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ARTICLE · 10 AUGUST 2022

The Mauritius Finance Miscellaneous Provision Act 2022

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The measures announced by the Minister of Finance, Economic Planning and Development in the National Budget 2022-2023 came into force on 02 August 2022 through the Finance...

MauritiusFinance and Banking
Sharmilla Bhima
Sharmilla Bhima
Vaishali Damonaiko
Vaishali Damonaiko
Suhaylah Juman
Suhaylah Juman
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THE NEW FEATURES OF OUR LAW BROUGHT ABOUT BY THE FINANCE ACT 2022 ARE SET OUT BELOW:

A. INTERNATIONAL FINANCIAL CENTRE

1. Financial Services Act 2007

Global Activities Licences

A new provision on ‘Global Activities' has been introduced in the Financial Services Act 2007 (FSA). Thus, an entity which proposes to undertake ‘global activities', (i.e. Global headquarters administration or Global shared services or Global treasury) must secure a licence from the Financial Services Commission (FSC) under the terms of Part IV of the FSA.

Approval of Officer

It is an offence under the FSA for any officer of a licensee to operate without having obtained the FSC's prior approval under section 24 of the FSA. Under these circumstances, the Chief Executive of the FSC may refer the matter to the Enforcement Committee of the FSC for disciplinary proceedings.

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