Mauritius FSC GUIDELINES FOR THE DETERMINATION OF COMPLETENESS OF AN APPLICATION FOR A LICENCE

The Financial Services Commission (FSC) of Mauritius recently issued the Guidelines for the Determination of Completeness of an Application for a Licence. complete.

The purpose of the Guidelines focuses mainly on the determination of completeness of an Application for a Licence and how the Financial Services Commission (the “Commission”) determines the completeness of an application.

Key Points of the Guidelines:

1. Purpose:
• To outline the criteria and process for determining the completeness of an application for a licence, which includes authorisations, registrations, or approvals.
2. Applicability:
• The guidelines apply to various types of licence applications under the Financial Services Act (FSA), such as applications for a Global Business Licence.
• They do not apply to certain licences, including Investment Banking Licences and Securities Exchange Licences.
3. Submission Process:
• Applications must be submitted in the prescribed form and manner as specified in the FSC Rules.
• The FSC may request additional information and verification at the applicant’s expense.
4. Determination of Completeness:
• An application is considered complete when all required information and evidence have been submitted to the FSC’s satisfaction

These guidelines are designed to ensure transparency and consistency in the licensing process, helping applicants understand the requirements and streamline their submissions.

⚠️Highlights⚠️🗝️📋🔎

Application

These Guidelines shall apply to:(a) an application for a licence/authorisation under Part IV of the FSA.(b) an application for an authorisation under section 71A of the FSA; and
(c) an application for a Global Business Licence under section 72 of the FSA.

✅Any application for a licence shall be made in such form and manner under the prescribed requirements of section 16 of the FSA and as may be specified in FSC Rules.

The Commission shall grant the licence/authorisation for the application within 🔟 working days from the date the application is determined to be complete.

♻️ Under section 17A of the FSA, where the applicant fails to satisfy the requirements under section 16 of the FSA or any guidelines issued by the Commission or fails to submit information required by the Commission within 15 days from the date of the query of the Commission, the application shall be deemed to have been withdrawn.

EXTRACT➖Sect 16. Application for a licence

1️⃣An application for a licence shall be made in such form and manner as may be specified in FSC Rules, and shall be accompanied by –

(a) A business plan or feasibility study outlining the proposed business activity of the applicant;
(b) Particulars and information relating to customer due diligence of promoters, beneficial owners,     controllers and proposed directors in such form as may be specified in FSC Rules;
(c) Such fees, as may be specified in FSC Rules; and
(d) Such other information as may be specified in FSC Rules or otherwise required by the Commission to determine the application.

2️⃣An applicant shall notify the Commission of any material change which may have occurred, whether before or after the issue of a licence, in the information provided in the application.

3️⃣An application for a licence shall include an authority for any regulatory body, law enforcement body or financial institution in Mauritius or a foreign country to release to the Commission for use about the application and the enforcement of this Act, any information about the applicant, and any of its promoters, officers or controllers, as may be applicable.

4️⃣Where the applicant is not an individual, such authority shall be given by each of the applicant's directors or by two directors duly authorised by a resolution of the board of directors.

Source:  

FINANCIAL SERVICES COMMISSION GUIDELINES FOR THE DETERMINATION OF ....

• https://www.fscmauritius.org/media/194599/a1-guidelines-for-determination-of-completness-of-an-application-for-a-licence.pdf.