In an effort to encourage licensed service providers in Mauritius to adopt new and emerging technologies, the Financial Services Commission (FSC) has taken the initiative to introduce a regulatory framework, reinforced by the issue of the Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021 (the “Rules").

As per the Rules, the holder of a Robotic and Artificial Intelligence Enabled Advisory Services licence will be entitled to provide advisory services (including discretionary and non-discretionary investment and portfolio management services) through expert systems and/or computer programs using artificial intelligence enabled algorithms, with limited human intervention. As such, the following set of Rules have been introduced and amended to cater for this licence:

- The Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021;
- The Securities (Investment Advice) Rules 2021;
- The Securities (Solicitation) (Amendment) Rules 2021; and
- The Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2021.

Access the FSC communique here for more information.

Watch out for our upcoming newsletter that will cover the salient obligations for a licensee under the Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021.