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2019-03-14

Banking (Processing and Licence Fees) (Amendment) Regulations 2019

The Bank of Mauritius, approved by the Minister, enacted the Banking (Processing and Licence Fees) (Amendment) Regulations 2019 to modernize licensing terminology for financial institutions. The amendment formally defines an "annual programme of issuance" and systematically replaces all instances of "commercial paper" with "money market instrument" across the principal regulations and schedule. These revisions standardize licensing requirements for eligible institutions, ensuring accurate regulatory classification and consistent fee application for money market instruments.

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Government Notices 2019 | 291

Government Notice No. 36 of 2019

THE BANKING ACT

Regulations made by the Bank of Mauritius, with the approval of the Minister, under section 14E(3)(b) and (6) of the Banking Act

  1. These regulations may be cited as the Banking (Processing and Licence Fees) (Amendment) Regulations 2019.

  2. In these regulations –

"principal regulations" means the Banking (Processing and Licence Fees) Regulations 2015.

  1. Regulation 2 of the principal regulations is amended by adding the following new definition, the full stop at the end of the definition of "Act" being deleted and replaced by a semicolon –

"annual programme of issuance" means a 12 months programme submitted by an eligible institution intending to issue money market instruments, at the time of an application for an issuer of money market instrument licence, showing the details of the money market instruments it intends to issue over that period.

  1. Regulation 10 of the principal regulations is amended by deleting the words "commercial paper" wherever they appear and replacing them by the words "money market instrument".

  2. The Schedule to the principal regulations is amended, in Part XI –

(a) in the heading, by deleting the words "COMMERCIAL PAPER" and replacing them by the words "MONEY MARKET INSTRUMENT";

292 | Government Notices 2019

(b) in item 2, by deleting the words "commercial papers" and replacing them by the words "money market instruments".

Made by the Bank of Mauritius, with the approval of the Minister, on 14 February 2019.

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