Notable changes have been brought to the Securities (Preferential Offer) Rules 2017 (the Rules) by the Financial Services Commission (FSC), published on 16 October 2023 that you should be aware of.

Three key takeaways:

•  Any offer of debt securities by an issuer must now be registered with the FSC prior to each issuance.

•  Past Issuers must also now submit information on debt securities still outstanding on 31 October 2023 to          the FSC. This applies for debt securities issued during the period from 31 October 2016 to 31 October 2023.

•  The FSC expanded the list of persons to whom the Rules do not apply, and it excludes an issue of debt                  securities to subscribers under a privately negotiated agreement without any solicitation and a public offer        of securities, in addition to the existing exclusions.

For more information, you can consult the Rules by clicking here or email chambers@blc.mu