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2009-01-01

Securities (Licensing) (Amendment) Rules 2009

The Financial Services Commission of Mauritius issued the Securities (Licensing) (Amendment) Rules 2009 to introduce two new investment dealer licence categories for commodity and currency derivatives segments. These amendments modify Part III and the Fourth Schedule of the principal 2007 rules by granting targeted exemptions from existing licensing provisions and mandating a minimum stated unimpaired capital of MUR 1,000,000 for each new category. The updated licensing framework takes effect on 1 November 2009, thereby expanding the regulatory scope for derivatives market participants under the Financial Services Act 2007 and Securities Act 2005.

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The text below is an internet version of the rules, with amendments, issued by the Commission under the Financial Services Act 2007 and the Securities Act 2005 and is for information purpose only. Whilst reasonable care has been taken to ensure its accuracy, the authoritative version is the one published in the Government Gazette of Mauritius. SECURITIES (LICENSING) (AMENDMENT) RULES 2009 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

  1. Citation These Rules may be cited as the Securities (Licensing) (Amendment) Rules 2009.
  2. Interpretation In these Rules- “principal Rules” means the Securities (Licensing) Rules 2007.
  3. Part III of the principal Rules amended Part III of the principal Rules is amended- (a) in Rule 4 as follows– (i) in paragraph (1) by adding after sub-paragraph (c), the following new sub￾paragraphs: (d) Investment Dealer (Commodity Derivatives Segment); (e) Investment Dealer (Currency Derivatives Segment). (ii) in paragraph (3) by adding after the words “investment dealer licence”, the words “for categories (a), (b), (c) and (d) specified in paragraph (1)”. (b) by adding immediately after Rule 17, the following new Rule, the existing Rules 18 and 19 being renumbered accordingly￾18. Exemptions (1) Rule 4 (3) shall not apply to Investment Dealer (Currency Derivatives Segment).

(2) Rule 7 shall not apply to Investment Dealer (Currency Derivatives Segment) and Investment Dealer (Commodity Derivatives Segment).

  1. Fourth Schedule of the principal Rules amended The Fourth Schedule of the principal Rules is amended by adding at the end of the table for the minimum stated unimpaired capital requirements, two new categories of licence and the respective amounts applicable as set out in the table in the Schedule to the present Rules.
  2. Commencement These Rules shall come into operation on 1 November 2009. Made by the Financial Services Commission on 26 October 2009.

SCHEDULE [Rule 4] MINIMUM STATED UNIMPAIRED CAPITAL REQUIREMENTS Category MUR (Rs.) or an equivalent amount Investment Dealer (Commodity Derivatives Segment) 1,000,000 Investment Dealer (Currency Derivatives Segment) 1,000,000

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