Financial Sector

Unit 2
Financial Sector:
Banking
• Regulated by the Bank of
Mauritius
• Main legislations:
• BOM Act 2004
• Banking Act 2004
• Borrower Protection Act 2007
Non-Banking Sector
• Regulated by the Financial
Services Commission
• Includes Non-banking financial
services and global businesses
• Main legislation:
• FSA 2007
• Other Acts considered in
relevant sections
Other Relevant Institutions
• Other institutions that contribute in ensuring the good running of the
financial services sector includes:
• Independent Commission against Corruption (ICAC)
• Financial Intelligence Unit (FIU)
• Mauritius Revenue Authority (MRA)
• Board of Investment (BOI)
• The Companies Division
Non-Banking Financial Services
• Insurance and Pensions

• Securities

• Global Businesses
Insurance and Pensions
• Relevant legislations:
• Insurance Act 2005
• Code Civil
• Financial Services Act 2007
• FSC rules and regulations
• Insurance is of 2 categories: General Insurance & Long term
Insurance.
• Main regulator: FSC
Securities
• One of the most complex markets
• There is the need to regulate a number of transactions and facilities
for example:
• The clearing and settlement facilities
• Securities exchanges and intermediaries.
• The Stock Exchange of Mauritius and Bourse Africa contributed to the
evolution of the securities market.
• Regulated by FSC.
Global Businesses
• Previously Known as the Offshore sector
• Relates to Companies resident in Mauritius but conducts business
outside the Country.
• Previously, a company could opt for GBC 1 & GBC 2 licence.
• In order to be issued a GBL, the company needs to be a resident
corporation.
• For GBC 2, it is limited to private company.
• GBC 1 can take the form of a company incorporated or registered under
the Co’s Act, Société or Partnership registered in Mauritius, a trust or
any other body of persons governed by the law of Mauritius.