The legal reform landscape
The reforms’ focus on good governance and increased enforcement powers given to the regulator are necessary to improve the credibility and reputation of our jurisdiction on the international scene. The extent to which these reforms will achieve this objective will, however, depend on our ability to demonstrate that we are able to turn reforms into actions and take offenders to task.
We are a Mauritius law firm which is part of the PwC network of firms, but operates independently from all firms in the network. We are part of the world’s largest legal services network by geography, with over 3,500 lawyers in more than 100 countries. We accompany local and international clients on their projects from inception to execution.
- New Licences and Schemes
- Banking & Non-Banking Financial Services
- Protection of Minority Investors
- Definition of Beneficial Owner
- Gender Diversity
- Combating Fraud, Corruption and Financial Crime
- Good Governance and Integrity Reporting Act
- Gambling Regulatory Authority
- Employment
- Environmental Impact Assessments
New Licences and Schemes
New licensed activities: crowdfunding, fintech services provider, robotic and AI advisory services, online betting platform for foreigners, e-commerce headquarters, Real Estate Investment Trusts
Umbrella licences to be issued for wealth management and private banking activities
New trading platform for medium-sized profitable enterprises to allow them to raise capital and trade their shares
Banking & Non-Banking Financial Services
BOM not subject to Equal Opportunities Act when appointing consultants
BOM entitled to consider applications from subsidiaries of banks incorporated abroad
New BOM powers to suspend banking licences
New reporting obligations imposed on directors in relation to company, including AMC/CFT matters
Wilful default of borrowers on loans to be made a criminal offence
Protection afforded to whistleblowers
Obligation on financial institutions to put in place procedures requiring employees to disclose interests and employees to be prohibited from taking part in deliberations/decisions
Protection of Minority Investors
Disclosure by listed entities of transaction of a value of at least 10% of company’s assets
Disclosure of individual remuneration of directors in annual report
Declared dividends to be paid no later than 15 months, subject to solvency test
Disqualification of directors in case of a successful claim made by shareholders
Definition of Beneficial Owner
‘Beneficial owner’ will be defined in Companies Act / Limited Liability Partnerships Act / Limited Partnerships Act
Gender Diversity
At least one woman on the board of public companies and statutory bodies
Combating Fraud, Corruption and Financial Crime
Sandbox licencing framework for fintech activities to be upgraded in line with UN Office on Drugs & Crime policies
Whistleblowers to benefit from immunity in relation to disclosures
Creation of a Financial Crime Commission to ensure coordination with investigative agencies (ICAC, FIU and enforcement department of the FSC)
Licensed auditors to be subject to relevant regulations issued by the FIU
Licensed auditor/audit firm will be liable to a fine not exceeding Rs5m in case of breach of the FRA or any rules, code, guidelines or standards relating to auditing issued by the FRC
Good Governance and Integrity Reporting Act
Threshold applicable to unexplained wealth will be decreased from Rs10m to Rs2.5m
Properties acquired, in possession, custody or control of a person before 1 January 2016 will fall under the scope of the Act
Gambling Regulatory Authority
Additional responsibility placed on the Horse Racing Organiser to ensure same treatment to all licensees of the GRA including but not limited to the display of odds and other information to correct any unfair treatment
Powers of the GRA to seek court order to obtain information from telecom operators regarding phones and phone records in relation to jockeys or horse owners
Employment
Calculation of gratuity on retirement will be amended to be based on the full length of service of a worker irrespective of the number of employers worked for and a Portable Gratuity Fund will be set up for that purpose
Creation of a fund guaranteeing workers who lose their job following insolvency, a payment of up to Rs50,000
Environmental Impact Assessments
Minister of Environment will have powers to approve or refuse an EIA licence within 5 days, or otherwise refer the decision to a Technical Assessment Committee within 7 days
Contact us
Anthony Leung Shing, ACA, CTA
EMA Deputy Regional Senior Partner, Country Senior Partner, PwC Mauritius
Tel: +230 404 5071
