Mauritius
Answer ... It is a requirement for the collective investment scheme (CIS) manager to be a body corporate. If an investment adviser is appointed, it is again typically a corporate vehicle.
Mauritius
Answer ... See question 4.1; it is a requirement for the CIS manager to be a body corporate and investment advisers are also typically body corporates.
Mauritius
Yes, alternative investment fund (AIF) managers must be authorised or licensed in Mauritius. The Financial Services Commission (FSC) may approve a foreign manager to manage an AIF licensed in Mauritius, provided that it is licensed by a foreign regulator in a jurisdiction with comparable regulations as Mauritius for investor protection.
Mauritius
Answer ... In order to be licensed, a CIS manager must:
- be a body corporate (as opposed to a partnership or similar);
- have a minimum unimpaired capital of MUR 1million or equivalent;
- have in place a code of ethics and conduct which is binding on its officers, advisers, managers and employees, and ensure that they are fit and proper to manage a CIS; and
- subscribe to an insurance policy to include coverage of fraud and professional breaches. This must be submitted to the FSC within 10 business days of obtaining the licence.
Mauritius
Answer ... The management company will lodge the application for registration with the registrar of companies concurrently with the application for a global business corporation licence and the application to be licensed as a CIS manager.
The process takes around four to eight weeks.
Mauritius
Answer ... See question 4.4. In addition, the CIS manager and its officers have certain prescribed duties, including:
- exercising the degree of care and diligence that would be reasonably expected of a person in that position;
- acting in the best interests of the participants in the CIS and, where there is a conflict between the interests of the participants and their own interests, giving priority to the participants’ interests; and
- treating participants in the same class equally.
Mauritius
Answer ... Yes, provided these are set out in the documents (ie, the shareholders’ agreement/limited partnership agreement/constitution/subscription agreement, as applicable) relating to the fund. For a CIS, investors must be able to redeem their interest on request; however, a short initial lock-in period is generally allowed by the FSC in practice.
Mauritius
Answer ... There are no requirements for local ownership. All AIF managers may be owned by foreign investors.
Mauritius
Answer ... Certain matters may be delegated; see question 2.6.
Mauritius
Answer ... Generally no. Unless authorised by the FSC, the CIS manager must not engage in any activity other than the management of CISs (or private pension schemes under the Private Pensions Schemes Act). If a CIS manager is considering providing services to another AIF, it should seek appropriate approval from the FSC, which in turn would require information such as the private placement memorandum of the AIF and the investment management agreement to be put in place, as well as understanding whether the AIF is regulated by a specific securities regulator, if not in Mauritius.
