Mauritius Investment Adviser Licence

The Mauritius Investment Adviser Licence is one of the three classes of ‘Securities or Capital Market Intermediary’ provided for by the Securities Act 2005 and regulated by the Financial Services Commission (FSC) Mauritius under the Securities (Licensing) Rules 2007. There are two categories of licences, Investment Adviser (Restricted) which allows the provision of investment advisory services only and Investment Adviser (Unrestricted) which allows a company to advise and manage portfolios and securities.

As per section 30 of the Securities Act 2005, a person must apply for an investment adviser licence if the following activities is to be carried out:

• Advise, guide or recommend other persons, or hold himself out to advise, guide or recommend other persons, whether personally or through printed materials or by other means, to enter into securities transactions; manage or hold himself out to manage, under a mandate, whether discretionary or not, a portfolio of securities; or give advice on corporate finance advisory matters concerning securities transactions;
• Manage or hold himself out to manage, under a mandate, whether discretionary or not, a portfolio of securities; or
• Give advice on corporate finance advisory matters concerning securities transactions.

Every person who, by way of business, intends to carry out any of the activities mentioned above shall apply for a licence in one of the following categories:

• Unrestricted – authorised to manage, under a mandate, portfolios of securities and give advice on securities transactions other than corporate finance advisory, through printed materials or any other means;
• Restricted – authorised to give advice on securities transactions other than corporate finance advisory, through printed materials or any other means.
• Corporate Finance Advisory – authorised to provide corporate finance advisory services with respect to securities transactions through printed materials or any other means.

Investment Advisory Team

The applicant should ensure that at least 2 members be appointed on the investment advisory team to ensure business continuity. The applicant needs to indicate as to whether these persons are already regulated or hold a licence from a regulated authority. The strength of the investment advisory team is a key component of the application. Applicants should therefore provide adequate information on its members demonstrating their suitability to discharge their responsibilities.

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