Regulatory Alerts2011-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2011
The Financial Services Commission of Mauritius issued these 2011 Rules to amend the Consolidated Licensing and Fees Regulations by updating specific annual licence fees in the First Schedule, raising Corporate and Trust Service Provider fees to 5,000 US dollars and Global Business Licence fees to 1,750 US dollars. The amendment replaces the "First Annual Licence Fee" and "Charges" tables with revised schedules that adjust fees based on application months and payment timing. Coming into force on 1 January 2012, the rules include a transitional provision ensuring licensees who prepaid their annual fees for the financial year ending June 2012 are exempt from additional payments.
The text below is an internet version of the 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 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. FINANCIAL SERVICES (CONSOLIDATED LICENSING AND FEES) (AMENDMENT) RULES 2011 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.
- Citation These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2011.
- Interpretation In these Rules - “financial year” has the same meaning as in the principal Rules; “principal Rules” means the Financial Services (Consolidated Licensing and Fees) Rules
- The principal Rules amended The principal Rules are amended - (a) in the First Schedule - (i) in Part 1, in the table for “Corporate and Trust Service Provider” as follows - (A) in item FS-3.1A, by deleting the figure “3,000” and replacing it by the figure “5,000”;
(B) in item FS-3.1B, by deleting the figure “3,000” and replacing it by the figure “5,000”. (ii) in Part 2, in the table for “Global Business Licence”, in item FS-4.1, by deleting the figure “1,500” and replacing it by the figure “1,750”. (iii) in Part 3, by deleting the table for “First Annual Licence Fee” and replacing it by the table set out in the First Schedule to the present Rules.
(b) in the Second Schedule, in Part 1, by deleting the table for “Charges” and replacing it by the table set out in the Second Schedule to the present Rules. 4. Payment of annual fees prior to 01 January 2012 For the avoidance of doubt, where before the commencement of these Rules, a licensee has fully paid its annual fees for the financial year ending June 2012 in accordance with the principal Rules, it shall not be required to pay any additional annual fees for the financial year ending 30 June 2012. 5. Commencement These Rules shall come into operation on 01 January 2012. Made by the Financial Services Commission on 21 November 2011.
FIRST SCHEDULE [Rule 3] First Annual Licence Fee Months in which application is made GBC1 (US$) GBC2 (US$) Nominee (US$) Management Licence (US$) July – September 1,750 235 350 5,000 October – December 1,315 175 265 3,750 January – March 875 120 175 2,500 April – June 440 60 90 1,250
SECOND SCHEDULE [Rule 3] Charges Description Fees and Charges Payable for US$ If Annual Fee paid on GBC1 GBC2 Due Date 1,750 235 Within 1 month after due date 1,925 260 After 1 month, but within 3 months after due date 2,190 300 After 3 months, but within 6 months after due date 2,625 350 After 6 months, but within 12 months after due date 3,500 470