Regulatory Alerts2014-01-01
Practice Note on Swaps and Derivatives (October 2014)
The Financial Services Commission Mauritius issued this Practice Note to clarify licensing requirements for banks engaging in swaps and derivatives under the Financial Services Act 2007. It delineates exemptions for bilateral, proprietary, and normal-course transactions from FSC licensing, while mandating licenses for banks acting as intermediaries on OTC or exchange platforms. The guidance aligns domestic regulatory frameworks with G20 and IOSCO reforms aimed at enhancing transparency, mitigating systemic risk, and standardizing OTC derivatives markets.
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