Mauritius Financial Services Commission introduces Known to the Commission regime and extends Personal Questionnaire validity for certain applicants

The Mauritius Financial Services Commission has issued a circular letter introducing the Known to the Commission concept, a framework that lets the regulator rely on information already held on previously screened applicants. At the initial stage, the measure applies only to entities holding or applying for investment funds, Investment Adviser Restricted and Investment Adviser Unrestricted licences, as well as their relevant officers and beneficial owners. To qualify, an applicant must have held at least one valid financial services activity licence issued by the Commission for the past three years, be in good standing on fees and reporting, have no adverse hits or red flags, and already have relevant data and due diligence documents on file with the Commission. As part of the change, the Commission will in appropriate cases treat a Personal Questionnaire as valid for two years from its initial submission where there has been no material change, although a fresh filing remains required if information has changed or the questionnaire is no longer valid, and the Commission may still request a new one at its discretion. Applicants meeting the criteria must submit a Letter of Confirmation or Undertaking signed by one director or alternate director and the compliance officer. The letter must confirm the three-year licensing history, good standing, up-to-date Personal Questionnaires, valid customer due diligence documents and passports, and screening checks conducted one week before the application, while undertaking to provide updated documents promptly if any material change or expiry occurs.