MAURITIUS Law and Practice Contributed by: Bhavna Ramsurun, Pinki Mahata, Lorna Senivassen and Shreya Mungur, BLC Robert & Associates
tive funds; however, any fund-related document provided to investors should clearly disclose the status of such document (for instance, if it is still in draft form) and the regulatory status of the person marketing the document, as well as the regulatory statuses of the fund and the man - ager. Investors must be expressly informed of the foregoing and should be warned to only rely on the final constitutive documents of the fund when making any investment decision. 2.3.6 Rules Concerning Marketing of Alternative Funds As mentioned in 2.3.5 Rules Concerning Pre- Marketing of Alternative Funds , the production and offering of marketing materials are regulated by the Securities Act 2005 and the regulations and rules thereunder, and by the FSC’s Guide - lines for Advertising and Marketing of Financial Products 2014. The law limits any solicitation to invite or induce a retail investor in Mauritius to buy, sell or exchange securities to be done solely by licensed persons. The following activities may be carried out only by locally licensed intermediaries: • seeking to meet a retail investor at their place of residence or work or in public places; • contacting a retail investor by telephone, letter, circular, the internet or other electronic means or telecommunications system; or • publishing or causing an advertisement to be published or circulated by a person to induce another person to buy, sell or exchange secu - rities or to participate in transactions involving securities, or offering such a person services, recommendations or advice for those pur - poses. These guidelines regulate the conduct of the marketing and the content of advertisements
and marketing materials. They also require cer - tain specific disclosures and disclaimers on the product and the persons promoting them. All marketing materials need to be submitted to the FSC prior to dissemination. 2.3.7 Marketing of Alternative Funds Shares or interests in funds that are authorised as professional CISs or expert funds can only be offered to specific types of investors, as described in 2.2.3 Restrictions on Investors . 2.3.8 Marketing Authorisation/Notification Process As mentioned in 2.3.6 Rules Concerning Mar- keting of Alternative Funds , all marketing mate - rials need to be submitted to the FSC prior to dissemination. A professional CIS (open-ended or closed-end) must notify the FSC 15 days before the offering is made and simultaneously file a copy of the offering document prepared for the purpose of the offering. Moreover, a professional CIS (open- ended or closed-end) is required to inform the FSC of the conclusion of an offering, indicating the total amount and value of shares sold. 2.3.9 Post-Marketing Ongoing Requirements In Mauritius, there are no prescribed ongoing requirements for firms that have marketed an alternative fund other than the contractual obli - gations they have entered into and the general licensing obligations specifically applicable to them by virtue of the capacity under which they have marketed the fund. 2.3.10 Investor Protection Rules There are specific categorisations of funds that are targeted only to specific investors and thus enjoy exemption from the regulations on the
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