Mauritius Expands Financial Services Industry
The Financial Services Commission of Mauritius has announced that new rules
opening up the jurisdiction's financial services industry to four new types
of business have been published in the government gazette. The new rules, drafted by the FSC, include the Financial Services (Other financial
business activity) Rules 2008 and the Financial Services (Consolidated licensing
and fees)(Amendment) Rules 2008. The Financial Services (Other financial business activity) Rules 2008 provide
for four new activities in addition to the financial business activities set
out in the Second Schedule of the Financial Services Act 2007: Credit Rating
Agencies/Rating Agencies; Payment Intermediary Services; Actuarial Services;
and Representative Offices (for financial services provided by a person
established in a foreign jurisdiction). The Financial Services (Consolidated licensing and fees)(Amendment) Rules 2008
amend Part 1 of the First Schedule of the Financial Services (Consolidated licensing
and fees) Rules 2008. The amendments provide the appropriate fees for the new
activities and certain adjustments in the presentation of the fee schedule for
other activities. According to the Commission, the amendments will not affect existing licensees
and will not change the existing fee structure, except in some limited cases
where alignments were considered necessary. .
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