The Mauritius Financial Services Commission has suspended its managed corporate service provider (MCSP) policy with immediate effect, revoked the governing 2005 Practice Notes and stopped accepting or processing new MCSP applications. The decision follows supervisory findings and market developments and ends a structure originally designed to let established foreign trust and corporate service providers test the Mauritian market before establishing a full presence. Pending applicants may restructure their submissions as applications for full Management Company licences, with fees already paid credited toward the new application, or withdraw and receive a full refund. Existing MCSPs that have exceeded the three-year operating limit have up to one year to apply for conversion, after which continued operation without conversion may result in enforcement action. MCSPs licensed in 2024, 2025 or 2026 may operate for the remainder of their respective three-year terms, but will receive enhanced supervision and no extensions. They must submit midterm reports showing progress toward independent premises, dedicated staff and systems. Conversion applications must meet current requirements for governance, substance, operational independence and capital adequacy.
Mauritius Financial Services Commission suspends managed corporate service provider policy and requires transition to full licensing
The Mauritius Financial Services Commission has suspended the MCSP policy, revoked its governing Practice Notes and stopped new applications with immediate effect. Pending applicants may seek full Management Company licences or obtain fee refunds, while existing MCSPs must transition under specified timelines. Recent licensees may complete their three-year terms under enhanced supervision but will receive no extensions.