Region

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2018-01-01

Financial Services (Administrative Penalties) (Amendment) Rules 2018

The Financial Services Commission of Mauritius issued these amendment rules to modify the administrative penalty framework for licensed entities. The regulations amend Rule 3 of the principal 2013 rules by adding a new paragraph that caps penalties for specified violations committed after 31 December 2017 at 150,000 rupees (USD 5,000). Deemed effective from 1 January 2018, the amendments establish a clear monetary ceiling for regulatory enforcement actions against licensees.

Mauritius

Financial Services Commission Mauritius

LEGAL SUPPLEMENT 1 to the Government Gazette of Mauritius No. 47 of 26 May 2018 Reprint No. 1 of 2018 Reprint of the Financial Services (Administrative Penalties) (Amendment) Rules 2018, published as Government Notice No. 3 of 2018, by the direction of the Prime Minister for the purpose set out in section 3(a) of the Reprint of Laws Act Government Notice No. 3 of 2018 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 (Administrative Penalties) (Amendment) Rules 2018.
Interpretation In these rules – “principal rules” means the Financial Services (Administrative Penalties) Rules 2013.
Rule 3 of the principal rules is amended – (a) in paragraph (1), by deleting the word “Where” and replacing it by the words “Subject to paragraph (4), where”; (b) by adding the following new paragraph – (4) The administrative penalty payable in respect RIHDFKEUHDFKRIDOHJDOREOLJDWLRQVSHFL¿HGLQWKH¿UVW column of the Schedule and committed by a licensee after 31 December 2017 shall not exceed 150,000 rupees (USD 5,000).

2 Reprint of Laws 2018 4. These rules shall be deemed to have come into operation on 1 January 2018. Made by the Financial Services Commission on 12 January 2018. BY AUTHORITY: GOVERNMENT PRINTING DEPARTMENT, LA TOUR KOENIG 47/05/18 – 1189