MAURITIUS Law and Practice Contributed by: Fazil Hossenkhan, Nafiisah Jeehoo, Kelly Li and Alicia Kwan Pang, Bowmans
• whenever doubts exist about the veracity or adequacy of previously obtained customer identifi - cation information; and • whenever there is a suspicion of money laundering, terrorism financing or proliferation financing involv - ing a customer or the customer’s account. As per the Regulations 2018, the fund must identify and verify the identity of: • its customers, whether permanent or occasional; • any person authorised to act on behalf of the cus - tomer; and • the beneficial owner. 4.12 Data Security and Privacy for Investors Any information supplied by an investor which con - tains “personal data” as understood in the Mauritius Data Protection Act 2017, may be collected by the fund manager or the fund, whether pursuant to any subscription documents or thereafter (solely for the proper performance of their functions or to fulfil their contractual duty towards the investor or where they have a legal duty to do so). For instance, “personal data” may be required to verify the identity of the investor, to admit the investor to the fund, to provide notices under the fund documentation and to make distributions. Any information amounting to “personal data” will be treated in accordance with the principles contained in the Data Protection Act 2017 which is aligned with the EU General Data Protection Regula - tion 2016/679. “Personal data” may thereafter be dis - closed for the purposes of or incidental to the ordinary business of the fund, to persons such as third-party service providers, banks and regulatory authorities.
The investor will be required to consent to its “per - sonal data”: • being processed by the fund or any person acting on its behalf for the purposes set out in the fund documentation and any subscription documents, and which are reasonably incidental thereto; and • being transferred to any associate of the fund manager in a jurisdiction other than Mauritius, provided such jurisdiction has in place safeguards to ensure the protection of personal data which are at least comparable to the level of protection under the Mauritius Data Protection Act 2017 (as may be amended from time to time). Personal data may be kept for as long as the investor is an investor in the fund and for such period thereafter as required under applicable laws for the fulfilment of the statutory obligations of the fund. 4.13 Anticipated Changes for Investors There are no anticipated changes at this juncture. However, there are ongoing consultations in Mauritius with regard to a revision of the Securities Act, includ - ing with regard to the regulation of funds.
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