On Jul. 1, 2024, MAU FSC published Financial services (consolidated licensing and fees) (amendment) (amendment) rules 2024, which was made on Jun. 25, effective Jun. 28.
First Schedule of Financial services actamended by Financial services (amendment of schedule) regulation 2024, by adding the following new financial business activities.
Spot commodity market; spot commodity clearing house; spot commodity broker and representative; spot commodity trading adviser and representative.
2024 Rules
Accordingly, the Financial services (spot commodity market and intermediaries) rules 2024 have been issued by MAU FSC which came into operation on Feb. 9, 2024.
Rules aim to support the creation of a new and dynamic ecosystem for spot commodity trading, clearing and intermediation within the Mauritius International Financial Centre.
Financial services (consolidated licensing and fees) (amendment no. 2) rules 2024, also issued to provide for processing, annual fees for spot commodity-related services.
Key Highlights
Fast-track application process for existing licensees of MAU FSC operating as securities exchanges, investment dealers/offer clearing, settlement facilities under Securitiesact.
Applying for corresponding spot commodity-related services under new framework.
A spot commodity market may be operated through an electronic system or facility based on innovative emerging technologies such as distributed ledger technology.
In line with ESG related strategies, other legislative frameworks, operators may also be able to engage in spot commodity trading, clearing, brokerage, advisory services for energy or environmentally-linked financial instruments deemed as carbon offsets.
Jan. 2024 Licensing and Fees
On Jan. 10, 2024, MAU FSC issued the Financial services (consolidated licensing and fees) (amendment) rules 2024, amending the Financial services (consolidated licensing and fees) rules 2008, rules 14, 21 and the second schedule.
Amendments come into operation on Jul. 1, 2024.
Document dated Jan. 10, 2024, was received on Feb. 16, 2024 due to a new feed.
Jul. 2024 Amendment
On Jul. 1, 2024, MAU FSC published Financial services (consolidated licensing and fees) (amendment) (amendment) rules 2024, which was made on Jun. 25, effective Jun. 28.
