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
10 Aug 2022 | News

The Mauritius Finance Miscellaneous Provision Act 2022

The measures announced by the Minister of Finance, Economic Planning and Development in the National...

6 Jun 2022 | News

The Virtual Assets and Initial Token Offerings Act 2022: The Financial Services Commission Confirms Processing Fees and Licensing Criteria

On 02 June 2022, the Mauritian Financial Services Commission (FSC) confirmed the processing fees for...

Contributors: Suhaylah Juman
11 Apr 2022 | News

Mauritius: Virtual Assets and Initial Token Offerings now a reality

In its continued pursuit of attracting investors and building a resilient economy and establishing M...

Contributors: Suhaylah Juman
1 Apr 2022 | News

Appleby announces new Partners and Counsel promotions

Appleby announces the promotion of two Partners and the appointment of five lawyers to the position ...

23 Mar 2022 | News

Appleby Mauritius advises Azure Power Global Limited for the Rights Offering of its Equity Shares of up to USD249,938,599

Appleby Mauritius advises Azure Power Global Limited for the Rights Offering of its Equity Shares of...

Contributors: Muhammad Aadil Koomar
8 Mar 2022 | News

Appleby Celebrates International Women’s Day on 8 March 2022

Appleby marks the day with 2022 campaign theme #BreakTheBias.