Financial Services Commission Mauritius Financial Services Commission Mauritius - Newsletter
        01st December 2012
FSC Newsletter

The 2013 Budget approved in the National Assembly

The 2013 Budget was voted in Parliament on 28 November. Some of the measures announced by the Minister of Finance for the financial services sector have been entrusted to the Financial Services Commission. These measures will further enhance and consolidate the credibility and integrity of the financial architecture in Mauritius.

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Setting up of Technical Committees on Insurance Industry Compensation Fund and LLP Bill

Following the announcement of the Minister of Finance in his recent Budget speech of the implementation of a new Compensation Fund next year for victims of 'hit and run' accidents, and the presentation of the Limited Liability Partnership ('LLP') Bill to consolidate the geographical and product diversification of the financial services sector, the FSC has set up Technical Committees to ensure the implementation of these measures.

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New requirements for Tax Residence Certificate

With two decades of professional and valuable experience in the Global Business sector, Mauritius is today offering greater value-added services. As announced in the recent Budget, Tax Residence Certificates ('TRC') will henceforth only be issued upon compliance with enhanced commercial substance requirements which the FSC will be issuing shortly.

The Income Tax Act is being amended to enable the Mauritius Revenue Authority ('MRA') to charge a service fee for issuing of TRC.

The Indian Tax Authorities have imposed new requirements for Tax Residence Certificates and the MRA is now issuing TRCs in the new format for Category 1 Global Business Companies.  


FSC Industry Update on Capital Markets

The FSC held a workshop on 'Strengthening Market Integrity in the Changing Capital Markets Landscape" for industry representatives in the Capital Markets sector on Tuesday 20 November. The workshop was also an opportunity for networking amongst professionals in the sector.

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Enhanced Cooperation between FSC and Botswana NBFIRA

Officers of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) of Botswana were at the FSC from 05 to 16 November 2012 on attachment programme. This visit reinforced FSC's commitment to ensure effective cross-border cooperation, information sharing and capacity building with its African counterpart. 

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FSC Consumer Education Roadshow in Rodrigues

The FSC's campaign to promote public understanding of the financial system which started since the beginning of November is reaching its final stage for this year in Rodrigues. The FSC will do a presentation on financial services at the Rodrigues Regional Assembly and meet representatives of the business community on 30 November.

The FSC Team will conduct its consumer education roadshow on Saturday 01 December at La Varangue de l'Administration Central de Port-Mathurin. The campaign will be followed by a Career Fair.                   

IOSCO Emerging Markets Prepare for Bigger Role in the Global Economy

Members of the Emerging Market Committee ('EMC') of the International Organization of Securities Commission ('IOSCO') met for their Annual Conference in Santiago de Chile from 19 to 21 November to debate on their future within IOSCO, while stressing the importance of building regulatory capacity, and developing safe and robust securities markets in emerging economies.

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IOSCO publishes Recommendations for Securitisation Regulation

IOSCO published a final report on 16 November on 'Global Developments in Securitisation Regulation' which proposes a series of recommendations aimed at ensuring securitisation markets on a sound and sustainable basis.

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