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2014-01-01

Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2014

The Financial Services Commission of Mauritius has amended its consolidated licensing framework to update fee structures for pension scheme administrators. The revised schedule establishes a standard processing fee of Rs 30,000 and introduces variable annual fees ranging from Rs 10,000 to Rs 20,000 based on beneficiary counts. Deemed effective from 1 July 2014, these amendments operate under the Financial Services Act 2007 to standardize licensing costs across authorized financial service providers.

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The text below is an internet version of the Rules made by the FSC under section 93 of the Financial Services Act 2007, section 155 of the Securities Act 2005 and section 130 of the Insurance Act 2005 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. 136 of 2014) FINANCIAL SERVICES (CONSOLIDATED LICENSING AND FEES) (AMENDMENT) RULES 2014 THE FINANCIAL SERVICES ACT 2007 FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act 2007, Section 155 of the Securities Act 2005 and Section 130 of the Insurance Act 2005.

  1. Citation These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2014.
  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 – (a) in Table for “Financial Services Providers/Activities”, by deleting item FS 1.3 and replacing it by the following new item – Code Licence Relevant Section of Financial Services Act 2007 (FSA 2007) Processing Fee (Rupees/ US$) Fixed Annual Fee (Rupees/ US$) Variable Annual Fee (Rupees /US$*) FS-1.3 Pension Scheme Administrator S 14 Rs.30,000 ($1,000) Rs.50,000 ($1,700) 10001- 15000 beneficiaries: 15001-20000 beneficiaries:

20000 beneficiaries: Rs 10,000 ($350) Rs 15,000 ($500) Rs 20,000 ($700)

(b) by deleting the table for “Authorisation to administer Private Pension Schemes” and replacing it by the following new table￾Authorisation to administer Private Pension Schemes Code Authorisation Relevant Section of Private Pension Schemes Act 2012 Processing Fee (Rupees/ US$) Annual Fee (Rupees/ US$) Variable Annual Fee (Rupees I US$) PPS￾2.1 Governing body to administer Private Pension Scheme S 27 Rs 30,000 ($ 1,000)

PPS￾2.2 Long-term insurer to administer Private Pension Scheme S 27 Rs.30,000 ($1,000) Rs.50,000 ($1,700) 10001- 15000 beneficiaries: 15001-20000 beneficiaries:

20000 beneficiaries: Rs 10,000 ($350) Rs 15,000 ($500) Rs 20,000 ($700)

  1. Commencement These Rules shall be deemed to have come into operation on 1 st July 2014. Made by the Financial Services Commission on 1 st July 2014.
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