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SEM: Approved stock exchange under the Jersey Company Law |
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Last year, the Stock Exchange of Mauritius (SEM) in collaboration with the Ministry of Finance of Mauritius requested that the SEM be included in the list of approved stock exchanges by the Jersey Authorities. In line with this request, the Companies (Transfers of Shares - Exemptions) (Jersey) Order 2014 has been amended to include as an approved stock exchange, the Stock Exchange of Mauritius Ltd (in respect only of its "Official Market").
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The National Code of Corporate Governance 2016 (the “Code”)
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In a bid to further enhance the country’s corporate governance standards and bring them at par with international best practices, the Code was launched on 13 February 2017.
The Code is a departure from the ‘comply-or-explain’ approach as it now employs an ‘apply-and-explain’ methodology.
Read more >>
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2017 Index of Economic Freedom: Mauritius retains top spot in Africa
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Rated as a “Mostly Free” economy by the 2017 Index of Economic Freedom (IEF 2017) Mauritius ranks 21st globally but remains the top scoring country in Africa. The IEF 2017 assesses 180 countries and is based on 12 quantitative and qualitative factors
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Mauritius and Senegal: Joint Development Agreement
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A Joint Development Agreement between Mauritius and Senegal was signed in January 2017 in relation to the development of a Special Economic Zone (SEZ) in Senegal that kick started in 2015.
The project is being conducted through a joint venture company, Société des Infrastructures d’Affaires Atlantic (SIAA), which is jointly held by the Government of Senegal and the Government of Mauritius though the Fonds Souverain d’Investissements Stratégiques (FONSIS) and the Mauritius Africa Fund (MAF) respectively.
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2017 Global Talent Competitiveness Index: Mauritius 1st in Africa |
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| According to the Global Talent Competitiveness Index 2017 (GTC 2017), assesses 118 countries and attempts to analyse the impact of the digital revolution on talent competitiveness. As companies become more efficient with the advent of new technologies, workers encounter both challenges and opportunities.
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Monetary Policy Committee maintains Key Repo Rate at 4% per annum |
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According to the Monetary Policy Committee (MPC), the increase in world growth projected by the IMF in their recent World Economic Outlook Update report is expected to be undermined by increasing risks and uncertainties. Rise in prices of commodities and global monetary policy stances are expected to induce stronger global inflationary pressures on domestic inflation.
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Amendments to Section 23 of the Financial Services Act 2007 |
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The Financial Services Commission (FSC) advised through a communiqué issued on 30 January 2017 the following amendments to Section 23 of the Financial Services Act 2007 (FSA 2007):
• Section 23(1A) of the FSA 2007
For listed licensees or licensees held by listed entities: the FSC has to be notified on a yearly basis about the change in the shares or legal or beneficial interest of the licensee.
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New MoU: Financial Services Commission, Mauritius and the Abu Dhabi Global Market Financial Services Regulatory Authority |
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The Financial Services Commission (FSC) and the Abu Dhabi Global Market Financial Services Regulatory Authority signed a Memorandum of Understanding (MoU) on 19 December 2016. The main objective of the MoU is to ensure that there is a proper framework in place for mutual assistance and exchange of information between both jurisdictions for the purpose of enforcing and securing compliance with the respective Laws and Regulations.
Click here to access the communiqué.
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Enhanced air connectivity: introduction of direct flights for Amsterdam-Mauritius route |
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| As from 30th October 2017, KLM Royal Dutch Airlines in collaboration with Air Mauritius will introduce a direct flight from Amsterdam to Mauritius.
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Extension of visa-free period for Mauritians visiting China |
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Henceforth, Mauritians will be able to visit China without a visa for a period of 60 days. The visa-free period has been extended from 30 to 60 days following a request that was put forward to the Chinese government by the current Prime Minister of Mauritius, Hon. Pravind Jugnauth, when he visited China last year.
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Updates on the Rotation of Audit Firm for listed companies |
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One of the proposals put forward in the Budget Speech 2016/2017, was the introduction of a mandatory audit firm rotation policy of every 7 years for listed entities in a bid to achieve more independence of auditors.
It has now been clarified that the mandatory rotation policy will not affect listed companies in cases where joint auditors have been appointed.
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DISCLAIMER 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.
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