In January 2026 the Financial Services Commission published Circular CL050126, introducing a new framework called "Known to the Commission." This is not a new law. It is a supervisory approach that changes how the FSC identifies and monitors certain entities in the financial services industry.
If you operate as a fund manager, administrator, or custodian in Mauritius, this framework applies to you.
What the framework does
The "Known to the Commission" framework establishes a process for identifying entities that are part of the financial services ecosystem but may not hold an FSC licence directly. These include:
- Service providers that support licensed entities
- Third-party administrators that process transactions or maintain records
- Custodians that hold assets on behalf of funds or investors
- Technology providers that offer critical infrastructure to financial institutions
The FSC wants to know who these entities are, even if they do not need their own licence. The goal is to improve oversight and reduce systemic risk.
Why this matters
The financial services industry relies on a network of service providers. A fund manager may outsource its accounting to an administrator, its custody to a bank, and its technology platform to a software company. Each of these relationships creates risk. If the administrator fails, the fund manager has a problem. If the custodian is compromised, investors lose money.
The "Known to the Commission" framework gives the FSC visibility into these relationships. It can identify potential points of failure before they become crises.
Who is affected
The framework primarily affects:
- Fund managers. You must identify and report your key service providers to the FSC.
- Administrators. If you provide administration services to FSC-licensed entities, you may need to register as "known to the Commission."
- Custodians. If you hold assets on behalf of funds or investors, the FSC wants to know who you are.
- Technology providers. If you provide critical infrastructure to financial institutions, you may fall within scope.
What you need to do
If you are affected by the framework, here are the practical steps:
- Assess whether you fall within scope. The FSC circular describes the categories of entities covered. If you provide services to licensed entities, you are likely within scope.
- Register with the FSC. The circular sets out the registration process. You will need to provide information about your business, your clients, and the services you provide.
- Update your compliance documentation. The FSC expects affected entities to have appropriate compliance arrangements in place.
- Respond to FSC enquiries. Once registered, you may be subject to periodic reviews or information requests from the FSC.
Frequently asked questions
Does this mean I need an FSC licence? Not necessarily. "Known to the Commission" is a registration process, not a licensing process. But the FSC may determine that certain activities require a licence. If you are unsure, contact the FSC.
What if I do not register? The FSC has enforcement powers. If you are within scope and fail to register, the FSC may take action against the licensed entities that use your services.
How long does registration take? The FSC has not published a specific timeline. Based on similar processes, expect the process to take several weeks.
Is there a fee for registration? The FSC circular does not mention a specific fee. Check the FSC website for the latest information.
This article is for general information only. For advice on your specific situation, consult the FSC or a regulatory professional.