The Mauritius Financial Services Commission (FSC) has proposed several legislative changes for public consultation, designed to enhance investor protection and ensure regulatory transparency.
Scope of Amendments
Key Proposed Changes
Target Market Assessment
Regulated entities must assess and define the "target market" for their financial products, ensuring products are marketed only to appropriate investor types.
Marketing and Solicitation Rules
New, more stringent rules will govern how investment products and services are marketed, including specific requirements for client solicitation practices.
Product Due Diligence
Firms will be subject to robust due diligence processes for financial products they deal in, including evaluation of risks, features, and suitability.
Prospectus Requirements
The proposed amendments tighten obligations related to prospectuses, including disclosure requirements and information standards.
Related Rule Amendments
Consultation Timeline
Stakeholders were asked to submit feedback by 9 February 2024. The changes are driven by the FSC's goal to "enhance investor protection and maintain a transparent rule-making process."
Implications for Licensed Entities
Mauritius-licensed investment dealers and securities firms should:
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