Region

Jurisdiction

Regulator

2019-01-01

Securities (Licensing) (Amendment) Rules 2019

The Financial Services Commission issued the Securities (Licensing) (Amendment) Rules 2019 to update licensing categories and qualification requirements for securities dealers in Mauritius. The amendments introduce a new Investment Dealer (Derivatives) classification, define market-maker for futures contracts, and establish specific diploma and five-year experience prerequisites alongside updated schedule fees. These rules also grant exemptions from certain licensing provisions for dealers operating in Government of Mauritius and Bank of Mauritius securities segments, taking effect on 16 November 2019.

Mauritius

Financial Services Commission Mauritius

2300 Government Notices 2019 OliImac2/Govt Notices/FSC/ 3_The Securities (Licensing) (Amendment) Rules 2019 - 2nd Proof 14/11/19 Government Notice No. 246 of 2019 THE SECURITIES ACT 2005 FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007 and section 155 of the Securities Act 2005

These Rules may be cited as the Securities (Licensing) (Amendment) Rules 2019.
In these Rules, “principal Rules” means the Securities (Licensing) Rules 2007.
The principal Rules are amended – (a) in rule 2 – (i) by deleting the definition of “GBOT”; (ii) by adding, in the appropriate alphabetical order, the following new definitions – “market-maker” means a person who is admitted by a securities exchange licensed by the Commission as a market-maker in respect of futures contracts specified by the licensed exchange for the purpose of – (a) entering into transactions for the purchase or sale of futures contracts for his own account; and (b) regularly publishing bona fide competitive bid and offer quotations in respect of futures contracts;

Government Notices 2019 2301 OliImac2/Govt Notices/FSC/ 3_The Securities (Licensing) (Amendment) Rules 2019 - 2nd Proof 14/11/19 OliImac2/Govt Notices/FSC/ 3_The Securities (Licensing) (Amendment) Rules 2019 - 2nd Proof 14/11/19 (b) in rule 4 – (i) in paragraph (1), by – (A) repealing sub-paragraph (d) and replacing it by the following new paragraph – (d) Investment Dealer(Derivatives) – authorised to – (i) act as an intermediary in the execution of orders for clients in derivatives contracts only; and (ii) act as market maker. (B) by repealing sub-paragraphs (e) and (g); (ii) in paragraph (3), by deleting the words “(c), (d) and (g)” and replacing them by the words “(c) and (d)”; (iii) by repealing paragraph (3A); (c) in rule 7, in paragraph (3), by adding the following new paragraph, the fullstop at the end of the new sub-paragraph (c) being deleted and replaced by a semicolon – (d) for an Investment Dealer (Derivatives) – a diploma course in a relevant field and at least 5 years of relevant experience in investment business. (d) by deleting rule 18 and replacing it by the following new rule – 18. Exemptions Rules 4(3) and 7 shall not apply to Investment Dealer (Government of Mauritius Securities and Bank of Mauritius Securities Segment).

2302 Government Notices 2019 OliImac2/Govt Notices/FSC/ 3_The Securities (Licensing) (Amendment) Rules 2019 - 2nd Proof 14/11/19 (e) in the First Schedule, by inserting, immediately after item “Investment Dealer (Discount Broker)”, the following new item – Investment (Derivatives) Dealer 1 Diploma course in a relevant field and at least 5 years of relevant experience in investment business (f) in the Fourth Schedule, by – (i) repealing the items “Investment Dealer (Commodity Derivatives Segment)” “Investment Dealer (Currency Derivatives Segment)” and “Investment Dealer (Equity Segment)”; and (ii) by adding the following new item – Investment Dealer (Derivatives) 1,000,000 4. These rules shall come into operation on 16 November 2019. Made by the Financial Services Commission on 18 October 2019.