FIT AND PROPER TEST

The Fit and Proper Test is conducted by the Financial Services Commission (FSC) in Mauritius. It is a critical component of the licensing process for investment dealers in Mauritius, and the FSC requires all applicants to undergo the test before granting a license. It aims to ensure that the individuals who operate or manage an investment dealer meet certain standards of integrity, competence, and financial soundness. The test covers a range of factors, including the individual's:

• Financial standing
• Relevant education, qualifications and experience
• Ability to perform the relevant functions properly, efficiently, honestly
• Reputation, character, financial integrity and reliability

DUE DILIGENCE

For individuals:

• Notarized KYC documents of each shareholder, beneficial owner and director not older than 3 months in English. If it’s not in English, a certified translation is required; 
• Two professional reference letters; 
• Resume (CV) for each shareholder, beneficial owner and director; 
• Information of relevant background and experience of applicants; 
• Certified true copy of relevant academic and professional certificates.

For legal entities:

• Certificate of Incorporation; 
• Memorandum and articles of association or equivalent; 
• Corporate registries; 
• Certificate of Good Standing if the company is older than 1 year; 
• Latest Annual Return and Audited Financial Statements;
• Due diligence documents for the individuals behind the company.

DOCUMENTS REQUIRED

• Company's structure;
• Proposed organisational chart;
• Completed application forms; 
• Personal questionnaire forms;
• Signed statutory declarations; 
• Audited Financial Statements of the applicant for the past 2 years except in the case of an applicant who was incorporated within the last 12 months; 
• Proof of source of wealth and source of funds;
• Proof of physical office and registered address; 
• Notice of place at which the company's records are to be kept; 
• A detailed Business Plan; 
• Risk Management Policy;
• Disaster Recovery and Business Continuity Plan;
• Anti Money Laundering Manual and Know Your Customer Policy; 
• Client Service Agreement or Terms of Business; 
• Draft contract or agreement between the applicant with its liquidity providers, trading platform providers and proposed customers, if applicable the draft agreement must be available before the issuance of the licence;
• Description of measures with regard to confidentiality, security and safety of client information and records;
• Procedures for complaints handling;
• Details of IT infrastructure to support the day to day operations;

• Professional Indemnity Insurance Cover.

 N.B. 

• If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
• Additional documents may be requested by the Regulator at its discretion.