Financial Reporting Requirements in Mauritius Take a Digital Turn

The Financial Services Commission (FSC) has announced a new requirement for all reporting issuers under section 86 of the Securities Act, aimed at increasing transparency and efficiency.

New Filing Requirements

As of June 30, 2019, onwards, reporting issuers are required to file their annual reports and quarterly financial statements through the Online Data Capture System (ODCS) platform. This replaces the previous process of submitting hard copies.

Key Requirements

• Reporting issuers must ensure that figures inserted on the ODCS reflect the exact figures stated in their scanned annual reports and quarterly financial statements.
• They must also submit true copies of the original versions of these documents.
• The responsible officer for each reporting issuer is expected to take responsibility for ensuring compliance with these requirements.

Verification and Authentication

• The responsible officer will be required to verify that the information submitted is accurate and complete, as defined by the Financial Services Act.

Login Credentials and Support

• For those who have yet to register on the ODCS platform, login credentials can be obtained from the Statistics Unit of the FSC.
• Reporting issuers are advised to refer to the procedures and frequently asked questions section for more information on filing requirements.

Consequences of Late Filings

• Late filing of financial reports will attract administrative penalty fees, as stipulated by the Financial Services (Administrative Penalties) Rules 2013.
• In such cases, reporting issuers are required to fill in a template available on the FSC website.