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2023-01-01

Financial Services (Administrative Penalties) (Amendment) Rules 2023

The Financial Services Commission issued these amendment rules to modify the schedule of the 2013 Administrative Penalties Rules by introducing fixed daily penalty amounts for specific filing obligations. The amended schedule mandates a penalty of Rs 300 (US$10) per business day for non-compliance with audited financial statement filing requirements under the 2021 Virtual Asset and Initial Token Offering Services Act and the 2019 Custodian Services Rules. These provisions take effect on 1 June 2023, establishing clear financial consequences for regulated entities.

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Financial Services Commission Mauritius

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Government Notice No. 70 of 2023 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act

  1. These Rules may be cited as the Financial Services (Administrative Penalties) (Amendment) Rules 2023.
  2. In these Rules – “principal rules” means the Financial Services (Administrative Penalties) Rules 2013.
  3. The Schedule to the principal rules is amended by adding the following new items – Legal Obligation Amount of administrative penalty for each business day of non-compliance (Rupees /US$*) An obligation, pursuant to Section 22(1) of the Virtual Asset and Initial Token Offering Services Act 2021, to file audited financial statement within such time as prescribed. Rs 300 (US$ 10) An obligation, pursuant to Rule 34 (2) of the Financial Services (Custodian services (digital asset)) Rules 2019, to file audited financial statement within such time as prescribed. Rs 300 (US$ 10)
  4. These Rules shall come into operation on 1 June 2023. Made by the Financial Services Commission on 5 May 2023. 350 Government Notices 2023
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