FSC: Draft legislation for public consultation
The Financial Services Commission issued a communiqué on 18 January 2024 informing its stakeholders of the release of draft legislations for public consultation, namely the Securities (Collective Investment Schemes and Closed-End Funds) (Amendment) Regulations 2023 (the “Draft Regulations”) as well as the following:
- Securities (Mauritius Green Fund) Rules 2023
- Securities (Fund Management) Rules 2023
(collectively referred to hereinafter as the “Rules”)
The change brought in by the Draft Regulations pertains to an update being made to Regulation 7 of the Securities (Collective Investment Scheme and Closed-end Funds) Regulations 2008, as highlighted in bold below:
“A person applying for a custodian licence as a trust company established as a subsidiary of a bank or as a trustee of a trust, or as a central depository, clearing and settlement service, shall have and maintain a minimum stated unimpaired capital of Mauritian rupees 10 million or an equivalent amount.
Comments on the Draft Regulations and Rules should be submitted to the FSC no later than 9 February 2024.
To access the full communiqué issued by the FSC, click Here
Watch out for our newsletters on the Rules which will be released once these have been finalized and enacted!