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2022-01-01

Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2022

The Financial Services Commission amended the First Schedule of its Consolidated Licensing and Fees Rules 2008 to establish a comprehensive fee structure for Variable Capital Companies. The updated schedule specifies processing and annual fees in Mauritian Rupees and US dollars, scaled according to the number of sub-funds, special purpose vehicles, and authorized fund classifications such as Special Purpose Funds and REITs. These regulatory changes commenced on 1 June 2022.

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2106 Government Notices 2022 Vinit/Imac05/Govt Notices/2022/FS (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2022 - 03.06.2022 - 1st Proof Government Notice No. 135 of 2022 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 (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2022.
  2. In these rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
  3. The First Schedule to the principal rules is amended in PART 1, by adding the following new table – Variable Capital Company Code Authorisation Relevant Section of the Variable Capital Company Act Processing Fee Fixed Annual Fee Variable Annual Fee VCC￾1.1 VCC Fund Section 7 Rs. 45,000 (USD 1000) inclusive of the first sub￾fund; and Rs 22,500 (USD 500) for each additional sub-fund or SPV Rs. 135,000 (USD 3000) inclusive of the first sub￾fund ; Rs 45,000 (USD 1,000) each, for the 2nd to the 5th sub-fund/SPV; and

Government Notices 2022 2107 Vinit/Imac05/Govt Notices/2022/FS (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2022 - 03.06.2022 - 1st Proof Rs 87,750 (USD 1,950) For each additional sub￾fund or SPV An additional annual fees of Rs 225,000 (USD 5000) for each sub￾fund which is authorised to operate as a Special Purpose Fund An additional annual fees of Rs 225,000 (USD 5000) for each sub￾fund which is authorised to operate as a REIT 4. Commencement These rules shall come into operation on 1 June 2022. Made by the Financial Services Commission on 1 June 2022.

By Authority: Government Printing Department, La Tour Koenig 78/06/2022 – 928

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