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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