Regulatory Alerts2018-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2018
The Financial Services Commission of Mauritius issued these rules to amend the 2008 Consolidated Licensing and Fees framework by introducing updated definitions for Category 1 and Category 2 Global Business Licences. The amendments standardize terminology across key provisions and schedules by replacing "GBC 1" with "GBC / GBC 1" and expanding licence references to include Global Business Licences. A tiered variable annual fee schedule for registered agents managing authorised companies is established, with fees ranging from 2,000 to 5,000 USD based on company count, and the rules take effect on 1 January 2019.
Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2018 GN No. 180 of 2018 Government Gazette of Mauritius No. 120 of 22 December 2018 FINANCIAL SERVICES ACT 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 (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2018.
- In these rules — “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules
- The principal rules are amended — (a) in rule 2, by inserting, in the appropriate alphabetical order, the following new definitions — (i) “Category 1 Global Business Licence” means a Category 1 Global Business Licence issued by the Commission on or before 16 October 2017; (ii) “Category 2 Global Business Licence” means a Category 2 Global Business Licence issued by the Commission on or before 16 October 2017; (b) in rule 10, by inserting after the words “Category 1 Global Business Licence”, the
words “, a Global Business Licence”; (c) in rule 12, by inserting after the words “Category 1 Global Business Licence”, the words “or a Global Business Licence”; (d) in rule 13 — (i) in sub-paragraph (2), by deleting the words “Category 1 and” and replacing them by the words “Category 1 Global Business Licence, a Global Business Licence and” (ii) in sub-paragraph (3), by deleting the words “Category 1 and” and replacing them by the words “Category 1 Global Business Corporation, a Global Business Corporation and” (e) in the First Schedule, in Part I, in the table with title “Corporate and Trust Service Providers”, — (i) in item FS-3.1A— (A) by inserting, after the words “Category 1 Global Business Licence” wherever they appear, the words “or a Global Business Licence”; (B) in the column for “Variable annual fee+ (USD)”, by adding the following new paragraph — 4. Authorised Company Where a licensee acts as registered agent for — (i) one to 50**** authorised companies; - (ii) 51 to 250**** authorised companies; 3,000
(iii) 251 to 500**** authorised companies; 4,000 (iv) more than 500**** authorised companies. 5,000 (ii) by adding the following paragraph — **** The number of Authorised Companies for which the licensee acted as registered agent, on 31st December of the year preceding the financial year for which fees are being paid. (f) in the First Schedule, in Part II, by inserting in item FS-4.1, after the words “Category 1 Global Business Licence”, the words “or Global Business Licence”; (g) in the First Schedule, in Part II, in the table with title “First Annual Licence Fee”, by deleting the words “GBC 1” and replacing them by the words “GBC / GBC 1”; (h) in the Second Schedule, in Part I, by deleting the words “GBC 1” and replacing them by the words “GBC / GBC 1”; (i) in the Second Schedule, in Part II, by deleting the words “GBC 1” and replacing them by the words “GBC / GBC 1”. 4. These Rules shall come into operation on 01 January 2019. Made by the Financial Services Commission on 21 December 2018.