Regulatory Alerts2024-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2024
The Financial Services Commission of Mauritius issued these rules to amend licensing and fee requirements by shortening late payment grace periods to fifteen days, extending reinstatement application windows to three months, and updating USD fee schedules for Global Business Companies and Authorised Companies. The amendments allow licence reinstatement on just or reasonable cause, detailing specific reinstatement fees and monthly charges for lapsed licences. These provisions take effect on 1 July 2025.
The text below is an internet version of the FSC Rules made by the Commission under section 93 of the Financial Services Act and is for information purposes 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. 5 of 2024) read together with subsequent amendments in the Government Gazette of Mauritius. THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act (Consolidated version with amendments as at 28 June 2024)
- These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2024.
- In these Rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules
- The principal rules are amended – (a) in rule 14, – (i) in paragraph (1), by deleting the words “12 months” and replacing them by the words “15 days”; (ii) in paragraph (3), by deleting the words “12 months” and replacing them by the words “3 months”; (iii) by inserting the following new paragraph immediately after paragraph (3) – (3A) Notwithstanding paragraph (3), the Commission may on just or reasonable cause, reinstate a Global Business Licence when an application is made after 3 months from the date which the Global Business Licence has lapsed. (b) in rule 21, – (i) in paragraph (1), by deleting the words “12 months” and replacing them by the words “15 days”; (ii) in paragraph (3) by deleting the words “12 months” and replacing them by the words “3 months”;
(iii) by inserting the following new paragraph immediately after paragraph (3) – (3A) Notwithstanding paragraph (3), the Commission may on just or reasonable cause, reinstate an authorisation when an application is made after 3 months from the date which the authorisation has lapsed. (c) in the Second Schedule, (i) by deleting the table in Part 1 and replacing it by the following table – Part I Charges Description Fees and Charges Payable for (USD) If Annual Fee paid on GBC Due Date 1,950 Within 15 days after due date 2,440 (ii) by deleting the table in Part II and replacing it by the following table – Part II Reinstatement of GBC Description GBC USD Reinstatement Fee 500 Charges payable for the period starting from the date the licence lapsed to the date of application for reinstatement 300 per month*
- Includes the month on which the application for reinstatement is made.
(iii) by deleting Part III and replacing it by the following table – Part III Fees and Charges For Authorised Company Description Fees and Charges Payable (USD) If annual fee paid – (a) on due date 350 (b) within 15 days after due date 440 (iv) by deleting the Part IV and replacing it by the following table – Part IV Reinstatement of Authorised Company Description USD Reinstatement Fee 150 Monthly charges payable for the period starting from the date the licence lapsed to the date of application for reinstatement 75*
- Includes the month on which the application for reinstatement is made.
- These Rules shall come into operation on 01 July 2025. Made by the Financial Services Commission on 10 January 2024. Amended by FSC Rules [GN No. 110 of 2024]