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Mauritius FSC Unveils New Licensing Conditions

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

25 January 2005

Mauritius's Financial Services Commission earlier this month unveiled new licensing conditions applicable to entities licensed under the Financial Services Development Act 2001, which are set to come into force on February 2.

According to the FSC, the new licensing conditions will be applicable to all companies licensed from that date onwards, but will not apply to the following categories of licensees:

  • Insurance Companies, Insurance Agents, Insurance Brokers and Insurance Salespersons operating in the domestic market and which are governed by the provisions of the Insurance Act 1987;
  • Stockbrokers, Dealer’s Representatives, Stockbroking Companies, Investment Clubs and Approved Investment Institutions which are licensed/registered/approved under the Stock Exchange Act 1988;
  • Category 2 Global Business Companies (GBC 2s). The licensing conditions for GBC 2s are already standardised.

The Commission went on to add that licensing conditions of existing licensees will be replaced by the new licensing conditions by January 1, 2006.

Any licensee who objects to the change of its licensing conditions is requested to give notice of its objection and show cause, at latest by the end of September, why the new licensing conditions should not be amended as the FSC proposes.

The full text of the new Licensing Conditions can be found in the Tax News Resources section

 

 






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