Madam Speaker, I thank the hon. Member for the question. Madam Speaker, in my reply to the PQ B/1146 in December 2025, I informed the House that there were 120 outstanding applications in respect of Global Business Companies as at 15 November 2025 with the oldest application dating back to April 2023, that is, some two and a half years pending. I am informed that out of these cases, 76 applications had been completed, 10 were withdrawn and one was returned to the applicant as at 28 February 2026 while 33 applications were still pending with oldest application dating back to 25 November 2024. Madam Speaker, since 15 November 2025 till 28 February 2026, I am informed that the Commission has received 713 new GBC applications and as at the end of February, there were still 102 pending applications which include the 33 applications mentioned earlier. Madam Speaker, I am tabling a breakdown of the status of the applications for the Global Business companies received by the Commission as at 28 February 2026. Madam Speaker, the House was also informed that due consideration would be given to the setting up of a complaints desk at the Commission and to this regard, I am informed that an online complaints platform, namely the FSC Mauritius Online Complaints Portal which also caters for complaints regarding a regulated entity holding a GBC licence from the FSC, was launched yesterday. Madam Speaker, I would also like to add that the Financial Services Consultative Council which meets regularly under my chairmanship since October 2025, monitors the implementation of the recommendations of the Financial Services Strategy Report, rethinking the future of the Financial Services Sector 2025-2030. The FSCC has a dedicated sub- committee to look into the ease of doing business of the financial services sector. This sub- committee meets under the chairmanship of the Chief Executive of the FSC and is closely monitoring the time taken to process applications at the FSC and look into ways and means to activate matters, so that applications are processed in a reasonable time period. Madam Speaker, I would further like to highlight that as part of the Budget 2025-2026, my Ministry has set very clear performance indicators for the Commission through a performance agreement. These performance indicators are as follows – (i) a maximum turnaround time for application of 10 days; (ii) that 85% of applications shall be processed within a maximum of 15 calendar days, and (iii) that applications exceeding 30 calendar days shall represent only 5% of total applications. And in order to meet these objectives, Madam Speaker, I am informed that the Commission has initiated several actions to reduce the turnaround time for the processing of licences, including GBCs – (a) The Known to Commission system which was gazetted on 17 December 2025 and is effective as from 5 January 2026. This system enables the FSC to streamline the process for those companies which already hold a licence from the FSC. (b) The application for Change in Directorship and Shareholders of a Licensee of the FSC will become fully digital by the end of March 2026. (c) The Investment Dealer application has been restructured with improved templates which are more user-friendly. Furthermore, I am also informed that the Commission is integrating the use of Artificial Intelligence Agents across all applications to streamline the process for all licencing categories. These new initiatives, Madam Speaker, are meant to ensure quicker turnaround time for processing of licences. And in conclusion, let me add that the improvements have been noted in processing time, targets have not yet been met but I am informed that the Commission is continuing to work on improving the ease of doing business. Thank you.

Thank you, Minister. Yes, Mr Rookny?

Thank you, Madam Speaker. Could the Minister please advise if there is any mechanism that exists to collect feedback from management companies and other licensees with regard to their experience in delays and time taken for considering their applications?

Madam Speaker, I have been urging the CEO of FSC and also through the FSCC to make sure that there is a feedback loop with GBC companies and management companies in general, to make sure that the voice of the industry is heard with regard to those complaints. The complaints portal is one of them but I have also asked them to make sure that they are continuously listening to the voice of the industry. In fact, they have set up a forum called ‘Industry Meet’, which is meeting regularly where all the stakeholders meet with CEO and the management of FSC to listen to the industry.

Alright, hon. Second Member for Belle Rose and Quatre Bornes! CLUB MED ALBION – PUBLIC SERVICE VEHICLE (TAXI) LICENSE