Applying for a Licence

Entities operating in the Securities sector are licensed under the Securities Act (SA). The SA provides a comprehensive framework enabling entities to operate in full transparency and lists all the requirements/criteria and the prudential norms which need to be followed and the relevant disclosures.

The FSC licenses, under the Insurance Act (IA), insurance/ reinsurance companies as well as insurance service providers (Insurance Broker, Insurance Agent (company /individual), Insurance Manager, Insurance Salesperson and Claims Professional) to conduct insurance business activities.

The FSC licenses, under the The Private Pension Schemes Act 2012 (PPSA), private pension schemes, external pension schemes and foreign pension schemes.

The reputation of Mauritius as an International Financial Centre rests on the quality of its services and its pool of highly qualified professionals. The Financial Services Act (FSA) adopted in 2007, simplifies the regulatory regime and consolidates the legislative framework of the global business sector. 

In monitoring the conduct of business activities of its licensees, the FSC focuses inter alia on market conduct, Anti-Money Laundering and Combating the Financing of Terrorism requirements, corporate governance principles and international norms and standards.

The Second Schedule (Section 2) of the Financial Services Act provides for Financial Business Activities, in respect of Non-Banking Financial Institutions (NBFI's). These are categorised mainly into the financial services providers/activities and the specialised financial services/institutions.

The FSC ensures, prior to licensing any NBFI's that the applicant meets the "fit and proper" criteria and that it fulfills prudential requirements and conditions of operation.