Regulatory Alerts2022-01-01
Financial Services (Administrative Penalties) (Amendment) Rules 2022
The Financial Services Commission of Mauritius amended the penalty schedule to establish a fixed US$ 10 per business day administrative penalty for non-compliance with the annual financial summary filing obligation. The rules delete a redundant reference to financial summaries in the existing schedule and explicitly codify this new penalty amount under section 71A(10) of the Financial Services Act 2007. These amendments commenced on 11 June 2022 and apply to all regulated entities required to submit their financial summaries annually.
LEGAL SUPPLEMENT 2181 to the Government Gazette of Mauritius No. 82 of 11 June 2022 OliImac1 / Govt Notices 2022 / The FS (Administrative Penalties) (Amend) Rules 2022 / 1 Proof - 09/06/22 Government Notice No. 140 of 2022 THE FINANCIAL SERVICES ACT 2007 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 2022.
- In these rules – “principal rules” means the Financial Services (Administrative Penalties) Rules 2013.
- The Schedule to the principal rules is amended – (i) by deleting the words “or financial summaries,” in the second row under the heading “Legal Obligation”; and (ii) by adding the following new item – Legal Obligation Amount of administrative penalty for each business day of non-compliance (Rupees /US$*) An obligation, pursuant to section 71A (10) of the Act, to file with the Commission, once in every year, a financial summary. US$ 10
- Commencement These rules shall come into operation on 11 June 2022. Made by the Financial Services Commission on 11 June 2022. By Authority: Government Printing Department, La Tour Koenig 82/06/2022 – 1045