Region

Jurisdiction

Regulator

2020-01-01

Financial Services (Investment Banking) (Amendment) Rules 2020

The Financial Services Commission of Mauritius issued these amendment rules to update the 2016 Investment Banking Rules by introducing new shareholder and Chief Executive Officer qualifications. License holders must now ensure that majority shareholders are regulated in Mauritius or an equivalent jurisdiction for at least five years, while the CEO requires a minimum of fifteen years relevant experience. Entities licensed before March 2019 that do not initially meet these criteria must submit a compliance plan to the Commission for approval within a specified timeframe.

Mauritius

Financial Services Commission Mauritius

648 Government Notices 2020 Government Notice No. 211 of 2020 THE FINANCIAL SERVICES ACT 2007 FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act 2007

These rules may be cited as the Financial Services (Investment Banking) (Amendment) Rules 2020.
In these rules – “principal rules” means the Financial Services (Investment Banking) Rules 2016.
The principal rules are amended – (a) by inserting immediately after rule 7 the following new rules – 7A Experience of shareholders and Chief Executive Officer (1) The majority of the shares of a holder of an investment banking licence, shall be held by an entity or a group with at least one entity regulated in Mauritius or an equivalent jurisdiction to provide investment banking, asset management, investment advisory, and/or corporate finance services for at least 5 years. (2) A holder of an investment banking licence shall at all times ensure that it has a Chief Executive Officer with at least 15 years relevant experience in investment banking, asset management, investment advisory and/ or corporate finance. (3) Where a holder of an investment banking licence issued before 31 March 2019 does not meet any requirements of this rule, it shall submit to the Commission a plan

Government Notices 2020 649 which will ensure that it will comply with this rule within a pre-determined timeframe approved by the Commission (4) For the purposes of this rule, a Chief Executive Officer is a person responsible for the conduct of the business of the organisation under the immediate authority of the board of directors; and (b) in rule 8, by adding the following subparagraph – (4) Where a holder of an investment banking licence issued before 31 March 2019 does not meet any requirements of this rule, it shall submit to the Commission a plan which will ensure that it will comply with this rule within a pre-determined timeframe approved by the Commission. 4. These rules shall be deemed to come into operation on 19 August 2020. Made by the Financial Services Commission on 19 August 2020.