Advisory mandate
An arrangement where the adviser recommends investments and the client approves each decision before it is executed.
Discretionary mandate
An arrangement where the client sets objectives and limits in writing and the manager makes and implements decisions within them.
Custodian
A bank or broker licensed to hold securities and cash on behalf of clients, separate from the adviser.
Investment Adviser (Unrestricted)
The FSC Mauritius licence that permits both advice and discretionary portfolio management.
FSC
Financial Services Commission, the regulator of non-bank financial services in Mauritius.
FSCA
Financial Sector Conduct Authority, the market-conduct regulator for financial services in South Africa.
FSP
Financial Services Provider: a firm authorised by the FSCA under the FAIS Act to give advice or intermediary services.
FAIS Ombud
The South African ombudsman that resolves complaints against financial services providers.
Global Business Company (GBC)
A Mauritius company licensed by the FSC to conduct business mainly outside Mauritius, with access to tax treaties subject to substance requirements.
Authorised Company
A Mauritius company controlled from outside Mauritius, treated as non-resident for tax and without treaty access.
Trust
A legal arrangement in which trustees hold assets for beneficiaries under the Trusts Act 2001.
Foundation
A legal entity under the Foundations Act 2012 that holds assets for a purpose or beneficiaries, combining features of a company and a trust.
Protector
A person appointed to oversee trustees, often with power to veto certain decisions or replace the trustee.
Letter of wishes
A non-binding letter from a settlor guiding trustees on how discretion should be exercised.
Double taxation agreement (DTA or DTAA)
A treaty between two countries that allocates taxing rights and prevents the same income being taxed twice. Mauritius has more than 45.
Economic substance
Rules requiring a company to have real activity, staff and decision-making in Mauritius to qualify for tax benefits.
Partial exemption regime
The 80% exemption on qualifying foreign-source income for Mauritius global business companies, giving an effective rate of 3%.
Single discretionary allowance (SDA)
The annual amount a South African resident may transfer abroad without SARS approval, currently R2 million per adult, increased from R1 million by SARB Exchange Control Circular 6/2026 (8 April 2026). Last reviewed 22 September 2026.
Foreign investment allowance (FIA)
The annual amount a South African resident may invest abroad with SARS approval, currently up to R10 million. Unchanged by the 2026 increase to the SDA. Last reviewed 22 September 2026.
Approval for International Transfer (AIT)
The SARS approval required to use the foreign investment allowance.
Benchmark
An index or blend of indices against which portfolio performance is measured.
Strategic asset allocation
The long-term target mix of asset classes chosen to meet a client's objectives and risk profile.
Rebalancing
Adjusting holdings back toward target weights after market moves change them.
Total expense ratio (TER)
The annual cost of a fund as a percentage of its assets, including management and operating fees.
Retrocession
A payment from a product provider to an adviser for placing client money in its product. A source of conflict of interest.
Risk profile
A documented assessment of how much investment risk a client can afford and is willing to take.
Suitability
The regulatory requirement that advice and investments fit the client's circumstances, objectives and risk profile.
KYC and AML
Know-your-client and anti-money-laundering checks required before onboarding.
MLRO
Money Laundering Reporting Officer: the person responsible for a firm's anti-money-laundering controls and reporting.
Common Reporting Standard (CRS)
The OECD standard under which financial institutions report non-resident account holders to their home tax authorities.
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