1. Status of implementation
  2. National deviations
  3. Loan origination regime
  4. Regulatory guidance

jurisdiction

Mauritius
Add jurisdiction

Status of implementation

Mauritius is not a member of the European Union and, as such, is not required to implement AIFMD II into its domestic legal framework. The regulation of alternative investment funds (AIFs) in Mauritius is primarily governed by the Securities Act 2005 (“Securities Act”), the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008 (“Regulations”) and the Financial Services Act 2007 (“FSA”).

Depending on how the AIFs have been structured, the AIFs will additionally be governed by: 

  • the Companies Act 2001, where the AIF is structured as a company; 
  • the Protected Cell Companies Act 1999, where the AIF is structured as a protected cell company;
  • the Limited Partnership Act 2001, where the AIF is structured as a limited partnership;
  • the Trusts Act 2001, where the AIF is structured as a trust; and
  • the Variable Capital Companies Act 2022, where the AIF is structured under the Companies Act 2001 as a company, is licensed as a VCC fund and carries out its activities through sub-funds and SPVs.

The regulatory body of AIFs is the Mauritius Financial Services Commission (“FSC”).

National deviations

There is no national deviation because AIFMD II is not implemented in Mauritius. As a non-EU jurisdiction, Mauritius operates an independent regulatory framework for AIFs under the Securities Act, the Regulations, and the FSA. Accordingly, any divergence from AIFMD II reflects the autonomous nature of the Mauritian regime rather than a deliberate deviation from EU rules. However, Mauritian fund managers may still be indirectly impacted to the extent they interact with EU investors or EU AIFMs, particularly in relation to delegation arrangements, risk and liquidity management expectations, and enhanced EU disclosure and reporting standards.   

Loan origination regime

AIFMD II is not incorporated into the laws of Mauritius. The Mauritian regulatory framework governing AIFs adopts a restrictive and principles-based approach to lending activities, whereby exposure to loans is not treated as a standalone regulated loan origination regime but is permitted only within the limits of the fund’s authorised investment mandate and subject to approval and oversight by the FSC. In particular, lending activities by regulated fund structures are tightly controlled and, in some cases, limited to securities lending arrangements subject to prior regulatory approval and strict contractual conditions. This reflects a model in which lending is generally treated as an ancillary investment activity rather than a core fund function. Accordingly, while Mauritius follows a restrictive, approval-based approach to fund-related lending, AIFMD II establishes a harmonised and structured loan origination regime under which AIFs may actively originate loans as part of their investment strategy, subject to detailed prudential requirements.

Regulatory guidance

Since Mauritius is not a member of the European Union and as AIFMD II would not be implemented in Mauritius, no guidance, rules or regulations has been issued.