The Financial Services Commission Issues The Financial Services (Global Shared Services) Rules 2022
Law Firm | Appleby |
Subject Matter | Finance and Banking, Financial Services |
Author | Mr Ashley Oogorah |
Published date | 18 September 2023 |
On 20 December 2022, the FSC issued the Financial Services (Global Shared Services) Rules 2022 (the "Rules"), which came into operation on 3 January 2023.
Under these Rules, any entity whose main activity is to provide any 3 or more Global Shared Services (listed below) to a related entity providing financial services outside Mauritius, would be required to apply to the FSC for a Global Shared Services licence (the "Licence"):
- Records keeping
- Financial Statements preparation
- Invoicing and Payment of Bills
- Periodic regulatory filings
- Administration of Board proceedings
- Tax support services
- Debt collection
- Data capture and reporting
- Other services as may be approved by the FSC.
The Rules highlight that any such entity applying for a Global Shared Services licence shall:
- be incorporated in Mauritius;
- not hold any other licence, authorisation, registration or approval, as the case may be, under the relevant Acts except as approved by the FSC; and
- not be engaged in the provision of any services or activities other than those specified at items (1) to (9) above.
Section 5 of the Rules also provides for the substance requirements relating to the holders of the Licence, which include, amongst others, the following:
- The board of directors would be required to consist of at...
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