In line with its strategy to sustain the growth of the fintech ecosystem in Mauritius, the Financial Services Commission, has issued (1) a Consultation Paper establishing a comprehensive regulatory framework for investment-based crowdfunding, as announced in the National Budget 2019-20 and (2) a Consultation Paper on the introduction of a regulatory framework for Robotic and Artificial Intelligence Enabled Advisory Services.

The framework for Robotic and Artificial Intelligence Enabled Advisory Services highlights the unique characteristics of and the risks posed by such Advisory Services, along with the regulatory expectations of the FSC. As such, any person seeking to offer Robotics and Artificial Intelligence Enabled Advisory Services shall seek a license from the FSC in accordance with Section 14 of the Financial Services Act (the “FSA”). The FSC mentions in its communique that publications issued by international organizations (such as the International Organization of Securities Commissions) have also been tapped for benchmarking purposes by the FSC.

Crowdfunding platforms will also be licensed soon under Part IV of the FSA. The licensing and other related requirements to be complied by the crowdfunding operator in order to operate a crowdfunding platform in Mauritius have been provided in the consultation paper. One of the proposed  operational requirements to be imposed on the crowdfunding operator as per the paper is that a crowdfunding operator shall, at all times, have a minimum unimpaired stated capital of MUR 2 million or its equivalent in any other currency, or such higher amount as the FSC may determine. These forthcoming licenses will provide new opportunities for local and international operators to use the jurisdiction and work in new business segments, with fintech now being integral in the financial services landscape.

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