Appleby Mauritius Newsletter, Nov 2022
There have been interesting developments in our legal landscape since our last issue with the Government’s continued endeavours to further enhance our international financial centre as one of excellence.
Mauritius Case-Law Summary November 2022
This is a summary of recent cases likely to influence the practice of global business in Mauritius.
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.
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.
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.
Insurance and reinsurance in the Isle of Man in 2022: Overview
A Q&A guide to insurance and reinsurance in the Isle of Man. Reproduced from Practical Law with the permission of the publishers.
Podcast: Digital Assets in the Courts
Digital assets are an asset which has been created and stored digitally, be it data, images, documents, cryptocurrencies and much more. But are digital assets considered property?
When will the court enforce a promise?
As we all know, promises are made and broken all the time. What, if anything, can the law do to assist? Bermuda law, like English law, is usually uninterested in the simple promise, or, more pertinently, the breaking of a simple promise. Without a contract, a trust, a claim under statute or a breach of duty, there is usually no recourse to the court.
Podcast: Segregated Portfolio Company
Join us as we discuss about structuring a SPC, and explore when and where they may be an appropriate vehicle for an investment fund.
Legally speaking: what not to do when outsourcing operations
In the course of my career, I have drafted, negotiated or otherwise provided commercial and legal advice concerning well more than 300 outsourcing contracts of all types.