News snippets from the Global Business Industry and others
Global Business & Financial Services
FSC: Regulatory relief from administrative penalties for late filing of financial statements
The Financial Services Commission (FSC) issued a communique on 8 March 2021 with regards to the waiving of administrative charges for the late filing of financial statements relating to certain year-end/quarter-end.
Admission of the FSC Mauritius to the Monitoring Group Steering Committee of IOSCO
The International Organisation of Securities Commissions (IOSCO) regroups the world’s securities regulators and is recognized as the global standard setter for the securities sector. Recently, IOSCO has admitted the Financial Services Commission (FSC) to its Monitoring Group Steering Committee (MG SC) as an Africa / Middle – East Regional Committee (AMERC) representative for the term 2021-2022.
Financial Services Commission: Amendment to the Guidelines on Stress Test Requirements for long-term insurers
The Financial Services Commission (FSC) released a Circular Letter on the Guidelines on stress test requirements for long-term insurers (the “Guidelines”).
Mauritius Finance (MF), a new platform regrouping key players of the finance sector such as management companies, banks, accounting firms and Stock Exchange of Mauritius amongst others, was launched on 10 February 2021.
The Government of Mauritius released a communique in January 2021 reiterating its commitment to exit FATF’s ‘countries under increased monitoring’ list (also referred to as the “FATF Grey List”) at the earliest.
As communicated in a past edition1 of our newsletters, the Mauritius-China Free Trade Agreement (FTA), signed in October 2019 in Beijing, has entered into force on 1 January 2021. The FTA is expected to breathe new life into the economic relationship between both countries.
Mauritius and India signs Comprehensive Economic Cooperation and Partnership Agreement
The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between Mauritius and India was signed on 22 February 2021 during the visit of His Excellency H.E Dr. Subrahmanyam Jaishankar to Mauritius. The CECPA marks the first agreement signed between India and an African country.
The Bank of Mauritius (BoM) keeps the Key Repo Rate (KRR) unchanged at 1.85% per annum following a meeting conducted by the Monetary Policy Committee (MPC) held on 4 February 2021.
Covid 19 - Implementation of nationwide lockdown in Mauritius.
As communicated in our recent newsflash1, following a resurgence in local Covid-19 cases since Friday 5 March 2021 after nearly 9 Covid-free months, the Government of Mauritius has implemented a nationwide lockdown, effective since 10 March 2021. The lockdown will be for an initial period of 2 weeks until 25 March 2021 and may be reviewed by the Government in light of the evolution of the situation.
The Financial Services Commission (FSC) issued a communique on 10 March 2021 to inform stakeholders and the public in general that it has deployed its Work-From-Home protocol since the implementation of the lockdown. Services will be provided remotely all throughout the lockdown period.
SEM & CDS: Resumption of Trading and Settlement
Following the announcement of the implementation of a nationwide lockdown in Mauritius, trading and settlement activities were temporarily suspended on 10 March.
In a joint communique issued on 10 March 2021, the Stock Exchange of Mauritius Ltd (SEM) and the Central Depository & Settlement Co. Ltd (CDS) informed market participants and the public in general that trading and settlement activities would resume on Monday 15 March.
Travel & Tourism: Travel restrictions to Mauritius
As previously communicated on our past e-news1, passengers from certain countries were barred from having access to the island. Following the recent development, the Government has taken the decision to enforce travel restrictions to Mauritius...
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The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
