The Mauritius Financial Services Commission issued amendments to its administrative penalties framework, updating the settlement discount schedule and clarifying the circumstances in which discounts and settlement discussions are available. The changes also tighten the treatment of serious breaches by expressly including financial crime within that concept for the relevant note in the framework. Under the revised schedule, discounts depend on when a licensee communicates its intention to settle: 50% for early settlement before the matter is referred to the Enforcement Committee, 20% between referral and the issue of a Warning Notice, 10% between the issue of a Warning Notice and the issue of a Decision Notice, and 0% after a matter has been remitted to the Enforcement Committee by the Financial Services Review Panel for reconsideration. The amendments specify that discounts apply only where the Commission agrees to enter settlement discussions that result in a conclusive settlement outcome, and prohibit settlement discussions once a Decision Notice has been issued, while a review application is being heard by the Financial Services Review Panel, or after remittal by the panel for reconsideration. The amendments come into operation on 24 February 2025.
Mauritius Financial Services Commission 2025-02-18
Mauritius Financial Services Commission revises administrative penalty settlement discounts and restricts when settlement discussions can take place
The Mauritius Financial Services Commission has amended its administrative penalties framework, updating the settlement discount schedule and clarifying conditions for discounts and settlement discussions. The changes include a tiered discount system based on the timing of settlement intentions and explicitly categorize financial crime as a serious breach. The amendments take effect on 24 February 2025.