Financial Services

The draft VAITOS Rules Part 2: Are the prescribed disclosures sufficient to ensure consumer protection?

In this second article, we highlight the key features of the VAITOS (Client Disclosure) Rules (the ‘Client Disclosure Rules’) and the VAITOS (Publication of Advertisement) Rules (the ‘Publication of Advertisement Rules’). Similarly to the VAITOS (Capital and other Financial Requirement) Rules and the VAITOS (Risk Management) Rules, the Client Disclosure Rules and the Publication of …

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The draft VAITOS Rules Part I: Is the regulatory space now complete?

The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”) came into force on 07 February 2022. With a view to regulate the AML/CFT risks inherent in virtual assets, the Financial Services Commission Mauritius (the “Commission”) issued, with effect from 28 February 2022, ‘Guidance Notes’ on Anti-money Laundering and Combating the Financing of …

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Structuring investment funds in mauritius as variable capital companies – the benefits, novelty and expectations

The Variable Capital Companies Act 2022 (the “VCC Act”) was passed on 12 April 2022 and gazetted on 15 April 2022, with its coming into force to be proclaimed at a later date. The VCC Act has been introduced in Mauritius with the aim to provide more flexibility to users of fund structures using the …

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Is beneficial ownership a relevant criterion when a company resident in Mauritius is seeking to claim treaty benefits under Article 13 of the India-Mauritius DTAA? 

In a recent ruling delivered by the Mumbai Income-Tax Appellate Authority (“ITAT”), the ITAT considered whether the beneficial ownership of shares is a relevant criterion for a taxpayer, under the India-Mauritius Double Taxation Avoidance Agreement (the “DTAA”), to avail itself of capital gains tax benefits under Article 13 of the DTAA. Background The issue was …

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FSC Guidelines for Issue of Corporate and Green Bonds in Mauritius

[Updated as at April 2022] In the 2020/2021 budget, the Minister of Finance, Economic Planning and Development announced that the Bank of Mauritius (“BOM”) would come up with a framework for blue and green bonds. A technical committee was set up, comprising of representatives of the BOM, Ministry of Financial Services and Good Governance, the …

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Virtual Asset and Initial Token Offering Act 2021

The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”), passed by the National Assembly on 10 December 2021 and gazetted on 16 December 2021, empowers the Financial Services Commission (the “FSC”) to regulate and supervise virtual asset service providers (“VASPs”) and issuers of initial token offerings (issuers of “ITOs”), and enhance the …

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Using the FSC Settlement Framework to Lower Regulatory Sanctions

Mauritius has garnered attention since it was placed on the list of “Jurisdictions under Increased Monitoring” by the FATF in March 2020. Since then, the international business community has exercised more caution concerning FDI in the jurisdiction, which has had some adverse impact on the economy. The Government and regulatory authorities have bolstered their efforts …

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Finance Bill 2021 – Summary for Businesses

The objective of the Finance Bill is to provide for the implementation of measures announced in the Budget Speech 2021-2022. This note summarises its key proposals, which will be debated and voted at the National Assembly in the coming weeks. It aims to provide a basic understanding of the proposed measures that are relevant to …

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Amendments to the Financial Services (Special Purpose Fund) Rules 2021

The Financial Services (Special Purpose Fund) Rules 2013 applicable to collective investment schemes and closed-end funds (schemes) authorised by the FSC were recently revamped on 6 March 2021 by the proclamation of the Financial Services (Special Purpose Fund) Rules 2021 (the Rules). The regime was designed for schemes which sought to be treated as non-resident in …

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