Regulatory Alerts2013-01-01
Private Pension Schemes (Governance) (Amendment) Rules 2013
The Financial Services Commission of Mauritius issued these rules to amend the governance framework for private pension schemes under the Private Pension Schemes Act 2012. The amendments establish a statutory definition for "service provider" and replace existing governing body appointment provisions, permitting service providers promoting such schemes to appoint any number of members in compliance with the Financial Services Act 2007 and scheme constitutive documents. These rules commenced on 21 December 2013 to enhance regulatory alignment and operational flexibility for private pension schemes.
The text below is an internet version of the Rules made by the FSC under section 93 of the Financial Services Act 2007 and sections 17(1)(b), 27 and 50(1) of the Private Pension Schemes Act 2012 and is for information purposes only. Whilst reasonable care has been taken to ensure its accuracy, the authoritative version is the one published in the Government Gazette of Mauritius (GN No. 321of 2013). PRIVATE PENSION SCHEMES (GOVERNANCE) (AMENDMENT) RULES 2013 FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007 and sections 17(1)(b), 27 and 50(1) of the Private Pension Schemes Act 2012.
- Citation These Rules may be cited as the Private Pension Schemes (Governance) (Amendment) Rules 2013.
- Interpretation In these Rules – “principal Rules” means the Private Pension Schemes (Governance) Rules 2012.
- Rule 2 of the principal Rules amended Rule 2 of the principal Rules is amended by adding in the appropriate alphabetical order the following new definition – “service provider” means a person licensed, authorised, approved or registered under the relevant Acts or the Banking Act 2004 to provide financial services.
- Rule 6 of the principal Rules amended Rule 6 of the principal Rules is amended by deleting paragraph (3) and replacing it by the following paragraph – (3) Notwithstanding subparagraph (2)(d) and Rule 5(4), a service provider who is promoting a private pension scheme may appoint such number of persons as it thinks fit
to act as members of the governing body of the scheme, provided that such appointment is in compliance with – (a) section 24 of the Financial Services Act 2007; (b) Rules 5(2) and 5(3) of these Rules; and (c) with any provision of the constitutive documents of the private pension scheme. 5. Commencement These Rules shall come into operation on 21st December 2013. Made by the Financial Services Commission on 12 th December 2013.