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ARTICLE · 19 OCTOBER 2023

New Regulatory Modifications On Securities Issuance: The Securities (Preferential Offer) (Amendment) Rules 2023

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The Financial Services Commission of Mauritius (FSC) has recently introduced the Securities (Preferential Offer) (Amendment) Rules 2023. This directive amends the existing Securities...

MauritiusCorporate/Commercial Law
Malcolm Moller
Malcolm Moller
Vaishali Damonaiko
Vaishali Damonaiko
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The Financial Services Commission of Mauritius (FSC) has recently introduced the Securities (Preferential Offer) (Amendment) Rules 2023. This directive amends the existing Securities (Preferential Offer) Rules 2017, with the primary intention of offering amplified clarity concerning the issuance of debt securities and ensuring the rules are in harmony with current market practices.

The amendments bring about substantial changes in the following areas:

  1. Expansion in definition of 'Issuer':
    The 2017 Rules have redefined "issuer" to now include issuers of various debt securities like debentures, debenture stock, loan stock, bonds, convertible bonds, or analogous instruments. This move broadens the term's scope, capturing a wider spectrum of financial transactions.

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