The Mauritius Financial Services Commission has issued amendments to its framework for the imposition of administrative penalties, updating how settlement discounts are applied and clarifying circumstances in which settlement discussions are not permitted. The revised schedule introduces a staged discount structure based on when a licensee communicates its intention to settle: 50% for early settlement before referral to the Enforcement Committee, 20% for settlement after referral but before a Warning Notice is issued, and 10% for settlement after a Warning Notice but before a Decision Notice is issued. Settlement discussions are barred once a Decision Notice has been issued, while an application for review is being heard by the Financial Services Review Panel, where a matter has been remitted by the Panel to the Enforcement Committee for reconsideration, or where a matter has previously been settled by the Settlement Committee for similar breaches unless the Commission determines otherwise. The amendments come into operation on 1 July 2025.
Mauritius Financial Services Commission 2025-06-20
Mauritius Financial Services Commission sets new 50%, 20% and 10% settlement discounts and tightens when settlement discussions can occur
The Mauritius Financial Services Commission updated its administrative penalties framework, revising settlement discounts and clarifying when discussions are prohibited. Discounts are 50% for early settlement, 20% after referral but before a Warning Notice, and 10% after a Warning Notice but before a Decision Notice. Settlement discussions are barred post-Decision Notice and in specific review and reconsideration scenarios.