Mauritius issues AI-enabled advisory services rules
The Mauritius Financial Services Commission issued the Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021 on 18 June to provide a regulatory framework and promote the adoption of new and emerging technologies by licensed service providers in Mauritius.
The holder of a Robotic and Artificial Intelligence Enabled Advisory Services licence will, under these Rules, be entitled to provide advisory services through expert systems and/or computer programmes using AI-enabled algorithms, with limited human intervention.
FSC chief executive Dhanesswurnath Thakoor said: “Robotic and artificial intelligence are key technology enablers that will contribute to the digital transformation of the investment and portfolio management landscapes in Mauritius. I am confident that this new licence will play a catalytic role in encouraging our licensees to engage into new and innovative service lines.”
The following rules have been introduced or amended to cater for this licence:
- The Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021
- The Securities (Investment Advice) Rules 2021
- The Securities (Solicitation) (Amendment) Rules 2021
- The Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2021
The relevant application form and licensing criteria for the conduct of this new business activity are published on the FSC website.
The Bank of Mauritius also issued the National Payment Systems (Authorisation and Licensing) Regulations 2021 under the National Payment Systems Act 2018 on 25 May.
The NPS Act provides for the regulation, oversight and supervision of the national payment systems and payment systems being operated in Mauritius and the Bank of Mauritius is inviting applications for authorisation of payment systems, clearing systems or settlement systems and the licensing of payment service providers.
Applications for payment intermediary services to be carried exclusively outside Mauritius will not be affected. These still fall under the regulatory ambit of the FSC.