification in official gazette i.e., 19 April 2022. In this second case, notwithstanding the larger number of persons expected (as opposed to the small dinner party just noted) and despite the presence of the consumer group representative and her spouse who are not officials of the utility, those in attendance would still not represent a diversity of views or interests. Nor could the employee be authorized to accept even if the event were instead a corporate banquet to which forty company officials and their spouses or other guests were invited. The small dinner party is not a widely attended gathering. The employee may not accept the free invitation under this exception, even if his attendance could be determined to be in the interest of the agency. The DOE official believes the dinner party will provide him an opportunity to socialize with and get to know those in attendance. A few other officials of the utility and their spouses or other guests are also invited, as is a representative of a consumer group concerned with utility rates and her spouse. Although the employee and the individual are connected through social media, the circumstances do not demonstrate that the gift was clearly motivated by a personal relationship, rather than the position of the employee, and therefore the employee may not accept the gift pursuant to paragraph (b) of this section.Īn employee of the Department of Energy (DOE) and his spouse have been invited by a major utility executive to a small dinner party. One day, the individual, whose employer continues to serve as a Peace Corps contractor, contacts the employee to offer him a pair of concert tickets worth $30 apiece. However, they did not communicate further in their personal capacities, carry on extensive personal interactions, or meet socially outside of work. They later also granted one another access to join their social media networks through their respective social media accounts. ![]() Thereafter, the two communicated occasionally regarding contract matters. The employee was acting in his official capacity when he met the individual at a meeting to discuss a matter related to the contract between their respective employers. One of these individuals works for a contractor that provides language services to the Peace Corps. He has used the site to keep in touch with friends, neighbors, coworkers, professional contacts, and other individuals he has met over the years through both work and personal activities. A Peace Corps employee enjoys using a social media site on the internet in his personal capacity outside of work. ![]()
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