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The "Financial Services Commission" ("FSC") of Mauritius has introduced the "Known to the Commission" ("KTC") concept, effective from 5 January 2026, in line with the National Budget measures for 2025/2026. The initiative aims to improve regulatory efficiency by allowing the FSC to rely on existing information for entities and individuals that have already undergone regulatory screening.
At the initial stage, the KTC framework applies to entities holding or applying for Investment Fund, Investment Adviser (Restricted), and Investment Adviser (Unrestricted) licences, as well as their relevant officers and beneficial owners.
An entity or individual will be considered as KTC where such person has held a valid FSC licence for the past three years, is in good standing with the FSC in terms of fees and reporting obligations and having no adverse regulatory findings, and where the FSC already holds the relevant due diligence information.
Under this framework, the FSC has amended Rule 7 of the Financial Services (Consolidated Licensing and Fees) Rules 2008 to allow a Personal Questionnaire (PQ) to remain valid for up to two years, provided there is no material change in the information previously submitted. The FSC retains the right to request for updated questionnaires or documents where necessary.
Entities and individuals qualifying under the KTC framework will be required to submit a Letter of Confirmation/Undertaking, confirming continued compliance, up-to-date due diligence documentation, and the absence of material changes. Such letter must be signed by one Director/Alternate Director and Compliance Officer of the applicant entity. The letter should also include an undertaking that the FSC will be promptly informed of any material change in the particulars of the applicant. A template of the Letter of Confirmation/Undertaking has been provided by the FSC.
Click HERE to read the Circular Letter issued by the Financial Services Commission (FSC)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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