Regulatory Alerts2021-01-01
Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021
The Financial Services Commission of Mauritius has issued the 2021 Rules to establish a dedicated licensing framework for entities providing robotic and artificial intelligence-enabled advisory services. Licensees must maintain a minimum capital of MUR 600,000, secure at least MUR 2 million in professional indemnity insurance, and operate with segregated client funds, robust local infrastructure, and strict algorithm governance. The regulations mandate rigorous client due diligence, transparent disclosures regarding automated advice and statutory compensation limitations, and biennial independent evaluations of the underlying software systems.
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