Financial Services
The Asset Management licence in Mauritius, issued by the Financial Services Commission authorized firms to manage portfolios of securities, provide investment advice and handle client assets. In the absence of a formal regulatory definition, it is popular for managing both security and non-security assets.
Treasury management involves managing liquidity, cash flows, and financial risks such as foreign exchange or interest rate exposure. The full suite of activities which may be carried out by the treasury management licensees are set out under Financial Services (Treasury Management) Rules, issued by the Financial Services Commission in 2025.
Global treasury activities are set out under the Financial Services Act. If more than three of the services are provided, to more than three related entities, the definition of global treasury activities would be triggered. These activities include, but are not limited to, arrangement for derivatives, corporate finance advisory, credit administration and control, factoring, forfeiting and re-invoicing activities and so forth.
In the event where a company incorporated in Mauritius has, as its purpose, the provision of global shared services to its related entities, the requirement to apply for this license under the Financial Services Act and the Financial Services (Global Shared Services) Rules 2022 will be triggered. The global shared services include records keeping, financial statements preparation, other administrative filings, tax support services and so forth.
Factoring involves purchasing receivables or invoices from businesses at a discount and assuming responsibility for collection. This provides immediate liquidity to businesses, and such activities may fall under the regulatory scope of the Financial Services Commission depending on the structure. Both factoring and reverse factoring may be covered under the regulatory requirements.
Payment intermediary services involve facilitating payment transactions between customers, merchants, and financial institutions. Providers may process electronic payments, operate payment gateways, or handle fund transfers. These services require regulatory authorization due to Anti-Money Laundering and Combatting the Financing of Terrorism and consumer protection considerations.
A Family Office Licence authorises an entity to provide family office services, including the administration and management of investments, assets, estates, and wealth planning for high-net-worth families. Under the Financial Services (Family Office) Rules 2020, a licensee may operate as a Single Family Office or Multiple Family Office and may only provide services to “family clients.” The licence provides a recognised and regulated framework for structuring and managing family wealth in Mauritius’ international financial centre.
The activities of investment banking can be very wide-ranging. Typically, these activities include services such as underwriting securities, arranging capital raising, advising on mergers and acquisitions, and structuring financial transactions. In Mauritius, the investment banking license was originally issued by the Bank of Mauritius. However, following legislative amendments, the license is now issued by the Financial Services Commission in line with the Financial Services Act and the Financial Services (Investment Banking) Rules 2016.
Capital Markets
An investment adviser under Mauritian law may provide advice to clients on investing in securities, portfolio structuring, or financial planning. In Mauritius, persons offering such advice as a business must obtain an appropriate licence which may range from an unrestricted license, to the sub-category of investment advisers authorised to act as corporate finance adviser on their clients’ transactions.
Another functionary in capital markets transactions is the activities of an investment dealer. Under the Securities (Licensing) Rules, there are various sub-categories of investment dealers, with the broadest license named as the investment dealer (full-service dealer including underwriting). An entity holding this license would be authorised to (i) act as an intermediary in the execution of securities transactions for clients; (ii) trade in securities as principal with the intention of reselling these securities to the public; (iii) underwrite or distribute securities on behalf of an issuer or a holder of securities; (iv) give investment advice which is ancillary to the normal course of his business activities; and (v) manage portfolios of clients;
A registrar and paying agent maintains the registers of shareholder or noteholders, processes transfers of securities, and administers payments such as dividends or interest to investors. Entities providing these services in Mauritius must be licensed by the Financial Services Commission and comply with operational, record-keeping, and investor protection requirements. Under the Guidelines for the Issue of Corporate and Green Bonds, as an example, an issuing and paying agent (holding the aforementioned license) must be appointed when bonds are issued under the said Guidelines.
Investment Funds
Retail funds are collective investment schemes offered to the public and are subject to stricter regulatory oversight and disclosure requirements to protect retail investors. Exempt funds are typically offered to sophisticated or professional investors and benefit from lighter regulatory requirements. These exempt funds include professional collective investment schemes and expert funds. Both types are regulated by the Financial Services Commission under the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008.
A fund manager, or CIS manager, is responsible for the overall management and investment decisions of a collective investment scheme. This includes portfolio management, risk management, and ensuring compliance with applicable laws and fund rules. Fund managers must be licensed by the Financial Services Commission.
A fund administrator provides operational and administrative support to investment funds, including accounting, valuation of assets (NAV calculation), investor reporting, and record keeping. Although they do not make investment decisions, they play a key role in fund operations. The approval of the Financial Services Commission is required prior to the appointment of a CIS administrator.
A custodian holds and safeguards the assets of an investment fund on behalf of investors and ensures proper settlement of transactions. Custodians also perform oversight functions to ensure that fund operations comply with applicable laws and the fund’s governing documents. Under the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008, custodians, as functionaries of a collective investment scheme are subject to stringent regulatory requirements.
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