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.
Government Notice No. 170 of 2023 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act
- These Rules may be cited as the Financial Services (Framework for the Imposition of Administrative Penalties) (Amendment) Rules 2023.
- In these Rules – “principal rules” means the Financial Services (Framework for the Imposition of Administrative Penalties) Rules 2022.
- The Schedule to the principal rules is amended in Part III, in Note 2 by deleting paragraphs 3 and 4 and replacing them by the following new paragraphs: (3) Where the breach lasted for more than 12 months, the amount of administrative penalty will be calculated on the “relevant gross income” of the licensee for that specific period. (4) Where the licensee was in existence for less than 12 months, its “relevant gross income” will be calculated on a pro-rata basis.
- These Rules shall come into operation on 18 November 2023. Made by the Financial Services Commission on 15 November 2023. LEGAL SUPPLEMENT 985 to the Government Gazette of Mauritius No. 98 of 18 November 2023 By Authority: Government Printing Department, La Tour Koenig 98/11/2023 – 954
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