The Financial Action Task Force’s recommendation 15 (RES15) in connection with New Technologies stipulate that the Virtual Assets Service Providers (VASPs) to be regulated for Countering the Financing of Terrorism and Anti-Money Laundering purposes, registered or licensed and conditional on effective systems for supervision and monitoring. The Financial Action Task Force (FATF) endorsed an interpretive […]
Consultation Paper seeking public comments on the DFSA’s proposal to introduce a Credit Funds regime
While fund managers are permitted to carry out a variety of investment activities using investors’ money (i.e., Fund Property) under the current DFSA Funds regime, direct loan origination or the purchase of loan portfolios are prohibited. Loan-related activities add a distinct new dimension to Fund Management, necessitating new standards of conduct and prudential oversight, the details of which […]
DFSA releases a Markets Brief about its likely approach to listing SPACs in the DIFC (Dubai International Financial Centre).
Intro Although there are no specific rules for listing SPACs at this time, the DFSA would expect new SPAC applicants to demonstrate that their businesses are suitable for listing under MKT 9.3.4. To give effect to the approach suggested in this brief, the DFSA would also consider imposing conditions for listing under Article 34 of the Markets Law on a case-by-case […]
Mauritius taken off the EU AML list of high-risk third countries
Mauritius taken off the EU AML list of high-risk third countries Following the conclusion of the Financial Action Task Force (FATF) Plenary of October 2021 on the 21st of the same month, Marcus Pleyer, the President of FATF, announced that Mauritius has been removed from the organisation’s grey list. This follows the successful onsite visit by the […]
FSC: Unveiling of the new Mauritius Special Purpose Fund
FSC: Unveiling of the new Mauritius Special Purpose Fund The Ministry of Financial Services and Good Governance in association with the Financial Services Commission (FSC) has launched the New Special Purpose Fund (SPF) on 09 June 2021 at the FSC House. Mauritius has developed and positioned itself as being a global financial center of excellence. […]
An Offshore Investment Paradise – Cayman Islands
An Offshore Investment Paradise – Cayman Islands The Cayman Islands is a prominent offshore investment jurisdiction for hedge funds. Cayman’s exceptional image comes mostly from the island’s highly competent and business-friendly financial institutions, which operate closely with the government. They work together to ensure that the island maintains a transparent and efficient financial system. The Cayman Islands is home to some of the world’s largest […]
Changes to the UAE Foreign Ownership Laws
Changes to the UAE Foreign Ownership Laws The UAE Cabinet of Ministers passed Law No. 26 of 2020 (the Amendment) in September 2020, amending some articles of the UAE Companies Law No. 2 of 2015. (the Companies Law). The changes to the UAE foreign ownership laws include changing the long-held restrictions on foreign ownership, which prevent […]
New Financial Services Legislations amendments – Seychelles
New Financial Services Legislations amendments – Seychelles The President of the Republic of Seychelles, Mr. Wavel Ramkalawan vetted the new financial services legislation amendments following the approval of the National Assembly. The amendments have been gazetted on the 6th of August 2021. The proposed amendments pertain to the International Corporate Service Providers (ICSP) Act that governs businesses that are known as Corporate Services […]
Consultation Paper on – The Regulatory Framework for Structured Investment-Linked Insurance Business in Mauritius (SILIB)
Introduction – Structured Investment-Linked Insurance Business As announced in the National Budget 2020-2021, the Financial Services Commission Mauritius (FSC) will introduce a regulatory framework for Insurance Wrappers, which will henceforth be referred to as Structured Investment-Linked Insurance Business (SILIB) in order to enhance the competitiveness of the financial services sector. The FSC is proposing to introduce the SILIB within […]
Tender: Procurement of Insurance Services for Motor Vehicles and Assets for the Anti-Doping Agency of Kenya
The Anti-Doping Agency of Kenya (ADAK) is inviting sealed tenders from eligible candidates for the Provision of General Insurance Services for Motor Vehicles and Assets for an initial period of one year, renewable annually up to a maximum of three years subject to the Satisfactory Performance and at the discretion of the ADAK. This tender is open to all interested […]