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COVID-19 and its impact on contractual performance in Mauritius - Force Majeure

COVID-19 and its impact on contractual performance in Mauritius - Force Majeure

While the outbreak of the COVID-19 pandemic subsists, the risks for businesses of not being able to fulfil their contractual obligations or of experiencing the default of the other contracting party is a real concern for economic operators. To manage this unprecedented situation and provide an adequate response, a careful analysis of the contract terms is essential to enable parties to exercise their rights if a dispute arises from non-performance. As a first step, it will generally be a question of analysing the possibility of invoking the defence mechanism of force majeure.

COVID-19: business survival and insolvency in Mauritius

COVID-19: business survival and insolvency in Mauritius

The unravelling situation with the COVID-19 pandemic has caused significant financial turmoil in Mauritius. A likely effect of these disturbances could result in companies going for winding-up and other alternatives available under Mauritian law.

COVID-19 and its effect on employment law in Mauritius

COVID-19 and its effect on employment law in Mauritius

In an attempt to curb the spread of the COVID-19 in Mauritius, the government took the decision to extend the sanitary curfew until 15 April 2020. Employers around the world are facing similar challenges, dealing with government-mandated shutdowns, sick and self-isolating employees, homeworking arrangements and economical constraints.

Redundancy - A new challenge

Redundancy - A new challenge

With the advent of the Workers’ Rights Act (“WRA”), we have seen our labour laws being challenged in many ways in Mauritius. At first, our attention was quickly grasped by the additional leaves which have been brought by the WRA, the calculation of the end of year bonus and, more especially, by the new definition given to the word ‘worker’ under the WRA. We should, however, realise that these are not the only elements which will affect the financial impact which the WRA is having on our economy.

The FSC issues consultation paper on the regulatory framework for Robotic and Artificial Intelligence Enabled Advisory Services

The Financial Services Commission (FSC) has issued a Consultation Paper in relation to the introduction of a regulatory framework for Robotic and Artificial Intelligence Enabled Advisory Services (hereinafter RAIEAS). RAIEAS was coined in the National Budget of 2019/2020 and the Finance (Miscellaneous Provisions) Act 2020 added RAIEAS as a financial business activity in Schedule 2 of the Financial Services Act requiring a licence from the FSC. The aim of the Consultation Paper, which is inspired from approaches and models implemented by other jurisdictions, is to invite views and comments from relevant professionals, the industry and the public at large.

Code on the Prevention of Money Laundering & Terrorist Financing

The Financial Services Commission (FSC) has on 6 November 2020, by way of a Circular Letter referenced as CL061120 repealed the March 2012 Code on the Prevention of Money Laundering & Terrorist Financing until the issuance of any additional enforceable Anti Money Laundering / Combatting Terrorist Financing (AML/CFT) requirements.

Une mesure avant-gardiste ou une entorse à l’éthique?

Maurice a pris des mesures importantes pour s’assurer qu’elle dispose d’un cadre juridique solide et qui est conforme aux normes internationales. La Financial Intelligence & Anti-Money Laundering Act (FIAMLA) a été promulguée en 2002 et prévoyait plusieurs exigences clés d’un système solide pour la lutte contre le blanchiment d’argent et le financement du terrorisme.

The FSC issues Peer to Peer (P2P) Lending Rules

P2P lending has, worldwide, been hailed as an innovative solution that democratises financing. Start-ups and small entrepreneurs have typically relied on bank finance to grow. But they present risks that banks are not always prepared to take — at least not cheaply. Online platforms that connect borrowers directly with investors bypass the problem of getting bank financing.