Special Licences.
How to read a permission
A licence is not incorporation. Name the nature, the Act, the holder and the neighbouring code before anyone treats a directory label as the whole file.
Start chapter oneTHE CURRICULUM
Read by family.
Keep every code equal.
Grouped chapters hold near-identical variants. Distinct activities keep their own chapter. Reading times include an estimate for the dossiers and the check.
How to read a permission
Nature, Act, holder and date before the label.
01How to read a permission Free
Approx. 24 min · 3-question check
How to read a permission Free
Approx. 24 min · 3-question checkLearn the questions that make a Mauritius licence usable: nature, Act, holder, date and neighbouring codes.
- Licence is not incorporation
- Five legal natures
- FSC and the Bank of Mauritius
- Directory versus Gazette
- How to use a criteria PDF
Financial service providers
FSA activity licences FS-1.1 to FS-1.26.
02Assets management Paid
Approx. 22 min · 3-question check · 1 code
Assets management Paid
Approx. 22 min · 3-question check · 1 codeFollow Harbour Asset Co from one client mandate to the asks that need a different paper, then cite the sections that make the shop lawful.
- Harbour’s shop
- A week with Reef
- What the promoter asks next
- Papers that sit beside FS-1.1
- The letter and the file
- How to cite FS-1.1
03Distribution of financial products Paid
Approx. 20 min · 3-question check · 1 code
Distribution of financial products Paid
Approx. 20 min · 3-question check · 1 codeFollow PlacingCo from one Luxembourg UCITS file to the asks that need a different paper, then cite the sections that make the shop lawful.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
04Pension scheme administrators Paid
Approx. 20 min · 3-question check · 1 code
Pension scheme administrators Paid
Approx. 20 min · 3-question check · 1 codeFollow AdminCo from a 12,000-member administration file to the asks that would turn it into the scheme, then cite the sections.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
05Registrar and transfer agent Paid
Approx. 20 min · 3-question check · 1 code
Registrar and transfer agent Paid
Approx. 20 min · 3-question check · 1 codeFollow RegisterCo from a CIS unit-holder register to the asks that would turn record-keeping into custody.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
06Treasury management Paid
Approx. 20 min · 3-question check · 1 code
Treasury management Paid
Approx. 20 min · 3-question check · 1 codeFollow Treasury Desk Ltd from cash forecasts for 80 affiliates to the asks that would make the book a bank or global treasury.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
07Custodian (non-CIS) Paid
Approx. 20 min · 3-question check · 1 code
Custodian (non-CIS) Paid
Approx. 20 min · 3-question check · 1 codeFollow SafeKeep Ltd from a family’s certificates and art to the asks that would turn the vault into CIS or virtual-asset custody.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
08Global headquarters Paid
Approx. 20 min · 3-question check · 1 code
Global headquarters Paid
Approx. 20 min · 3-question check · 1 codeFollow HQ Co from three Part III services to twelve related companies, then the asks that would turn headquarters into a GBL or shared services.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
09Global treasury activities Paid
Approx. 20 min · 3-question check · 1 code
Global treasury activities Paid
Approx. 20 min · 3-question check · 1 codeFollow MineTreasury Ltd from group FX, guarantees and liquidity to the Part II test, then the asks that would make the book ordinary treasury or a bank.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
10Global legal advisory Paid
Approx. 20 min · 3-question check · 1 code
Global legal advisory Paid
Approx. 20 min · 3-question check · 1 codeFollow GroupCounsel Ltd from intra-group contracts to sections 77A and 77B, then the asks that would turn the shop into a practice certificate or a management licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
11Funeral scheme management Paid
Approx. 20 min · 3-question check · 1 code
Funeral scheme management Paid
Approx. 20 min · 3-question check · 1 codeFollow Farewell Plans Ltd from prepaid funeral contributions to the asks that would turn the scheme into life insurance or a pension.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
12Digital-asset custodian (directory) Paid
Approx. 20 min · 3-question check · 1 code
Digital-asset custodian (directory) Paid
Approx. 20 min · 3-question check · 1 codeFollow a promoter’s old slide, stop, and reconcile the directory, GN 119, the 2019 Rules and VAITOS Class R before anyone files.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
13Peer-to-peer lending Paid
Approx. 20 min · 3-question check · 1 code
Peer-to-peer lending Paid
Approx. 20 min · 3-question check · 1 codeFollow BridgePeer Ltd from matching SME loans to the asks that would turn the operator into a moneylender or a crowdfunding platform.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
14Robotic and AI advisory Paid
Approx. 20 min · 3-question check · 1 code
Robotic and AI advisory Paid
Approx. 20 min · 3-question check · 1 codeFollow AlgoAdvice Ltd from an automated allocation app to the asks that would turn a chatbot wrapper or a VASP advisory class into this letter.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
15Crowdfunding Paid
Approx. 20 min · 3-question check · 1 code
Crowdfunding Paid
Approx. 20 min · 3-question check · 1 codeFollow CrowdMU Ltd from hosting start-up share offers to the retail and issuer caps, then the asks that would turn the platform into a CIS.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
16Money lending Paid
Approx. 20 min · 3-question check · 1 code
Money lending Paid
Approx. 20 min · 3-question check · 1 codeFollow QuickRupee Ltd from own-book instalment loans to section 14A, then the asks that would turn the book into a P2P platform or a bank.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
17Family offices Paid
Approx. 24 min · 3-question check · 2 codes
Family offices Paid
Approx. 24 min · 3-question check · 2 codesFollow the Ramdin office and OfficeCo from one family to two, then the asks that would turn a private office into a CIS or section 79B.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
18Spot commodity market Paid
Approx. 28 min · 3-question check · 6 codes
Spot commodity market Paid
Approx. 28 min · 3-question check · 6 codesFollow CaneBroker, Asha, MetalClear, SugarMarket, BeanAdvice and Dev through six related shops. A representative is not the broker; a market is not a securities exchange.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
Specialised financial services
The official FSC heading FS-2.3 to FS-2.11.
19Credit finance Paid
Approx. 12 min · 3-question check · 1 code
Credit finance Paid
Approx. 12 min · 3-question check · 1 codeSpecialised financial services. It is not a bank, not factoring, and not a money-lending licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
20Factoring Paid
Approx. 12 min · 3-question check · 1 code
Factoring Paid
Approx. 12 min · 3-question check · 1 codePurchase of receivables is not leasing and not credit finance.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
21Leasing Paid
Approx. 12 min · 3-question check · 1 code
Leasing Paid
Approx. 12 min · 3-question check · 1 codeAn FSC leasing licence is not a bank and not an aircraft-leasing tax conclusion.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
22Actuarial services Paid
Approx. 12 min · 3-question check · 1 code
Actuarial services Paid
Approx. 12 min · 3-question check · 1 codeThe directory reuses the FS-2.11 form and criteria. It is still its own code.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
23Credit rating agencies Paid
Approx. 12 min · 3-question check · 1 code
Credit rating agencies Paid
Approx. 12 min · 3-question check · 1 codeRating is not investment advice and not a reporting-issuer registration.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
24Payment intermediary services Paid
Approx. 14 min · 3-question check · 1 code
Payment intermediary services Paid
Approx. 14 min · 3-question check · 1 codeAn FSC PIS licence is not a Bank of Mauritius Payment Service Provider licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
25Representative office Paid
Approx. 12 min · 3-question check · 1 code
Representative office Paid
Approx. 12 min · 3-question check · 1 codeA foreign financial-services representative office is not a Mauritius activity licence and not a foreign investment dealer.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
26Other financial business activity Paid
Approx. 12 min · 3-question check · 1 code
Other financial business activity Paid
Approx. 12 min · 3-question check · 1 codeA residual FSA section 14 category. It is not a shortcut around a named code.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
Corporate, global business and wealth
Management companies, GBL, Authorised Company, SRO, investment banking, shared services and section 79B.
27Management licences Paid
Approx. 18 min · 3-question check · 2 codes
Management licences Paid
Approx. 18 min · 3-question check · 2 codesFollow the full management company and the qualified-trustee-only shop. A nominee approval is a different paper.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
28Nominee company Paid
Approx. 12 min · 3-question check · 1 code
Nominee company Paid
Approx. 12 min · 3-question check · 1 codeAn approval under section 78, not a management licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
29Self-regulatory organisation Paid
Approx. 12 min · 3-question check · 1 code
Self-regulatory organisation Paid
Approx. 12 min · 3-question check · 1 codeRecognition or declaration under Financial Services Act section 33. Fees are determined case by case.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
30Investment banking Paid
Approx. 12 min · 3-question check · 1 code
Investment banking Paid
Approx. 12 min · 3-question check · 1 codeFinancial Services Act section 79A. It is not an investment-dealer licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
31Global shared services Paid
Approx. 12 min · 3-question check · 1 code
Global shared services Paid
Approx. 12 min · 3-question check · 1 codeFinancial Services Act section 77C and the Sixth Schedule. It is not headquarters administration.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
32Global Business Licence Paid
Approx. 14 min · 3-question check · 1 code
Global Business Licence Paid
Approx. 14 min · 3-question check · 1 codeThe directory still prints Category 1. Current language is Global Business Licence under section 72. It is not a company type.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
33Authorised Company Paid
Approx. 14 min · 3-question check · 1 code
Authorised Company Paid
Approx. 14 min · 3-question check · 1 codeFinancial Services Act section 71A. It is not a Global Business Licence and not a tax-free status.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
34Private wealth management Paid
Approx. 14 min · 3-question check · 1 code
Private wealth management Paid
Approx. 14 min · 3-question check · 1 codeA 2026 statutory licence. Activities depend on FSC Rules. It is not a family-office licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
Securities
Market infrastructure, dealers, advisers, funds and functionaries.
35Market infrastructure Paid
Approx. 18 min · 3-question check · 3 codes
Market infrastructure Paid
Approx. 18 min · 3-question check · 3 codesFollow the exchange, the clearing house and the trading system as three shops. None of these is a spot commodity market.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
36Reporting issuer Paid
Approx. 12 min · 3-question check · 1 code
Reporting issuer Paid
Approx. 12 min · 3-question check · 1 codeA registration under Securities Act section 86, not an activity licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
37Investment dealers Paid
Approx. 28 min · 3-question check · 13 codes
Investment dealers Paid
Approx. 28 min · 3-question check · 13 codesFollow each dealer and representative shop under Securities Act section 29. A representative does not hold the dealer licence.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
38Investment advisers Paid
Approx. 20 min · 3-question check · 6 codes
Investment advisers Paid
Approx. 20 min · 3-question check · 6 codesFollow unrestricted, restricted and corporate-finance adviser shops, then the representative letters. Restricted is not unrestricted.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
39Collective investment schemes and funds Paid
Approx. 28 min · 3-question check · 11 codes
Collective investment schemes and funds Paid
Approx. 28 min · 3-question check · 11 codesFollow each fund shop: authorisation, recognition and VCC authorisation are different legal acts.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
40CIS functionaries Paid
Approx. 18 min · 3-question check · 3 codes
CIS functionaries Paid
Approx. 18 min · 3-question check · 3 codesFollow the custodian, the CIS manager and the CIS administrator as three shops. Non-CIS custody is FS-1.7.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
41Foreign investment dealers Paid
Approx. 18 min · 3-question check · 5 codes
Foreign investment dealers Paid
Approx. 18 min · 3-question check · 5 codesFollow the five foreign dealer shops. They are not domestic dealer licences and not a representative office.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
42Remote custodian Paid
Approx. 12 min · 3-question check · 1 code
Remote custodian Paid
Approx. 12 min · 3-question check · 1 codeA recognition under Securities Act section 155(2)(xc), not a CIS custodian licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
Insurance and captives
Insurers, service providers and the Captive Insurance Act.
43Insurers and reinsurers Paid
Approx. 24 min · 3-question check · 8 codes
Insurers and reinsurers Paid
Approx. 24 min · 3-question check · 8 codesFollow each insurer shop. A cell is not a separate insurer by default. Captive insurance is a different Act.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
44Insurance service providers Paid
Approx. 24 min · 3-question check · 7 codes
Insurance service providers Paid
Approx. 24 min · 3-question check · 7 codesFollow each insurance service shop. An agent is not a broker.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
45Captive insurance Paid
Approx. 16 min · 3-question check · 2 codes
Captive insurance Paid
Approx. 16 min · 3-question check · 2 codesFollow the captive insurer and the captive agent. The directory header still cites the Insurance Act.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
Trusts and pensions
Trusts Act authorisations and Private Pension Schemes Act permissions.
46Trust Act authorisations Paid
Approx. 16 min · 3-question check · 3 codes
Trust Act authorisations Paid
Approx. 16 min · 3-question check · 3 codesFollow the qualified trustee, the enforcer and the successor as three shops. A management company is a different qualified-trustee route.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
47Pension schemes Paid
Approx. 18 min · 3-question check · 4 codes
Pension schemes Paid
Approx. 18 min · 3-question check · 4 codesFollow each scheme shop. Administration is a separate permission.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
48Pension administration Paid
Approx. 14 min · 3-question check · 2 codes
Pension administration Paid
Approx. 14 min · 3-question check · 2 codesFollow the two administration shops under section 27. Neither is FS-1.3.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
Virtual assets
VAITOS classes and ITO registration.
49Virtual assets and token offerings Paid
Approx. 22 min · 3-question check · 6 codes
Virtual assets and token offerings Paid
Approx. 22 min · 3-question check · 6 codesFollow each VASP class as its own shop. FS-1.14 is not Class R.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
Bank of Mauritius
Banking modes, cash dealers and payment permissions.
50Banking business modes Paid
Approx. 20 min · 3-question check · 4 codes
Banking business modes Paid
Approx. 20 min · 3-question check · 4 codesFollow four teaching modes under one Banking Act licence architecture. Not four Acts.
- How this family is grouped
- Each code as its own shop
- What the promoter asks next
- Papers that sit beside
- The letter and the file
- How to cite
51Non-bank deposit-taking Paid
Approx. 12 min · 3-question check · 1 code
Non-bank deposit-taking Paid
Approx. 12 min · 3-question check · 1 codeA Banking Act institution that is not a bank. It is not a money changer.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
52Money changer Paid
Approx. 12 min · 3-question check · 1 code
Money changer Paid
Approx. 12 min · 3-question check · 1 codeA cash-dealer permission. It is not a foreign-exchange dealer licence and not a bank.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
53Foreign-exchange dealer Paid
Approx. 12 min · 3-question check · 1 code
Foreign-exchange dealer Paid
Approx. 12 min · 3-question check · 1 codeA cash-dealer permission distinct from a money changer.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
54Payment Service Provider Paid
Approx. 14 min · 3-question check · 1 code
Payment Service Provider Paid
Approx. 14 min · 3-question check · 1 codeNational Payment Systems Act section 9. Not FSC Payment Intermediary Services.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
55Payment-system operator Paid
Approx. 12 min · 3-question check · 1 code
Payment-system operator Paid
Approx. 12 min · 3-question check · 1 codeNational Payment Systems Act section 8. Not a PSP licence.
- The shop
- A week with the first file
- What the promoter asks next
- Papers that sit beside this one
- The letter and the file
- How to cite
CASE STUDIES · PAID
Files on the desk.
2 fictional files and 3 judgments. The in-chapter simulations stay where they are. These longer files sit after the free chapters. 0 of 5 case studies completed
Case 01 · Fictional · Paid
One promoter, three papers
Which letter covers placing, which covers managing the portfolio, and which covers running the scheme?
Case 02 · Fictional · Paid
Two letters for moving money
Is Jetty Pay’s customer-money business an FSC payment-intermediary letter or a Bank of Mauritius PSP letter?
Case 03 · Judgment · Paid
Rainbow Insurance and judicial review
Is a challenge to an FSC suspension a rehearing of the solvency facts?
Case 04 · Judgment · Paid
Emtel and the licence letter
Were the interconnection and cross-subsidy requirements conditions of Cellplus’s licence?
Case 05 · Judgment · Paid
Jacpot: a licence decision is reviewable
Does a refused appeal to the Board mean a gambling-licence revocation could not be reviewed?
Your reading corner.
0 of 55 chapters completed
0 of 5 case studies completed
- How to read a permission
- Assets management
- Distribution of financial products
- Pension scheme administrators
- Registrar and transfer agent
- Treasury management
- Custodian (non-CIS)
- Global headquarters
- Global treasury activities
- Global legal advisory
- Funeral scheme management
- Digital-asset custodian (directory)
- Peer-to-peer lending
- Robotic and AI advisory
- Crowdfunding
- Money lending
- Family offices
- Spot commodity market
- Credit finance
- Factoring
- Leasing
- Actuarial services
- Credit rating agencies
- Payment intermediary services
- Representative office
- Other financial business activity
- Management licences
- Nominee company
- Self-regulatory organisation
- Investment banking
- Global shared services
- Global Business Licence
- Authorised Company
- Private wealth management
- Market infrastructure
- Reporting issuer
- Investment dealers
- Investment advisers
- Collective investment schemes and funds
- CIS functionaries
- Foreign investment dealers
- Remote custodian
- Insurers and reinsurers
- Insurance service providers
- Captive insurance
- Trust Act authorisations
- Pension schemes
- Pension administration
- Virtual assets and token offerings
- Banking business modes
- Non-bank deposit-taking
- Money changer
- Foreign-exchange dealer
- Payment Service Provider
- Payment-system operator
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