Mauritius: FSC communicates indicative timelines for the processing of applications for funds and advisory services

As a forward-looking regulator, the FSC recognises that the continued success and growth of the funds industry increasingly relies on its ability to adapt and realise synergies. As the jurisdiction continues to position itself as a centre for funds services and wealth management, internal processes are being enhanced to ensure efficiency and timeliness in the processing of applications to deliver on high quality services.

According to Mr Harvesh Seegolam, the Chief Executive of the FSC, “Mauritius is an important financial centre for funds services in the region. As regulator, we have the crucial task of ensuring a sound and robust regulatory approach whilst delivering in line with market expectations and realities. It is in this very spirit that we are adopting a pragmatic stance to ensure more efficiency in the way in which we assess applications. The introduction of the indicative processing times for CIS/CEF, CIS Manager, Investment Dealers and Investment Advisers will further comfort global investors in planning their strategies. I would also remind Management Companies that they have a pivotal role to play in ensuring a timely turnaround by the FSC and maintain the good repute of Mauritius”.

The FSC will henceforth, on a best endeavours basis, process applications for CIS/CEF*, CIS Manager, Investment Dealers and Investment Advisers within 60 working days of receipt of an application, subject to the following:

• Licensing applications must be complete and accompanied by detailed information about the business, such as, but not limited to, all relevant forms, business plan, constitutive documents, offer documents, procedure manuals, agreements and payment of fees, as applicable. Where required, these documents should be properly certified as true copies, dated, signed, aligned and reflective of the application;

* Professional and Expert Funds