The FSC has thus confirmed that it will continue to maintain a flexible approach and will not impose administrative penalties on its licensees for late filings and reporting obligations.

However, the following caveats apply to the application of the FSC’s flexibility:

  • the obligations must relate to licensees as follows:
    1. those whose financial year end is between the period 31 October 2019 to 29 February 2020. Such licensees must file their audited financial statements, financial summary (as defined under the Companies Act 2001) and/or annual reports within 6 months of their balance sheet date;
    2. those whose financial year end is between the period 31 December 2019 to 31 May 2020. Such licensees must file their annual reports and audited financial statements within 90 days or 3 months of their balance sheet date.
  • the quarterly and interim financial statements of licensees for the quarter which ended in the period 29 February 2020 to 30 June 2020 must be filed within 45 days after the end of each quarter;
  • licensees must comply with these obligations by 30 September 2020, after which administrative penalties will be levied.

For the avoidance of doubt, the FSC has emphasized that the term licensees captures entities which have been licensed, authorized and registered with the FSC as well as those registered as Reporting Issuers. Furthermore, it has also confirmed that the flexibility will not apply to the filing and reporting obligations which were already due prior to the start of the national lockdown namely, 20 March 2020.

As the regulator of activities of our international financial centre, the FSC has been continuously demonstrating an approach which shows adaptability to global changes especially during the unprecedented times which the COVID-19 pandemic has created and the ‘new normal’ which it has triggered.

Sharvada Bholla-Thodda, Regional Compliance Manager, and Vaishali Damonaiko, Pupil to Sharmilla Bhima, also helped with the preparation of this article.

Share
Twitter LinkedIn Email Save as PDF
More News
23 Sep 2020 | News

Appleby shortlisted ‘Offshore Firm of the Year’ by The Lawyer

Leading offshore firm Appleby has been shortlisted in The Lawyer Awards 2020, ‘Offshore Firm of th...

21 Sep 2020 | News

Offshore Business Update

This is an update for our clients on how the authorities in our core jurisdictions are responding to...

1 Sep 2020 | News

The National Sanctions Secretariat of Mauritius issues guidelines to implement Targeted Financial Sanctions

issued guidelines on the implementation of targeted financial sanctions (Guidelines) under the Unite...

17 Aug 2020 | News

The Supreme Court of Mauritius clarifies criteria for applications to set aside statutory demands

On 7 August 2020, the Bankruptcy Division of the Supreme Court of Mauritius (Bankruptcy Division) de...

14 Aug 2020 | News

APPLEBY NAMED AS “REGIONAL & SPECIALIST” FIRM IN INDIA BUSINESS LAW JOURNAL

Appleby Mauritius has been named by India Business Law Journal as a “regional & specialist” ...

11 Aug 2020 | News

Mauritian Government adopts new National Budget measures in the Finance (Miscellaneous Provisions) Act 2020

On 4 June 2020 the Mauritius Minister of Finance, Economic Planning and Development tabled the Natio...

Contributors: Melissa Virahsawmy
10 Aug 2020 | News

Mauritius issues regulations under the Mauritius Insolvency Act 2009

On 23 July 2020, the Minister of Finance, Economic Planning and Development issued the Insolvency (E...

8 Jul 2020 | News

Appleby releases Offshore Data Protection Guide

Leading offshore law firm Appleby announces today it has launched an Offshore Data Protection Guide ...

6 Jul 2020 | News

Appleby Global Services announce new leadership team

Appleby Global Services (AGS) a global fiduciary services provider which was launched by offshore la...

2 Jul 2020 | News

Covid-19: Protecting Personal Data – the New Normal

One unanticipated consequence of the COVID-19 pandemic has been the huge increase in the collection ...