Regulatory Alerts2012-01-01
Added · Updated
Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2012
Issued by the Financial Services Commission of Mauritius, these rules amend the 2008 licensing regulations to update pension administrator classifications, remove specific specialized financial service codes, and establish a new fee schedule for private pension schemes. The revised framework specifies processing and annual fees in both Rupees and US dollars across multiple authorization codes under the Private Pension Schemes Act 2012. The amendments commenced on 1 November 2012 following their formal issuance on 31 October 2012.
The text below is an internet version of the Rules made by the FSC 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 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. FINANCIAL SERVICES (CONSOLIDATED LICENSING AND FEES) (AMENDMENT No. 2) RULES 2012 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 No. 2) Rules 2012.
- Interpretation In these Rules – “principal Rules” means the Financial Services (Consolidated Licensing and Fees) Rules
- The principal Rules amended Part 1 of the First Schedule to the principal Rules is amended – (a) in the Table for “Financial Service Providers / Activities” – (i) in Code FS-1.3 by deleting the words “Pension Fund Administrators” and replacing them by the words “Pension Scheme Administrator”; and (ii) by deleting Code FS-1.4; (b) in the Table for “Specialised Financial Services/ Institutions” by deleting Codes FS2.1, FS-2.2 and FS-2.6; and (c) by adding immediately after the Table for “The Trusts Act 2001” the following new table –
Private Pension Schemes Code Licence/Authori sation Relevant Section of Private Pension Schemes Act 2012 Processing Fee (Rupees/ US$) Variable Annual Fee (Rupees/ US$) PPS-1.1 Pension Scheme S 9 Rs 6,000 Rs 30 per member PPS-1.2 Foreign Pension Scheme S 10 $ 200 $ 1 per resident member PPS-1.3 External Pension Scheme S 12 $ 200 $ 1 per member Authorisation to administer Private Pension Schemes Code Authorisation Relevant Section of Private Pension Schemes Act 2012 Processing Fee (Rupees/US$) Annual Fee (Rupees/US$) PPS-2.1 Governing body to administer Private Pension Scheme S 27 Rs 30,000 ($ 1,000)
- Commencement These Rules shall come into operation on 1 st November 2012. Made by the Financial Services Commission on 31st October 2012.