Relevant Amendments in line with the Finance (Miscellaneous Provisions) Act 2018

Relevant Amendments in line with the Finance (Miscellaneous Provisions) Act 2018

The Financial Services Act


(vi) to extend the scope of the offence with respect to a person who destroys, falsifies, conceals or disposes of, or causes or permits the destruction, falsification, concealment or disposal of any document, information stored on a computer or other device where such information is relevant to the Commission;


(vii) to clarify that the Review Panel needs to receive the application for review within 21 days of the issue of the written notification;


(viii) to allow for any determination of the Financial Services Review Panel to be published except that any information which the Financial Services Review Panel considers to be sensitive shall be omitted;


(ix) to allow the FSC to regulate Custodian Services (Digital Asset) and Digital Asset Marketplace;


(x) to allow the FSC to make Regulations for the authorisation of Compliance Services and Global Shared Services;


(xi) so that the FSC will no longer issue Category 2 Global Business Licence;


(xii) to rename the Category 1 Global Business Licence as Global Business Licence;


(xiii) to remove all restrictions applicable to dealings in Mauritius;


(xiv) to provide that all resident corporations incorporated/registered under the laws of Mauritius whose majority shareholdings/parts are held by non-citizen and which conduct business principally outside Mauritius will be required to seek a Global Business Licence or an authorisation from the FSC, through a duly appointed Management Company. The latter will be responsible for ensuring compliance with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), Legal, Regulatory and Corporate Governance requirements relevant to these resident corporations;


(xv) provide for enhanced substance requirements for entities holding a Global Business Licence; and


(xvi) to re-align the Financial Services Act with the amendments brought in the Financial Intelligence and Anti-Money Laundering Act in order to comply with the Financial Action Task Force (FATF) Standards on Customer Due Diligence.


The Securities Act


The Securities Act has been amended to allow the FSC to make Rules to cater for any new market participants in securities exchanges.


The Insurance Act


The Insurance Act has been amended to allow an insurance manager to manage domestic insurance business.


The Captive Insurance Act


The Captive Insurance Act has been amended to be in conformity with the substance requirements of the Organisation for Economic Co-operation and Development (OECD).