Featured Product

    BoM Proposes Guide for Issuance of Sustainable Bonds in Mauritius

    February 03, 2021

    BoM is consulting on a guide for the issuance of sustainable bonds in Mauritius, with the comment period ending on February 17, 2021. The guide on sustainable bonds provides an overview of the requirements and process for the issuance of sustainable bonds and the listing of these bonds on the Stock Exchange of Mauritius. The guide constitutes the first step toward the establishment of a framework for sustainable bonds. It not only seeks to ensure the integrity of the sustainable financing ecosystem in Mauritius but also to prevent greenwashing.

    As part of a roadmap for the implementation of the 2030 Agenda for Sustainable Development, which Mauritius and other UN member states adopted in 2015, it was noted that achieving Mauritius’ ambitious national development priorities would require significant investments in sustainable development. One key recommendation in this context was the development of a green finance framework for Mauritius and the exploration of the issuance of innovative financial instruments, including green bonds. A technical committee was set up to work on the development of the domestic sustainable bonds market in Mauritius. The technical committee noted that providing clear guidance for issuers, investors, and intermediaries, such as verifiers, was a key step toward the establishment and development of a domestic sustainable bonds market. Thus, this guide has been published to ensure the integrity of the sustainable financing ecosystem in Mauritius. The guide is intended for information purposes only, to assist potential issuers in better understanding the legal and regulatory requirements for the issuance of sustainable bonds in Mauritius. 

    The guide defines different types of sustainable bonds, the entities that can issue them, and the reasons for issuing these bonds. As described in the guide, the labeled sustainable bonds universe includes green bonds (including blue bonds and climate bonds), social bonds, and sustainability bonds. The guide provides an overview of the general pre-issuance, issuance, and post-issuance process for a sustainable bond. This is followed by a description of the process for listing a sovereign sustainable bond as well as a sustainable bond issued by a company, on the Stock Exchange of Mauritius. Finally, the guide explains that non-compliance with one or more commitments undertaken under a sustainable bond issue subjects the issuer to the legal and regulatory sanctions, which may include a direction to ensure compliance with the certain regulatory guidelines. In the case of unlisted sustainable bonds, the Financial Services Commission shall communicate to the issuer the breach and authorize the issuer to take remedial steps to rectify the breach, subject to an agreed timeframe. In the case of listed sustainable bonds, in addition to the above, the Stock Exchange of Mauritius shall also communicate to the issuer the breach and authorize the issuer to take remedial steps to rectify the breach, subject to an agreed timeframe, failing which the Stock Exchange of Mauritius shall sanction the issuer as per the provisions of its Listing Rule/DEM Rules.

     

    Related Links

    Comment Due Date: February 17, 2021

    Keywords: Middle East and Africa, Mauritius, Banking, Securities, Green Bonds, Sustainable Finance, ESG, Climate Change Risk, Sustainable Bonds Framework, BoM

    Featured Experts
    Related Articles
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    News

    APRA Consults on Prudential Standard for Operational Risk

    The Australian Prudential Regulation Authority (APRA) is seeking comments, until October 21, 2022, on the introduction of CPS 230, which is the new cross-industry prudential standard on operational risk management.

    July 28, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8422