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Mauritius Plans Non-Bank Competency Standards

by Mike Godfrey, Lowtax.net, Washington
30 October, 2014

The Financial Services Commission of Mauritius is to introduce new competency standards for the non-banking financial services sector.

The new competency standards form part of Mauritius's "Fair Market Conduct Program" and formalize the minimum technical competencies, knowledge, and skills that licensees must demonstrate. They will introduce requirements that personnel should be adequately qualified and undertake Continuous Professional Development (CPD).

The new regime will apply to all key roles at insurance firms and securities intermediaries, including those who provide advice, perform intermediary services, or perform management and control functions, including Money Laundering Reporting Officers (MLROs).

The new measures follow industry consultation and will take effect from January 1, 2015.

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