Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2020

The Financial Services Commission issued these rules to formally classify Peer-to-Peer Lending as a distinct financial service activity. The amendment adds a new schedule item specifying application and annual license fees of Rs 30,000 (USD 1,000) and Rs 60,000 (USD 2,000), plus a regulatory charge of 0.35 percent on gross peer-to-peer lending revenues. These licensing and fee structures commence on 15 August 2020, establishing clear financial obligations for new and existing providers in this sector.

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Government Notices 2020 557
Reena_imac 2/Govt Notices/2019/XXXXX - xx.xx.2019 - 1st Proof Reena_IMAC2/Govt Notices/2020/ FS_Consolidated Licensing and fees_amd 3/ 140.08.2020 - 1st Proof Government Notice No. 185 of 2020 FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under
section 93 of the Financial Services Act 2007

Citation
These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2020.
Interpretation
In these rules –
“Principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
The Principal rules amended
The First Schedule to the Principal rules is amended, in PART I, under the heading “FINANCIAL SERVICE PROVIDERS/ ACTIVITIES”, by inserting immediately after item FS- 1.16 the following new item – FS-1.17 Peer to Peer Lending 14 Rs 30,000 (USD 1,000) Rs 60,000 (USD 2,000) 0.35% of gross fees from Peer to Peer lending activities
Commencement
These rules shall come into operation on 15 August 2020. Made by the Financial Services Commission on 15 August 2020. –––––––––– By Authority: Government Printing Department, La Tour Koenig 104/08/2020 – 1074

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Lineage: In force

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Source: Financial Services Commission Mauritius — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works