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.
Our lawyers in Mauritius work with technology companies, offering advice throughout a broad range of areas - from corporate transactions to IP protection, patent law, and including regulatory, compliance, employment and contracting issues.
From startups to fast growing and mid-market businesses to mature global enterprises, our clients are companies that develop or create technology, are enabled by technology, or whose business model is fundamentally based on technology.
We advise technology companies throughout the business life cycle. We help startups get organized and funded and assist both growing and established technology companies in employment matters, commercial and technology transactions and IP patent protection strategies.
Juristconsult Chambers also serves the corporate and regulatory needs of clients in the area of data protection law and privacy law in Mauritius. We give formal legal advice, training and draft policies on data protection law. We also create awareness on the requirements of the EU's General Data Protection Regulation (GDPR) which has an extraterritoriality effect and will thus also concern data controllers based in Mauritius.
Experience has included advising:
- Large domestic conglomerates as well as renowned banking institutions on the requirements of the Data Protection Act and EU General Data Protection Regulation and conducting in-depth compliance exercises.
- US-based virtual reality streaming platform on seting up its signal network in Mauritius and advice on the legal and regulatory aspects of issuing and selling utility tokens for use on the streaming platform.
- Cellulant Corporation, a pan-African fintech service provider, on its series of equity capital raising from several investors.
- An investor based in Mauritius on the legal aspects of buying and selling Bitcoins and Ethereum on an international cryptocurrency exchange from Mauritius.
- One of the largest business groups in Mauritius on the setting up of a cable landing station by an innovative ICT company based in Mauritius.
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 15 June 2020, pursuant to section 7(1)(a) of the Financial Services Act 2007, guidance notes on a common set of standards for Security Token Offerings and the licensing of Security Token Trading Systems.
Following the outbreak of COVID-19 and its development into a global pandemic, governments, public and private organisations throughout the world are taking exceptional measures to contain and mitigate its spread.
Human nature is such that we operate on the premise that our counterparty cannot be trusted.
Mauritius regulates data protection under the Data Protection Act 2017 (DPA 2017 or Act), proclaimed through Proclamation No. 3 of 2018, effective January 15, 2018.