Regulatory Alerts2016-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No 2) Rules 2016
The Financial Services Commission of Mauritius issued these rules to amend the licensing and fee structure for financial service providers under the Financial Services Act 2007. The amendments update the First Schedule by introducing specific processing and fixed annual fees in both Mauritian Rupees and US dollars for new and existing license categories, including global legal advisory services, investment banking, and corporate finance advisory. These revised fee schedules apply to designated financial service providers and activities, taking effect upon publication in the Government Gazette on 24 September 2016.
LEGAL SUPPLEMENT 1667 to the Government Gazette of Mauritius No. 85 of 24 September 2016
Government Notice No. 192 of 2016
FINANCIAL SERVICES ACT
FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007
1. Citation These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2016.
2. Interpretation In these rules – "principal Rules" means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
3. The principal Rules amended The First Schedule to the principal Rules is amended, in PART I – (a) in item FS-1.8, under the heading "FINANCIAL SERVICE PROVIDERS/ACTIVITIES", by adding the words "Rs 30,000 USD 1,000" in the fourth column and the words "Rs 75,000 USD 2,500" in the fifth column; (b) in item FS-1.9, under the heading "FINANCIAL SERVICE PROVIDERS/ACTIVITIES", by adding the words "Rs 30,000 USD 1,000" in the fourth column and the words "Rs 75,000 USD 2,500" in the fifth column; (c) under the heading "FINANCIAL SERVICE PROVIDERS/ACTIVITIES", by inserting immediately after item FS-1.9, the following new item –
| FS-1.10 | Global Legal Advisory Services | 77A | 30,000 USD 1,000 | 75,000 USD 2,500 | - |
1668 Government Notices 2016
(d) by inserting immediately after item FS-5.1, the following new heading and item –
| Code | Licence | Investment Banking Relevant section of FSA | Processing Fee | Fixed annual fee | Variable annual fee |
|---|---|---|---|---|---|
| FS-6.1 | Investment Banking Licence | 79A | Rs 100,000 | Rs 300,000 | - |
(e) under the heading "Securities or Capital Market Intermediaries" – (i) by inserting immediately after item SEC-2.5, the following new item –
| Code | Licence | Relevant section of FSA | Processing Fee | Fixed annual fee | Variable annual fee |
|---|---|---|---|---|---|
| SEC-2.5A | Investment adviser (corporate finance advisory) | 30 | Rs 7,500 USD 750 | Rs 50,000 USD 2,000 | - |
(ii) by inserting immediately after item SEC-2.7B, the following new item–
| Code | Licence | Relevant section of FSA | Processing Fee | Fixed annual fee | Variable annual fee |
|---|---|---|---|---|---|
| SEC-2.7C | Representative of Investment adviser (corporate finance advisory) | 30 | Rs 2,500 USD 250 | Rs 10,000 USD 750 | - |
4. Commencement Made by the Financial Services Commission on 16 September 2016.