Regulatory Alerts2023-01-01
Financial Services (Framework for the Imposition of Administrative Penalties) (Amendment) Rules 2023
The Financial Services Commission of Mauritius amends the 2022 administrative penalty framework by replacing key calculation provisions in the Schedule to the principal rules. The updated regulations mandate that penalties for breaches lasting over twelve months be calculated using the licensee's relevant gross income, while licensees operating for less than a year receive pro-rata assessments. These amendments formally take effect on 18 November 2023, ensuring precise financial penalties aligned with operational duration and revenue.
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