Regulatory Alerts2021-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2021
The Financial Services Commission has amended the First Schedule to its Consolidated Licensing and Fees Rules 2008 by updating the fee structures for single and multiple Family Office licenses under Section 14. The amendment introduces specific Mauritian Rupee equivalents alongside existing United States Dollar amounts for processing, fixed annual, and variable annual fees. These revised fee schedules officially commence on 6 March 2021, directly adjusting licensing costs for family office operators.
Government Notices 2021 1099 OliImac1 / Govt Notices 2021 / The FS (Consolidated Licensing and Fees) (Amend) Rules 2021 / 1st Proof - 01.03.2021 Government Notice No. 39 of 2021 THE 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 (Consolidated Licensing and Fees) (Amendment) Rules 2021.
- In these Rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The First Schedule to the principal rules is amended, in PART I, under the heading “FINANCIAL SERVICE PROVIDERS/ ACTIVITIES”, – (i) by deleting the following items – Code Licence Section Act Processing Fee Fixed Annual Fee Variable Annual fee FS 1.12 Overseas Family Office (single) 14 RS 30,000 USD 1000 Rs 75,000 USD 2500 - FS 1.13 Overseas Family Office (multiple) 14 Rs 30,000 USD 1,000 which includes the first family and Rs 15,000 (USD
- for each additional family Rs 75,000 USD 2500 which includes the first family and Rs 15,000 (USD 500) for each additional family
(ii) by deleting the following items –
OliImac1 / Govt Notices 2021 / Name/Imac01/Govt Notices/2021/XXXXX - xx.xx.2021 - 1st Proof The FS (Consolidated Licensing and Fees) (Amend) Rules 2021 / 1st Proof - 01.03.2021 1100 Government Notices 2021 By Authority: Government Printing Department, La Tour Koenig 21/03/2021 – 1070 Code Licence Section Act Processing Fee Fixed Annual Fee Variable Annual fee FS 1.15 Family Office (single) 14 USD 2500 USD 5000 - FS 1.16 Family Office (multiple) 14 USD 5000 USD 10000 - and replacing same by – Code Licence Section Act Processing Fee Fixed Annual Fee Variable Annual fee FS 1.15 Family Office (single) 14 Rs 100,500 USD 2500 Rs 201,000 USD 5000 - FS 1.16 Family Office (multiple) 14 Rs 201,000 USD 5000 Rs 402,000 USD 10000 - 4. Commencement These Rules shall come into operation on 6 March 2021. Made by the Financial Services Commission on 6 March 2021.