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Institutions Financières

Focused Advisory Within a Defined Mandate

The Investment Adviser (Restricted) licence permits investment advice on specific categories of securities as defined by the FSC, ideal for boutique advisory firms with a clear and focused mandate.

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Aperçu

What is an Investment Adviser (Restricted)?

This licence is appropriate for entities with a defined advisory scope, advising only on equities, or only on fixed income, or on a specific geographic market. The restricted mandate comes with a more proportionate regulatory framework, allowing boutique firms to launch efficiently with lower capital requirements and a more targeted compliance infrastructure.

Clear disclosure to clients of the restricted scope is required under FSC conduct of business rules. Clients must understand and acknowledge the limitations of the adviser's permitted scope before engaging the service. The restricted licence can serve as an effective and efficient pathway to market, with a clear upgrade route to an unrestricted licence as the business grows and its advisory scope expands.

Aurevya advises restricted adviser applicants on scope definition, FSC application preparation, client disclosure frameworks, and the compliance infrastructure required to maintain the licence in good standing from launch.

FSC
Licensed, Securities Act 2005
Full FSC regulatory standing under the principal securities legislation, credibility and oversight commensurate with the defined advisory scope.
USD 50,000
Minimum Stated Capital
The most accessible capital threshold in the investment adviser category, enabling boutique advisory firms to establish a regulated Mauritius presence efficiently.
Defined
Advisory Scope
The restricted scope is defined in the licence, providing clarity for clients, counterparties, and regulators on the exact nature of the permitted advisory activities.

Scope of Authority

Caractéristiques clés

Defined Advisory Scope
The restricted scope is clearly articulated in the FSC licence, defining the precise categories of securities on which the holder may advise. This provides legal certainty for both the adviser and its clients regarding permitted activities.
Proportionate Regulation
The FSC calibrates compliance and conduct requirements proportionately to the restricted scope, resulting in a more manageable regulatory infrastructure for boutique firms with a clearly defined market niche.
Lower Capital Requirement
At USD 50,000, the minimum stated capital reflects the more limited scope of the restricted adviser, enabling efficient capital deployment for specialist boutiques and emerging advisory businesses.
Boutique-Friendly
The restricted licence structure is specifically suited to niche and specialist advisory firms, equity analysts advising on a specific sector, fixed income advisers covering emerging market debt, or geographic specialists.
Clear Client Disclosure
FSC rules require restricted advisers to clearly disclose their limited scope to clients before engagement, Aurevya designs compliant disclosure documentation that satisfies regulatory requirements while communicating the scope professionally.
Upgrade Pathway
The restricted licence is a recognised stepping stone to the unrestricted category, as the business grows and its advisory scope expands, Aurevya can manage the variation of licence application to upgrade to an unrestricted mandate.

Processus

Comment ça fonctionne

01
Scope Definition
We work with the client to define the restricted advisory scope, identifying the specific securities categories, asset classes, or geographic markets that constitute the intended advisory mandate and will be articulated in the FSC licence application.
02
Corporate Structure
Incorporation of the Mauritius entity, appointment of qualified directors and compliance officer, and preparation of the governance documentation required for the FSC application.
03
FSC Application
Preparation and submission of the complete FSC licence application, including business plan clearly articulating the restricted scope, financial projections, KYC documentation, and key personnel fit-and-proper submissions.
04
Key Personnel Review
The FSC assesses the qualifications and experience of key personnel relative to the defined restricted scope, advisers must demonstrate expertise in the specific securities categories covered by the licence.
05
Documentation & Compliance Setup
Design of client disclosure documents, investment advisory agreements reflecting the restricted scope, suitability assessment framework, and AML/CFT programme, all required before client onboarding commences.
06
Licence Grant & Launch
Upon licence grant, the entity is authorised to commence advisory activities within the defined scope. Aurevya provides ongoing compliance support and manages the relationship with the FSC throughout the life of the licence.

Considérations pratiques

Exigences et calendrier

Exigences réglementaires

  • Minimum stated capital of USD 50,000 fully paid up
  • Defined permitted securities categories articulated in the licence
  • Key personnel with expertise relevant to the restricted scope
  • Scope clearly disclosed in all client agreements and marketing materials
  • Suitability framework calibrated to the restricted advisory mandate
  • AML/CFT programme aligned with FSC guidelines
  • Ongoing FSC reporting on financial position and compliance matters

Calendrier indicatif

  • Corporate Setup: 2–3 weeks from completion of KYC and structure documentation
  • Application Preparation: 2–4 weeks, the defined scope simplifies the documentation process relative to the unrestricted licence
  • FSC Review: 6–12 weeks from submission of a complete application
  • Operational Launch: 2–3 weeks post-licence grant for client documentation and onboarding readiness

Questions fréquentes

Questions fréquemment posées

The restricted scope is defined in the licence application and ultimately in the FSC licence itself. It may be defined by asset class (e.g., equities only, fixed income only), by geographic market (e.g., Sub-Saharan African securities), by sector, or by a combination of these parameters. The definition must be clear, specific, and commercially meaningful, and the applicant's key personnel must demonstrate expertise relevant to the defined scope. Aurevya works with clients to craft a scope definition that accurately reflects the business model while being acceptable to the FSC.
Yes. An existing Investment Adviser (Restricted) licence can be varied to an Investment Adviser (Unrestricted) licence as the business grows and a broader advisory scope becomes commercially necessary. This requires a variation of licence application to the FSC, demonstrating the additional capital (bringing paid-up capital to USD 100,000), the expanded personnel expertise, and the governance infrastructure required to support the unrestricted mandate. Aurevya manages this upgrade process at the appropriate stage.
Key personnel must meet the FSC's fit-and-proper criteria, relevant qualifications, professional experience in the restricted advisory scope, and a clean regulatory and disciplinary record. For a scope restricted to a specific asset class, the responsible adviser must be able to demonstrate subject matter expertise in that area. Aurevya assists in preparing comprehensive fit-and-proper submissions that present personnel credentials in the most effective manner for FSC assessment.
The restricted licence does not inherently limit the categories of clients that can be served, the restriction is on the scope of advice provided, not on who receives it. In practice, restricted advisers most commonly serve professional and institutional clients with specific investment needs aligned to the restricted scope, where the defined mandate can be presented as a positive differentiator rather than a limitation. Retail client services are subject to additional FSC conduct of business requirements in all adviser categories.
FSC-licensed investment advisers in both restricted and unrestricted categories are required to submit periodic financial returns, compliance reports, and AML/CFT disclosures. The reporting calendar and precise requirements are set out in FSC rules and licence conditions. Aurevya's compliance team manages all FSC reporting obligations on behalf of clients, ensuring timely, accurate submissions and handling any regulatory correspondence that arises during the life of the licence.

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