Regulatory Alerts2007-09-13
Banking (Processing and Licence Fees) Regulations 2007
The Bank of Mauritius issued the Banking (Processing and Licence Fees) Regulations 2007 to establish fixed processing fees and annual licence fees for banking, deposit-taking, foreign exchange dealer, and money-changer institutions. The regulations require licensees to pay non-refundable fees in Mauritius Rupees or US dollars, combining fixed amounts with a variable component calculated via a statutory formula based on three-year average gross operating income and total assets. Existing and new institutions must make initial payments upon the regulations' commencement on 15 April 2007, followed by annual payments due each 1 July, with pro-rated adjustments for newly issued licences and merged entities.
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