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ARTICLE · 29 NOVEMBER 2016

Global Legal Advisory Service Licence – Are We Ready For It!

Juristconsult Chambers
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Following the announcement made in the Budget Speech 2016, the Finance (Miscellaneous Provisions) Act 2016 was enacted.

MauritiusFinance and Banking
Khemila Narraidoo
Khemila Narraidoo

Following the announcement made in the Budget Speech 2016, the Finance (Miscellaneous Provisions) Act 2016 was enacted. This Act amends the Financial Services Act to empower the Financial Services Commission, Mauritius (the 'FSC') to grant licences in the field of Global Legal Advisory Services. The way the amendments in the Finance (Miscellaneous Provisions) Act 2016 have introduced the concept of 'Global Legal Advisory Services' is at best confusing and raises a number of challenging issues. It would appear that the FSC would not be issuing new regulations to regulate the Global Legal Advisory Services.

1. Past Legislation

" The Law Reform Commission ("LRC") discussed the concept of Global Legal Advisory Service in 2007 and in light of their recommendations, a new legislation was adopted.

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