Orison Legal has released a document outlining the main proposals of the Finance (Miscellaneous Provisions) Bill 2023. The bill, currently before Parliament, introduces several changes in the financial and operational aspects of businesses.
Key highlights include empowering the Chief Executive of the Financial Services Commission (FSC) to revoke licenses for non-payment of administrative penalties and requiring FSC license holders to submit independent compliance reports. The bill also removes the statute of limitations for FSC actions on the recovery of annual fees and charges.
In relation to Variable Capital Companies, the Bill expands the authorisation for a company to function as a venture capital company, allowing it to manage a family office or engage in other activities specified by the FSC.
The bill emphasises the need for the venture capital company’s primary objective to be clearly stated in its articles.
Regarding Private Pension Schemes, the Bill also proposes facilitating transfers to another private pension scheme established under Mauritian law or to an insurance company through annuity purchase.
Additionally, it grants the Minister of Finance the authority to establish regulations for private pension schemes catering to individuals in the informal sector.
The Bill also addresses Virtual Asset and Initial Token Offerings Services, suggesting the authorisation of virtual asset custodians and the removal of the requirement for approval letters from virtual asset exchanges for initial token offerings. The FSC would establish rules and standards for virtual asset holders.
Starting from August 6, 2023, individuals with a digital asset custodian license from the FSC would be considered approved as virtual asset custodians, subject to conditions set by the FSC.
Source: Defi Media
