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Institutions Financières

Managing Collective Investment Schemes with Regulatory Precision

Operating or managing a Collective Investment Scheme in Mauritius requires FSC authorisation as a CIS Manager, a licence that positions the holder to offer regulated fund products to a global investor base from a respected international jurisdiction.

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Aperçu

What is a CIS Manager?

Under the Securities Act 2005, a CIS Manager is authorised to manage the assets of a Collective Investment Scheme, making investment decisions, managing the investment portfolio, and overseeing the scheme's operations. The licence is the cornerstone regulatory authorisation for fund management activity in Mauritius.

Mauritius is a favoured domicile for CIS structures serving African and Asian investors, offering a strong regulatory reputation, treaty access for tax-efficient cross-border flows, and a deep ecosystem of professional service providers. The FSC's CIS licensing framework accommodates open-ended funds, close-ended funds, umbrella structures, and specialist vehicles, giving fund managers significant flexibility in product design.

Aurevya advises on CIS structure design (open-ended, close-ended, umbrella funds), manager licensing, FSC scheme authorisation, and the governance frameworks required by institutional investors. Our end-to-end capability, from initial structure design through to launch and ongoing compliance, makes us the natural partner for fund managers establishing or expanding their Mauritius presence.

FSC
Licensed, Securities Act 2005
The CIS Manager licence is issued under Mauritius's principal securities legislation, providing international credibility and a robust regulatory framework for fund management activities.
Mauritius
Premier Fund Ecosystem
A deep professional services ecosystem, fund administrators, custodians, auditors, and legal counsel, supporting CIS operations across all fund strategies and investor markets.
Global
Investor Access
Mauritius-domiciled CIS structures have a proven track record of attracting capital from institutional investors across Africa, Asia, the Middle East, and Europe.

Scope of Authority

Caractéristiques clés

Portfolio Management Authority
The CIS Manager licence authorises active management of the scheme's investment portfolio, making buy and sell decisions, asset allocation choices, and implementing the investment strategy within the parameters of the scheme's offering document.
Scheme Design & Setup
Aurevya advises on the optimal CIS structure, open-ended versus close-ended, single fund versus umbrella, public versus private scheme, calibrating the design to the investment strategy, target investor base, and commercial objectives of the fund manager.
FSC Authorisation
Both the CIS Manager licence and the Scheme itself require separate FSC authorisation. We manage both processes concurrently, aligning the manager licence application and scheme authorisation timelines to achieve the earliest possible commercial launch.
Governance Frameworks
Institutional investors require fund governance standards that go beyond minimum regulatory requirements. Aurevya designs investment committee charters, conflict of interest policies, related party transaction procedures, and investor reporting frameworks that meet international best practice.
Investor Reporting
Design and implementation of the investor reporting framework, NAV calculation procedures, periodic investor statements, annual report preparation, and auditor coordination, ensuring investors receive the quality and frequency of reporting that institutional capital requires.
Fund Administration Coordination
We coordinate the engagement of fund administrator, custodian, auditor, and legal counsel, assembling the professional services infrastructure required by the FSC and expected by institutional investors in a Mauritius CIS.

Processus

Comment ça fonctionne

01
Fund Strategy Assessment
We assess the investment strategy, target investors, target markets, and commercial objectives, determining the optimal CIS structure and confirming the licensing pathway required to launch the fund from Mauritius.
02
CIS Structure Design
Design of the fund structure, legal form (company, trust, limited partnership), open or close-ended structure, share class architecture, fee model, and key commercial terms, all documented in advance of the FSC applications.
03
Manager Licence Application
Preparation and submission of the FSC CIS Manager licence application, including business plan, investment management framework, key personnel fit-and-proper submissions, governance policies, and AML/CFT programme.
04
Scheme Authorisation
Preparation and submission of the FSC scheme authorisation application, including the offering document, constitutional documents, and confirmation of the engagement of administrator, custodian, and auditor.
05
Operational Framework
Design of the operational infrastructure, investment committee, portfolio management systems, trade execution procedures, investor onboarding, subscription and redemption processes, and NAV calculation framework.
06
Launch & Ongoing Compliance
Coordination of the fund launch, first investor closings, initial portfolio deployment, and commencement of ongoing FSC reporting and compliance obligations. Aurevya provides continued support throughout the life of the fund.

Considérations pratiques

Exigences et calendrier

Exigences réglementaires

  • Minimum USD 200,000 stated capital for the CIS Manager entity
  • Qualified fund management personnel, portfolio managers, compliance officer
  • Investment Management Agreement between the Manager and the Scheme
  • FSC-approved Offering Document for each authorised scheme
  • Appointed custodian meeting FSC eligibility requirements
  • Appointed auditor approved to conduct CIS audits in Mauritius
  • AML/CFT programme covering both manager and scheme-level obligations
  • Ongoing FSC reporting including NAV filings, compliance reports, and annual accounts

Calendrier indicatif

  • Structure Design: 2–4 weeks to finalise CIS structure and constitutional documents
  • Application Preparation: 4–6 weeks for manager licence and scheme authorisation applications
  • FSC Review: 10–18 weeks from submission of complete applications, manager licence and scheme authorisation reviewed concurrently where possible
  • Fund Launch: 4–8 weeks post-authorisation for operational setup and first investor closings

Questions fréquentes

Questions fréquemment posées

A CIS Manager is authorised to manage the investment portfolio of a Collective Investment Scheme, making investment decisions, executing transactions on behalf of the scheme, and overseeing the day-to-day management of the fund's assets within the parameters set out in the offering document and investment management agreement. The CIS Manager is responsible to the scheme's investors for the performance of these duties and is subject to FSC oversight in relation to all activities conducted in its capacity as manager.
The CIS Manager licence permits management of all FSC-authorised CIS structures, including open-ended funds (offering continuous subscription and redemption), close-ended funds (fixed capital with no ongoing redemption), umbrella funds (multiple sub-funds under a single legal entity), public schemes, and private schemes restricted to sophisticated or institutional investors. The appropriate structure depends on the investment strategy, target investor base, and liquidity characteristics of the proposed fund.
A CIS Manager is specifically authorised to manage the assets of a regulated Collective Investment Scheme, a pooled vehicle where multiple investors hold interests. An Investment Adviser (Unrestricted) provides investment advice and portfolio management to individual clients under bespoke mandates, not in a pooled CIS structure. If a manager wishes to offer both discretionary mandates to individual clients and manage a CIS, both licence categories may be required. Aurevya advises on the most efficient multi-licence structure for businesses operating across both advisory and fund management activities.
In addition to the CIS Manager licence, each scheme must be separately authorised by the FSC before it can be offered to investors. The scheme authorisation application requires submission of the offering document (prospectus), constitutional documents, confirmation of appointment of administrator, custodian, and auditor, and a detailed description of the investment strategy and fee structure. Aurevya prepares all scheme authorisation documentation and manages the FSC review process in parallel with the manager licence application to minimise the overall timeline to fund launch.
CIS Managers and their authorised schemes are subject to a comprehensive FSC reporting regime, including periodic NAV filings, quarterly scheme returns, annual audited accounts for both the manager and each scheme, compliance reports, and AML/CFT disclosures. The FSC may also require ad hoc reporting on material events such as changes in key personnel, significant investment losses, or breaches of investment restrictions. Aurevya's compliance team manages the full FSC reporting calendar, ensuring all submissions are accurate, timely, and complete throughout the fund's operating life.

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