Regulatory Alerts2022-01-01
Financial Services (Framework for the Imposition of Administrative Penalties) Rules 2022
The Financial Services Commission of Mauritius has established a comprehensive framework for imposing administrative penalties on licensees under the Financial Services Act. The rules mandate that penalties be calculated as a percentage of relevant gross income, ranging from one to fifteen percent based on breach severity, while allowing for early settlement discounts, mitigating factors, and financial hardship reductions. Capped at ten million Mauritian rupees, the framework operates alongside existing sanctions and applies to breaches occurring on or after October 2022.
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