Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2008

The text below is an internet version of the rules, with amendments, issued by the Commission under the Financial Services Act 2007, the Securities Act 2005 and the Insurance Act 2005 and is for information purpose only. Whilst reasonable care has been taken to ensure its accuracy, the authoritative version is the one published in the Government Gazette of Mauritius. (GN NO. 201 OF 2008) FINANCIAL SERVICES (CONSOLIDATED LICENSING AND FEES) (AMENDMENT) RULES 2008 FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007, section 155 of the Securities Act 2005 and section 130 of the Insurance Act 2005.

1. Citation These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2008.
2. Interpretation In these Rules - "Principal Rules" means the Financial Services (Consolidated Licensing and Fees) Rules
4. Rule 2 of the Principal Rules amended Rule 2(1) of the Principal Rules is amended by adding, in the definition of "due date", immediately after the word "issued" the words "or the end date of such period as may otherwise be specified".
5. First Schedule of the Principal rules amended Part 1 of the First Schedule to the Principal Rules is deleted and replaced with the Schedule to these Rules.
6. Commencement

These Rules shall come into operation on the date of its publication in the Government Gazette. Made by the Financial Services Commission on 22 September 2008.

SCHEDULE ( Rule 4) PART 1 Financial Service Providers / Activities Code Licence Relevant Section of Financial Services Act 2007 (FSA 2007) Processing Fee (Rupees I US$) Fixed Annual Fee (Rupees I US$) Variable Annual Fee (Rupees I US$*) FS-1.1 Assets Management S 14 Rs.25,000 ($1,000) Rs. 50,000 ($1,500)

FS-1.2 Distribution of Financial Products S 14 Rs. 10,000 ($500) Rs.25,000 ($1,000)

FS-1.3 Pension Fund Administrators S 14 Rs.25,000 ($1,000) Rs.50,000 ($1,500) 51-250 Cos: 251-500 Cos:

500 Cos: Rs 10,000 ($500) Rs 15,000 ($700) Rs 20,000 ($1000) FS-1.4 Pension Scheme Management S 14 Rs.25,000 ($1,000) Rs.50,000 ($1,500) 51-250 Cos: 251-500 Cos: 500 Cos: Rs 10,000 ($500) Rs 15,000 ($700) Rs 20,000 ($1000) FS-1.5 Registrar and Transfer Agent S 14 Rs.10,000 ($500) Rs.25,000 ($1,000) - FS-1.6 Treasury Management S 14 Rs.25,000 ($1,000) Rs.50,000 ($1,500) 51-250 Cos: 251-500 Cos: 500 Cos : Rs 10,000 ($500) Rs 15,000 ($700) Rs 20,000 ($1000) FS-1.7 Custodian Services (non-CIS) S 14 Rs.25,000 ($1,000) Rs.50,000 ($1,500)

The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. Specialised Financial Services/Institutions Code Licence Relevant Section of FSA 2007 Processing Fee (Rupees / US$) Fixed Annual Fee ( Rupees / US$* ) Variable Annual Fee ( Rupees / US$* ) F.S-2.1 Retirement Benefits Scheme S 14 Rs 25,000 ($1,000)

Rs 250 ($10) per member subject to a minimum of Rs 2,500 ($100) and a maximum of Rs 150,000 ($6,000)

F.S-2.2 Superannuation Funds S 14 Rs 25,000 ($1,000)

Rs 250 ($10) per member subject to a minimum of Rs 2,500 ($100) and a maximum of Rs 150,000 ($6,000) F.S-2.3 Credit Finance S 14 Rs 25,000 ($1,000) Rs 50,000 ( $ 1,500)

F.S-2.4 Factoring S 14 Rs 25,000 ($1,000) Rs 50,000 ( $ 1,500)

F.S-2.5 Leasing S 14 Rs 25,000 ($1,000) Rs 50,000 ( $ 1,500)

F.S-2.6 Occupational Pension Scheme S 14 Rs 25,000 ($1,000)

Rs 250 ($10) per member subject to a minimum of Rs 2,500 ($100) and a maximum of Rs 150,000 ($6,000) F.S-2.7 Actuarial Scheme S 14 Rs 25,000 ($1,000) Rs 50,000 ( $ 1,500)

F.S-2.8 Credit Rating Agencies / Rating Agencies S 14 Rs 50,000 ($2,000) Rs 100,000 ( $ 3,000)

F.S-2.9 Payment Intermediary Services S 14 Rs 25,000 ($1,000) Rs 50,000 ( $ 1,500)

F.S-2.10 Representative Office (for financial services provided by a person established in a foreign jurisdiction) S 14 Rs 25,000 ($1,000) Rs 50,000 ( $ 1,500)

F.S-2.11 Other Financial Business Activity S 14 Rs 25,000 ($1,000) Rs 50,000 ( $ 1,500) - *The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. C orporate and Trust Service Provider Code Licence/Approval Relevant Section of FSA 2007 Processing Fee (US$) Annual Fee (US$) FS-3.1A Management Licence S 77 500 3,000 FS-3.1B Management Licence (Qualified I Corporate Trustee only) S 77 500 3,000 FS-3.2 Nominee Company (Approval) S 78 250 350 Self-Regulatory Organisations (SROs) Code Declaration / Recognition Relevant Section of FSA 2007 Processing Fee Fixed Annual Fee Variable Annual Fee FS-5.1 SRO S33 To be determined by the Commission on each case

Providers of Market Infrastructure Code Licence Relevant Section of Securities Act 2005 Processing Fee (Rupees) Fixed Annual Fee (Rupees) Variable Annual Fee SEC-1.1 Securities Exchange S 9 250,000 Minimum of 500,000 To be determined by the Commission SEC-1.2 Clearing and Settlement Facility S 10 250,000 Minimum of 500,000 To be determined by the Commission SEC-1.3 Securities Trading Systems S 11 250,000 - - Reporting Issuer Code Registration Relevant Enactment Registration Fee (Rupees) Fixed Annual Fee (Rupees) Variable Annual Fee SEC-4.4 Reporting Issuer S 86 and Rule 3 of Securities (Disclosure Obligations of Reporting Issuer) Rules 2007 10,000 - - Securities or Capital Market Intermediaries Code Licence Relevant Section of Securities Act 2005 Processing Fee (Rupees I US$) Fixed Annual Fee (Rupees I US$) Other Fee SEC-2.1A Investment Dealer (Full Service Dealer including Underwriting) S 29 and S 53 Rs.100,000 ($3000) Rs.250,000 ($7500) As per Stock Exchange (Brokerage) Regulations 1989 SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting) S 29 Rs.7,500 ($750) Rs.50,000 ($2000) SEC-2.2 Investment Dealer (Broker) S 29 Rs.5,000 ($500) Rs.30,000 ($1750) SEC-2.3 Investment Dealer (Discount Broker) S 29 Rs.2,500 ($250) Rs.20,000 ($1250) SEC-2.4 Investment Adviser (Unrestricted) S 30 Rs.5,000 ($ 500) Rs.25,000 ($ 1,500)

SEC-2.5 Investment Adviser (Restricted) S 30 Rs.5,000 ($ 500) Rs.15,000 ($ 1,000)

SEC-2.6A Representative of Investment Dealer (Full Service Dealer) Type 1 S 29 Rs.2,500 ($250) Rs.10,000 ($750)

SEC-2.6B Representative of Investment Dealer (Full Service Dealer) Type 2 S 29 Rs.2,500 ($250) Rs.10,000 ($750)

SEC-2.6C Representative of Investment Dealer (Full Service Dealer) Type 3 S 29 Rs.2,500 ($250) Rs.10,000 ($750)

SEC-2.6D Representative of Investment Dealer (Broker) Type 1 S 29 Rs.2,500 ($250) Rs.10,000 ($750)

SEC-2.6E Representative of Investment Dealer (Broker) Type 2 S 29 Rs.2,500 ($250) Rs.10,000 ($750)

SEC-2.6F Representative of Investment Dealer (Discount Broker) S 29 Rs.2,500 ($250) Rs.10,000 ($750)

SEC-2.7A Representative of Investment Adviser (Unrestricted) S 30 Rs.2,500 ($250) Rs.10,000 ($750) - SEC-2.7B Representative of Investment Adviser (Restricted) S 30 Rs.2,500 ($250) Rs.10,000 ($750)

The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence, and its representatives respectively. Collective Investment Schemes and Closed-end funds Code Authorised / Recognised / Approved Relevant Section of Securities Act 2005 Processing Fee (Rupees / US$) Fixed Annual Fee (Rupees / US$*) Collective Investment Schem e (CIS) SEC-3.1A CIS (Single fund) S 97 Rs.25,000 ($ 1,000) Rs.75,000 ($ 2,500) SEC-3.1Bv CIS (having more than 1 fund) S 97 Rs.25,000 ($ 1,000) which includes the first fund and Rs.5,000 ($ 300) for each additional fund Rs.75,000 ($ 2,500) which includes the first fund and Rs.10,000 ($ 500) for each additional fund SEC-3.1Cv CIS (Protected Cell Company) S 97 $ 1,000 which includes the first cell and $ 300 for each additional cell $ 2,500 which includes the first cell and $ 500 for each additional cell Closed-end fund SEC-3.2A Closed-end fund (Single Fund) S 97 Rs.25,000 $ 1,000 Rs.75,000 $ 2,500 SEC-3.2Bv Closed-end fund (having more than 1 fund) S 97 Rs.25,000 ($1,000) which includes the first fund and Rs.5,000 ($ 300) for each additional fund Rs.75,000 ($ 2,500) which includes the first fund and Rs.10,000 ($ 500) for each additional fund

SEC-3.2Cv Closed-end fund (Protected Cell Company) S 97 $ 1,000 which includes the first cell and $ 300 for each additional cell $ 2,500 which includes the first cell and $ 500 for each additional cell Foreign Scheme SEC-3.3A Single Fund S 101 $ 1,000 - SEC-3.3B Scheme with more than 1 subfund - S 101

For the recognition of the 1st to 25th sub-fund $ 1,000 for each subfund - For the recognition of the 26th to 50th sub-fund $750 for each additional sub-fund - For the recognition of the 51st sub fund and any additional sub fund $500 for each additional sub fund

Except for the fees under the heading Foreign Scheme, the fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence CIS Functionaries and Professionals Code Liccnce/Approval Relevant Section of Securities Act 2005 Processing Fee (Rupees / US$) Fixed Annual Fee (Rupees / US$) SEC-4.1 Custodian S 100 Rs.25,000 ($ 1,000) Rs.50,000 ($ 2,000) SEC-4.2 CIS Manager S 98 Rs.25, 000 ($ 1,000) Rs.50,000 ($ 2,000) SEC-4.3 CIS Administrator (Approval) S 99 Rs.15,000 ($ 500) Rs.30,000 ($ 1,000) The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a Corporation holding a Global Business Licence. Insurers / Reinsurers Code Licence Relevant Section Of Insurance Act 2005 Processing Fee (Rupees / US$) Fixed Annual Fee (Rupees / US$) Variable Annual Fee - payable on quarterly basis ┼ (Rupees / US$*) INS-1.1 Long-Term Insurance Business S 11 Rs.75,000 Rs.100,000 (0.35% * Gross Premium from policies issued on or after 1 July 2008

INS- 1.2 General Insurance Business S 11 Rs.75,000 Rs.100,000 (0.35% * Gross Premium) INS-1.3 External Insurance Business S 11 $ 1,000 $ 1,500 - INS-1 4 Professional Reinsurer S 11 Rs.25,000 ($ 1,000) Rs.50,000 ($1,500)

The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence ┼the variable annual fees corresponding to the licence shall be payable within 20 days after the end of every quarter in September, December, March and June. Insurance Service Providers Code Licence Relevant Section of Insurance Act 2005 Processing Fee (Rupees/US$) Fixed Annual Fee ( Rupees/US$* ) INS-2.1 Insurance Manager S 70 $ 1,000 $ 1,500 INS-2.2 A Insurance Agent (Company) S 70 Rs.5,000 ($ 500) Rs.15,000 ( $ 1,000) INS-2.2 B Insurance Agent ( Individual ) S 70 Rs.2,500 Rs.6,000 INS-2.3 Insurance Broker S 70 Rs.10,000 ($ 750) Rs.50,000 ( $ 1,500) INS-2.4 Insurance Salesperson ( Registration ) S 75 Rs.1,000 Rs.2,000 INS-2.5 Claims Professional S 78 Rs.25,000 - *The fees set out in US$ shall be applicable for a Global Business Licence or a corporation holding a Global Business Licence The Trust Act 2001 Code Approval/Authorisation Relevant Section of Trust Act Processing Fee Rupees TAC-1.1 Qualified Trustee (other than a Management Company) - Authorisation S 2 Rs.10,000 TAC-1.2 Enforcer (purpose trust created by a Mauritian national only) S 19 and S 21 - TAC-1.3 Successor to Enforcer (purpose trust created by a Mauritian national only) S 19 -