MAURITIUS Financial Services Commission

www.fscmauritius.org

25 March 2008

Financial Services (Consolidated Licensing and Fees) Rules 2008

The Financial Services (Consolidated Licensing and Fees) Rules 2008 (“the Rules”) were 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 apply to all financial services (other than banking) licensed and regulated by the Commission.

These Rules have come into operation on 22 March 2008, following their publication in the Government Gazette.

The Rules set out a new licensing framework that provides, for the first time, a comprehensive codified list of all financial services and financial business activities licensable by the Commission.

The new licensing framework aims at streamlining the licensing process by providing clear sets of licensing criteria and requirements within a well defined and consolidated framework.

Prospective applicants, including service providers, will be able to ascertain the relevant licence, legal provisions, licensing requirements and fees applicable to the particular business they propose to conduct.

The Rules also provide for a new fee structure.

In devising this new fee structure, the Commission has adopted a consultative approach through regular meetings with industry representatives.

The Commission has considered the stage of development of the different sectors under its remit as well as the need to sustain the overall competitiveness of Mauritius as an international financial centre, in determining the fee structure.

The Rules provide for a specific code for each of the licensable financial services and financial business activities. The application forms and licensing requirements for each of the licensable services and activities are available for download from the Commission’s website.

Log on to the Commission’s website to download an Internet version of the Rules
(at www.fscmauritius.org or click on the link below):

» Financial Services (Consolidated Licensing and Fees) Rules 2008

Disclaimer: The above text is an Internet version prepared for information purpose only. The authoritative version is the one published in the Government Gazette (Government Notice No. 47 of 2008, Government Gazette of Mauritius No. 26 of 22 March 2008).