Regulatory Alerts2018-03-09
Amendments to the Guide to Global Business
The Financial Services Commission of Mauritius issued this communiqué to amend Sections 4, 5, and 71(6) of the Financial Services Act 2007, granting Category 1 Global Business Companies greater flexibility to conduct business locally. The updated Guide to Global Business clarifies the criteria for determining local conduct and mandates adherence to FSC-issued guidelines. The regulator will enforce compliance through targeted actions against license holders that fail to meet these updated requirements.
Communiqué Amendments to the Guide to Global Business Section 71(6) of the Financial Services Act 2007 has been amended by the Economic and Financial Measures (Miscellaneous Provisions) Act 2013 to provide greater flexibility for Category 1 Global Business Companies (GBC1s) to conduct business in Mauritius, subject to such restrictions, terms and conditions as may be provided in any guidelines issued by the FSC. Sections 4 and 5 of Chapter 4 of the Guide to Global Business have been amended to provide guidance to investors and service providers with respect to the determination of conduct of business by GBC1s. The FSC will take appropriate actions where a holder of a Category 1 Global Business Licence fails to comply with any guidelines or Rules issued by the FSC. Sections 4 and 5 of Chapter 4 of the Guide to Global Business FAQ on Conduct of Global Business Financial Services Commission 28 February 2014 FSC House, 54 Cybercity, Ebene, Republic of Mauritius Tel: (230) 403 7000 Fax: (230) 467 7172 E-mail: fscmauritius@intnet.mu, Website: www.fscmauritius.org