MAURITIUS Law and Practice Contributed by: Bhavna Ramsurun, Pinki Mahata, Lorna Senivassen and Shreya Mungur, BLC Robert & Associates
3.3.6 Rules Concerning Marketing of Retail Funds The production and offering of marketing mate - rials are governed by the Securities Act 2005, the rules and regulations made under it and the Guidelines for Advertising and Marketing of Financial Products 2014, as detailed in 2.3.6 Rules Concerning Marketing of Alternative Funds . In addition, a retail CIS cannot issue, use, or cause to be issued or used – for any purpose – any advertisement in connection with a CIS, unless a copy is forwarded to the FSC no later than five working days prior to the issue or use. 3.3.7 Marketing of Retail Funds Once authorised, there are no restrictions on the categories of persons to whom retail funds can be marketed, which will follow any eligibility cri - teria set out in the fund’s offer document. 3.3.8 Marketing Authorisation/Notification Process A retail CIS cannot issue, use, or cause to be issued or used – for any purpose – any adver - tisement in connection with the CIS, unless a copy of the advertisement is forwarded to the FSC no later than five working days prior to the issue or use. All marketing materials must be submitted to the FSC prior to dissemination. 3.3.9 Post-Marketing Ongoing Requirements Where any significant change occurs or any new information arises that should be stated in the offer document of a CIS after it has been filed with the FSC, the offer document may be amended by inserting an addendum and notify - ing the FSC by filing a copy of the addendum therewith. Investors should also be informed of the significant change.
3.3.10 Investor Protection Rules Given that retail funds target the public, exten - sive disclosure is required in the prospectus of such funds in order for potential investors to understand the investment and risks. Retail funds need to comply with a list of prescribed disclosure requirements, including the matters required by the Mauritius Securities Act 2005 and the rules and regulations made thereunder, such as: • investment objectives and restrictions; • the details and functions of the investment manager; • events concerning the termination of a man - ager’s appointment; • the types of investors targeted and the rec - • an explanation of the nature of the risks; and • any fees or charges to be attributed to the fund. In addition, the prospectus should specify the type of investors for whom investment in the fund is suitable. ommended lock-in periods, • the terms of subscription; The fund manager must also send an account statement to each investor with full information regarding investment, so as to ensure the inves - tor is fully aware of the overall investment. 3.3.11 Approach of the Regulator The approach of the regulator is as provided in
2.3.11 Approach of the Regulator . 3.4 Operational Requirements
Retail funds have investment and borrowing restrictions, as described in 3.3.1 Regulatory Regime .
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