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ARTICLE · 05 FEBRUARY 2021

Key Amendments To The Financial Services Regulatory Framework

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During the last quarter of 2020, there were some interesting changes in the financial regulatory framework of Mauritius. The following provides a summary of some of them.

MauritiusFinance and Banking
Nafiisah Jeehoo
Nafiisah Jeehoo

During the last quarter of 2020, there were some interesting changes in the financial regulatory framework of Mauritius. The following provides a summary of some of them.

‘Fit and proper' guidelines revised

An essential consideration in the Financial Services Commission's (FSC) decision to grant a financial services activity licence is whether the principals of the applicant for the licence are ‘fit and proper'.

The nomenclature is traditionally quite loose to allow discretion, but it is customary for regulators to provide guidance on their expectations.

The criteria set out under the Financial Services Act 2007 (FSA) to determine whether a person is ‘fit and proper' includes the following factors:

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