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Financial Institutions

Unrestricted Investment Advisory Authority

The Investment Adviser (Unrestricted) licence grants the broadest advisory mandate available from the FSC, permitting investment advice on all types of securities, portfolio management, discretionary mandates, and strategic investment consulting.

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Overview

What is an Investment Adviser (Unrestricted)?

Unlike restricted advisory licences, the Unrestricted Investment Adviser may advise on all categories of securities without limitation, equities, fixed income, derivatives, collective investment schemes, structured products, and alternative investments. It is the licence of choice for independent wealth managers, portfolio management boutiques, and family office investment advisers serving sophisticated clients.

The FSC applies robust conduct of business, suitability, and disclosure requirements to Investment Adviser licence holders, reflecting the trust placed in advisers managing client wealth. The unrestricted scope permits the adviser to respond to the full complexity of client investment needs without the limitations that characterise the restricted licence category.

Aurevya advises investment adviser applicants on licence design, FSC application preparation, suitability framework development, client documentation, and ongoing compliance, ensuring the adviser operates within a robust regulatory framework from the first day of client engagement.

FSC
Licensed, Securities Act 2005
Regulated by the Financial Services Commission, providing the regulatory credibility required to serve institutional, HNW, and professional advisory clients.
USD 100,000
Minimum Stated Capital
A proportionate capital requirement for advisory businesses, reflecting the nature of advisory services rather than principal risk-taking in securities markets.
All
Securities Classes Permitted
The unrestricted mandate covers all categories of securities, eliminating the limitations that constrain the scope of a restricted adviser.

Scope of Authority

Key Features

Full Advisory Mandate
Authorised to provide investment advice on all categories of securities, equities, fixed income, derivatives, CIS units, structured products, and alternatives, without the scope restrictions that characterise the restricted adviser category.
Portfolio Management
The Unrestricted licence explicitly encompasses portfolio management services, advising clients on the construction, implementation, and ongoing management of investment portfolios across all permitted asset classes.
Discretionary Mandates
Holders of the Unrestricted licence may accept discretionary investment mandates, managing client portfolios on a fully discretionary basis within agreed investment guidelines, subject to FSC conduct of business requirements.
Institutional & HNW Clients
The licence is particularly well-suited to advisory relationships with institutional investors, family offices, high net worth individuals, and professional clients, where the breadth of unrestricted advice is commercially essential.
Multi-Asset Advice
The absence of scope restrictions allows the adviser to provide genuinely holistic investment counsel, advising on asset allocation across equities, bonds, alternatives, and structured products within a single regulatory framework.
Independent Counsel
Aurevya assists unrestricted advisers in designing and implementing the independence framework, conflict of interest policies, inducement controls, and client disclosure, that distinguishes credible independent advisory from restricted or product-linked advice models.

Process

How It Works

01
Advisory Model Design
We work with the client to define the advisory business model, client segments, asset classes to be covered, fee model, discretionary versus non-discretionary mandates, and confirm that the Unrestricted licence is the appropriate regulatory vehicle.
02
Corporate Structure
Incorporation of the Mauritius entity, appointment of qualified directors and compliance officer, and establishment of the governance framework required before submission of the FSC application.
03
FSC Application
Preparation and submission of the complete FSC licence application, including business plan, financial projections, suitability framework, KYC documentation, and key personnel fit-and-proper submissions.
04
Key Personnel Approval
The FSC assesses the qualifications and experience of all key personnel, including investment advisers, portfolio managers, and the compliance officer. We prepare comprehensive fit-and-proper submissions for each individual and manage any FSC queries.
05
Systems & Documentation
Design and implementation of the client suitability assessment framework, investment management agreements, client disclosure documents, portfolio reporting systems, and conflict of interest policy, all required before the adviser begins accepting client mandates.
06
Licence Grant
Upon licence grant, the entity is operational and authorised to begin providing investment advice and accepting client mandates across all permitted securities categories within the agreed compliance framework.

Practical Considerations

Requirements & Timeline

Regulatory Requirements

  • Minimum stated capital of USD 100,000 fully paid up
  • Qualified investment adviser personnel with relevant credentials and experience
  • Compliance Officer approved by the FSC
  • Suitability assessment framework for all advisory clients
  • Client agreement templates disclosing scope, fees, and conflicts
  • Portfolio reporting systems capable of producing client statements
  • AML/CFT programme aligned with FSC guidelines
  • Ongoing FSC reporting on financial position and compliance matters

Indicative Timeline

  • Corporate Setup: 2–3 weeks from completion of KYC and structure documentation
  • Application Preparation: 3–5 weeks including suitability framework and documentation design
  • FSC Review: 8–14 weeks from submission of a complete application
  • Operational Launch: 2–3 weeks post-licence grant to finalise client documentation and onboarding processes

Common Questions

Frequently Asked Questions

The Unrestricted Investment Adviser may advise on all categories of securities without limitation, equities, fixed income, derivatives, CIS, structured products, and alternatives. The Restricted Investment Adviser may only advise on specific securities categories as defined in the licence, for example, equities only, or fixed income only. The unrestricted licence comes with higher capital requirements (USD 100,000 versus USD 50,000) and a broader compliance framework, but provides complete flexibility in the advisory scope that can be offered to clients.
An Investment Adviser licence does not include dealing authority, to deal in securities on behalf of clients, a separate Investment Dealer licence (or a combined structure) is required. Entities seeking both advisory and dealing capabilities typically structure these activities under separate licences or seek a combined licence from the FSC. Aurevya advises on the optimal regulatory structure for businesses that intend to offer both advisory and dealing services from Mauritius.
The FSC applies fit-and-proper requirements to all key personnel, including directors, the responsible investment adviser, and the compliance officer. The responsible investment adviser must demonstrate relevant investment expertise, typically through professional qualifications (such as CFA, CISI, or equivalent), a track record in investment management or advisory, and the absence of adverse regulatory or disciplinary history. Aurevya assists in the preparation of comprehensive fit-and-proper submissions tailored to FSC expectations.
FSC conduct of business rules require that investment advisers assess the suitability of investment recommendations for each client before making them. This involves gathering information on the client's financial situation, investment objectives, risk tolerance, and investment experience. The suitability framework must be documented in client files and reflected in the advice provided. Aurevya designs bespoke suitability assessment procedures and client questionnaires that meet FSC standards while being commercially workable in practice.
Yes. The Investment Adviser (Unrestricted) licence explicitly encompasses discretionary portfolio management, the adviser may make investment decisions on behalf of the client without seeking approval for each individual transaction, subject to the agreed investment mandate and guidelines. A formal discretionary investment management agreement is required for each client, setting out the investment objectives, permitted asset classes, risk parameters, and reporting obligations. Aurevya provides template discretionary agreements suitable for FSC-regulated advisers.

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