Mauritius - The Financial Services (Framework for imposing Administrative Penalties) (Amendment) Rules 2025.
19/02/2025
The Financial Services (Framework for the Imposition of Administrative Penalties) (Amendment) Rules 2025 are a set of regulations issued by the Mauritian Financial Services Commission (FSC) under the Financial Services Act.
These rules amend the original 2022 framework for imposing administrative penalties on financial service providers.
Key changes include:
- Settlement Discounts: The amendment introduces a tiered discount system for early settlement of penalties:
- 50% discount for settlements before referral to the Enforcement Committee.
- 20% discount for settlements after referral but before issuing a Warning Notice.
- 10% discount for settlements after a Warning Notice but before a Decision Notice is issued.
- Clarifications on Settlement:
- The rules clarify that discounts apply only when the FSC agrees to enter into settlement discussions, resulting in a conclusive outcome. Settlement discussions are not allowed once a Decision Notice is issued, during a Financial Services Review Panel review, or if the matter is remitted to the Enforcement Committee.
- Definition of Serious Breaches:
- The amendment adds a new paragraph defining a serious breach, including significant financial misconduct.
(2) These rules are set to operate on 24 February 2025.
Source:
(1) THE FINANCIAL SERVICES ACT 1. for the Imposition of Administrative .... https://www.fscmauritius.org/media/197434/fs_framework-admin-penalties_amd_rules-2025.pdf.
(2) Rules - Financial Services Commission - Mauritius. https://www.fscmauritius.org/en/legal-framework/rules-and-regulations/rules.
(3) THE FINANCIAL SERVICES ACT 1. for the Imposition of Administrative .... https://www.fscmauritius.org/media/168535/financial-services-framework-for-the-imposition-of-administrative-penalties-amendment-rules-2023.pdf.
(4) https://www.fscmauritius.org/media/197435/fs_framework-admin-penalties_amd_rules-2025.pdf
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