In a communique issued by the Government of Mauritius on the 9 May 2020, it is highlighted that “unlike in the past when there were always fruitful consultations” between the EU and Mauritius, there were this time no consultations whatsoever before the announcement of the “Blacklist” and that the decision of the EU is ”contrary to the spirit of dialogue and partnership which binds Mauritius and the EU.”
Our lawyers in Mauritus advise some of the largest financial services companies and institutions on both their day-to-day operations and wider strategic objectives.
We help our clients contend with legal issues in banking - including restructurings, regulatory demands and the compliance costs that have come with reform.
Our clients include asset managers, capital markets and their participants, investment banks, national regulators, private banks, private equity firms, professional services organizations engaged principally in financial services and retail banks.
Navigating Mauritius' financial legal landscape requires specialist expertise, which we offer, in view of its hybrid system consisting of English and French Law. We play an active role in the legal and regulatory developments in the banking and finance sector to make Mauritius competitive at the international level. Our team believes in its ability to explain issues to clients in user-friendly terms and put clients’ objectives in perspective.
Juristconsult Chambers also regularly assists financial institutions and banks operating in the United States (whether they are US or non-US) in preparing and updating their multi-country legal survey with respect to certain issues affecting their global custody operations.
Experience has included advising:
- Agence française de développement (AFD) in connection with an issue of shares and share exchange involving the African Guarantee Fund Ltd for Small and Medium-sized Enterprises, a fund incorporated in Mauritius and the Fonds de Garantie des Investissements Privés en Afrique de l’Ouest.
- Twelve investors in an investment in Fanisi Capital Fund L.L.C, a Mauritian fund. The investors were, amongst others, Norfund and International Finance Corporation. The total commitment was for an amount of USD28 million.
- Warburg Pincus in relation to a facility agreement and the related security agreements for a transaction worth USD120 million
- Proparco with regard to the sale of equity stakes to LeapFrog Financial Inclusion India (II) Ltd and ACCION Africa-Asia Investment Company in IFMR Holdings Private Limited.
- US investment banks on the enforceability of derivative transactions (including netting provisions) and associated collateral arrangements in the event of insolvency of the Mauritius counterparty.
- A Singapore-based GIC on an offshore investment in an Indian based fund.
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.
In 2017, the Companies Act was amended to provide that the share register of companies should disclose the names and last known addresses of the beneficial owners/ultimate beneficial owners where shares are held by a nominee.
The Financial Services Commission (“FSC”), the integrated regulator for non-banking financial services and global business sectors, which is highly supportive of Fintech-related initiatives, issued on 8 April 2019, pursuant to section 7(1)(a) of the Financial Services Act 2007, guidance notes on Securities Token Offerings (“STOs”), following queries from stakeholders regarding the statutory requirements applicable thereto.
The Mauritius International Financial Centre (the “Mauritius IFC”) is positioning itself as the FinTech hub, in and for, Africa.