Regulatory Alerts2013-01-01
Financial Services (Administrative Penalties) Rules 2013
The Financial Services Commission of Mauritius issued these Rules to establish a standardized administrative penalty regime for licensees who fail to comply with specified statutory and regulatory obligations. Licensees must pay fixed daily penalties, typically ranging from Rs 300 to US$10 per business day of non-compliance, with a statutory cap of 150,000 rupees (USD 5,000) per breach for incidents occurring after December 2017. These penalties are recoverable as civil debts, credited to the General Fund, and imposed without prejudice to other sanctions under the Financial Services Act 2007.
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