Appleby Mauritius Newsletter, Nov 2022
Welcome to Appleby’s last edition of the Newsletter for 2022!
The year has been eventful and rich in regulatory developments both globally and on the domestic fronts. As the year draws to its close, the time is for reflection on how best to weather through the challenges ahead as we continue to emerge from the COVID-19 pandemic and adapt to the new economic challenges on the international scene.
We extend our best wishes to you all for a peaceful holiday period and a successful new year.
Malcolm Moller
Group Managing Partner
locations
services
Corporate, Dispute Resolution, Appleby Mauritius Newsletter, Nov 2022, Corporate Finance, Insurance & Reinsurance, Appleby Mauritius Newsletter, Nov 2022
Sector
Appleby Mauritius Newsletter, Nov 2022, Technology & Innovation, Appleby Mauritius Newsletter, Nov 2022
types
Banker's duty of confidentiality
A bank’s duty of confidentiality to its customers, as well as the obligation on banking institutions to preserve the details and secrets of its clients, are long-established principles. Whilst some may argue, on the basis of the Norwich Pharmacal principles, that they are entitled by law to request the disclosure of limited information from banking institutions, the Mauritian Chief Justice has recently clarified the position of the bank in respect of its overriding duty of confidentiality towards its clients and any possible latitude towards disclosure.
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.
The Statutory Requirement for a Debenture Holders’ Representative in Mauritius
A debenture is essentially a debt instrument which is traditionally not supported by any collateral security and frequently has a term of repayment exceeding ten years.
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.
Mauritius Case-Law Summary November 2022
This is a summary of recent cases likely to influence the practice of global business in Mauritius.
Share
Enforcing Integrity: The UK’s Legal Arsenal Against Market Abuse
The legal concept of market abuse and the twin concept of upholding market integrity are not new as these were prevalent since the 17th century ¹. As a matter of fact, there is a belief that insider dealing was the root cause of demise of the South Sea Company in the 18th century.
Dual Remedies Afforded against the Granting of Injunctions
Actis Consumer Grooming Products Ltd v Super-Max Mauritius [2025 SCJ 388]
The Mauritian National Budget 2025/2026 - From abyss to prosperity: Rebuilding the bridge to future
On 05 June 2025, Dr Navinchandra Ramgoolam GCSK, FRCP, Prime Minister of Mauritius, in his capacity as Minister of Finance (Minister of Finance) tabled the National Budget for the fiscal year 2025-2026 under the theme “From Abyss to Prosperity: Rebuilding the Bridge to the Future”.
Mauritius as an Ideal Seat for Arbitration
In one of its recent determinations, the Mauritian Supreme Court re-affirmed a line of decisions which confirmed its support to arbitration, whether international or domestic. These determinations reflect its understanding of the needs of business community, characterised by a marked choice to resolve disputes through a private mechanism to allow existing business relationships to thrive.
Insider Dealing: A Review of the Treatment in Mauritius, EU and US Federal law
A review of the treatment in Mauritius, the United States and the European Union of the offence of insider trading confirms the contrasting approaches which these jurisdictions have adopted on the issue even though all three jurisdictions share two fundamental concerns namely, (i) the prohibition on an insider to take an unfair advantage by reason of information which he has obtained to the detriment of third parties who are unaware of such information and, (ii) the protection of the integrity of financial markets and investor confidence ¹.
Professional emails are personal data
Case Commentary – France, Cour de cassation, 18 June 2025, 23-19.022 Professional emails are personal data.
Are our Courts tilting towards procedural flexibility?
Case Commentary: R.K.G FRUITS CO LTD v MAERSK (MAURITIUS) LIMITED 2025 SCJ 220. In a significant decision reaffirming the principle that procedural technicalities should not override substantive justice, the Court of Civil Appeal allowed an appeal overturning an interlocutory judgment of the Bankruptcy Division that had dismissed an application to set aside a statutory demand on the basis of a contested board resolution.
Is Cryptocurrency security - the Mauritian and USA perspectives?
As any of the emerging technologies, cryptocurrency has been disruptive to the market and has challenged regulators globally. Unsurprisingly, it has been commented that “a little more than a decade ago, cryptocurrencies were essentially an academic concept. The idea seemed far-fetched to most people. But that all changed in 2009 with the creation of Bitcoin …/… [today] the world’s cryptocurrency market is worth more than USD 3 trillion …/… there’s no question that crypto is here to stay, and it will undoubtedly continue to disrupt countless industries ”.
International Women’s Day 2025 roundtable: Rights. Equality. Empowerment.
As we recognise International Women’s Day 2025, we are reminded that gender equality is not just a vision – it’s a call to action.
Case Commentary: Mulliez H.S.B v Telecel Group SA & Anor 2025 SCJ 31
On 22 January 2025, the full bench of the Court of Civil Appeal in the matter of Mulliez H.S.B v Telecel Group SA & Anor 2025 SCJ 31 decided on the scope of Section 6 of the Court of Civil Appeal Act 1963, also common referred as the “similar purpose application” section. Unsurprisingly, the Court has pathed the way for judicial activism holding that the: “Court would therefore readily intervene, in the absence of any appropriate or adequate legal remedy, where the immediate and urgent intervention of the Court is warranted for the due administration of justice through the exercise of its equitable jurisdiction.”