The Financial Services Commission, Mauritius issued a circular letter to management companies and licensed non-bank financial institutions after observing a rise in breaches of pre-approval and notification requirements for changes in ownership and appointments under sections 23 and 24 of the Financial Services Act and similar provisions in other relevant legislation. The circular highlights cases where licensees proceeded without FSC approval for issuances or transfers of shares or beneficial interest exceeding 5%, issuances or transfers below 5% that result in a change in control, and the appointment of officers. It also notes failures to notify the FSC of issuances or transfers of legal or beneficial interest below 5% as required under section 23(1A)(b), with notifications due within 14 days in line with an FSC communiqué issued on 31 January 2017. The FSC drew attention to paragraph 4.6 of the Code of Business Conduct and stated it reserves the right to initiate enforcement action where licensees are found non-compliant with legal provisions and/or licence conditions.
Mauritius Financial Services Commission 2025-05-20
Mauritius Financial Services Commission reminds licensees to obtain approval for material share changes and officer appointments and to notify smaller transfers
The Financial Services Commission, Mauritius issued a circular to management companies and licensed non-bank financial institutions about breaches of pre-approval and notification requirements for ownership changes and appointments under the Financial Services Act. It addresses unauthorized share issuances or transfers exceeding 5%, changes in control from transfers below 5%, and failures to notify the FSC. The FSC emphasized adherence to the Code of Business Conduct and warned of potential enforcement actions for non-compliance.