In a bid to increase the competitiveness of the Mauritius International Financial Centre, the Mauritian government had proposed in the National Budget 2024/2025, that an application submitted to the Financial Services Commission (FSC) be granted within 10 working days from the date that the said application is determined to be complete (referred to as the “Turnaround time”).

To that effect, section 17B “Determination of application” was introduced in the Financial Services Act 2007 to ensure the Turnaround time.  Subsequently, the FSC issued the Financial Services (Determination of Application) Rules 2024 in October 2024, to clarify that the proposed Turnaround time will not apply to the following applications:

1. Application for an Investment Banking Licence
2. Application for a Securities Exchange Licence, Securities Trading Systems Licence or Clearing & Settlement Facility Licence
3. Application for a Management Company Licence
4. Where the application is subject to any action to be undertaken at the level of the Registrar
5. Where the application is subject to any information sought under sections 83 or 87 of the Financial Services Act