Taking Insurance a Step Higher: structured Investment - Linked Insurance Business
In line with the budgetary measures which were announced for 2020-2021, the Insurance Act 2005 (Insurance Act) was amended on 02 August 2022 with a view to further enhancing competitiveness of the financial services sector. Thus, a legal framework has now been established to enable the operation of Structured Investment-Linked Insurance Business (SILIB) activities under the long-term insurance business category.
What is RegTech? Has the time come for its implementation into our legal landscape?
In Mauritius, the period starting from the outbreak of the COVID-19 pandemic has witnessed a remarkable increase in the regulatory landscape, especially as regards the promotion of technology, artificial intelligence and other fintech applications, whether as a necessary means to revisit the way we do business in line with international development or simply in our quest to establish the new normal which the COVID-19 pandemic has admittedly triggered. The time has now come to explore some of the other possibilities which technology such as advanced analytics and machine learning offer.
Mauritius: Cryptocurrencies and virtual assets – How ready are we?
The world’s prime means of transacting has traditionally been by way of conventional currencies. However, jurisdictions are starting to embrace virtual currencies as a mode of payment. Through the enactment of the Virtual Asset and Initial Token Offering Services Act 2021 (the Act) and issuance of anti‑money laundering and counter‑financing of terrorism (AML/CFT) guidance notes for virtual asset service providers (VASPs) and issuers of initial token offerings (IITOs) (the Notes),1 the Mauritius Financial Services Commission (the Commission) has sought to provide a legal framework within which business activities relating to virtual assets can operate.
Cutting through the law- Section 6 of the Court of Civil Appeal Act
“I set aside the application for an interim order with costs”; this is often the unfortunate result for an applicant who has sought an urgent ex parte remedy before a Judge sitting at Chambers1 . This article explores the appeal mechanism available under the Courts Act 1945 (“CA 1945”) and the Court of Civil Appeal Act 1963 (“CCAA 1963”) to an unsuccessful applicant who feels aggrieved by the decision of the Judge sitting at Chambers and whether Mauritius law and procedure provide for an urgent remedy to that applicant without resorting to an appeal.
Cayman Courts Shift Toward More Efficient Case Management
The Cayman Islands is a leading offshore financial center where the courts are used to dealing with a significant volume of high-value, often multijurisdictional, proceedings.
Blockchain: The New Normal for Voting?
One of the learning points of the COVID-19 pandemic remains undoubtedly the dramatic shift which it has triggered on the impact of emerging technologies into our business ecosystem. From the ‘good to have’ tool for ease of undertaking our personal necessities or being more commercially savvy, we have moved overnight to accommodating the emerging technologies as the indispensable tool for our personal or commercial demands.
Bank One Limited v Basgeet 2021 SCJ 93
The Supreme Court of Mauritius, sitting in its appellate jurisdiction, held that a fixed charge which resulted from the crystallisation of a floating charge which had been duly registered and inscribed with the Registrar General/Conservator of Mortgages of Mauritius, was not valid and enforceable under the terms of the Civil Code because at the time of crystallisation the ‘property’ subject to the now fixed charge had not yet come into existence and, this was not permissible under the Civil Code.
Statutory Demand: The time for a re-think?
A statutory demand is often perceived as a powerful weapon which the Insolvency Act 2009 (‘Insolvency Act’) has placed into the hands of a creditor to secure the prompt settlement of a debt. Indeed, it has the effect of unduly pressurising a debtor to settle its debt swiftly for fear of facing a creditor’s application to the Bankruptcy Division of the Supreme Court (‘Court’) to liquidate the debtor through this ‘fast-track’ weapon the more so that the Insolvency Act has created a presumption of insolvency which operates against a debtor who does not comply with a statutory demand.
Constitution or Shareholders’ Agreement – which one prevails?
In the daily practice of a corporate lawyer in Mauritius, a common item which crops up when seeking to ascertain the management rights and duties and obligations of the various stakeholders of a company is whether one should give prevalence to the company’s constitution or to its shareholders’ agreement.
Corporate Criminal Liability for Failure to Prevent Money Laundering
On 28 January 2022 the Government of Jersey launched a consultation, which closes on 21 February 2022, regarding proposals to introduce a new corporate criminal offence for any financial services business (FSB) which fails to prevent money laundering and terrorist financing.
