CHAPTER 39 / 55 · Paid
CIS, closed-end funds, foreign schemes and VCC Funds.
Follow each fund shop: authorisation, recognition and VCC authorisation are different legal acts.
Approx. 28 min with exercisesLaw cut-off: 20 September 2026Our approach
By the end of this chapter
- Describe the shop in one paragraph from the first file on the desk.
- Decide the promoter’s next asks: which stay on this letter, which need another paper.
- Keep neighbouring permissions off this desk.
- Cite the enabling section and treat the licence letter as the book.
How this family is grouped
Follow each fund shop: authorisation, recognition and VCC authorisation are different legal acts. Each code below is its own shop: a first file, a week, the asks that need a different paper, then the letter. A quieter label is not a thinner file.
SEC-3.1A CIS (Single fund)
FSC · SEC-3.1A · Authorisation
1. A single Mauritius equity CIS’s shop
A single Mauritius equity CIS is the desk this chapter is for. Authorisation of a collective investment scheme structured as a single fund.
The first file on the desk is this. IsleEquity Fund is a company that will offer one open-ended portfolio of listed shares to investors. SEC-3.1A for the scheme; SEC-4.2/4.1/4.3 for functionaries.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a CIS with more than one fund (3.1Bv), not a closed-end fund, not a VCC Fund, and not the CIS manager.
Third, the assumptions stay in the file. Fictional CIS. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with A single Mauritius equity CIS
Monday. The promoter walks in with “A single Mauritius equity CIS.” Write the facts before anyone names a code: IsleEquity Fund is a company that will offer one open-ended portfolio of listed shares to investors.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Authorisation of a collective investment scheme structured as a single fund.
Wednesday. They record what this permission is used for. SEC-3.1A for the scheme; SEC-4.2/4.1/4.3 for functionaries.
Thursday. They write what the letter does not cover. The scheme authorisation is not the manager’s licence.
Friday. They lock the assumptions. Fictional CIS. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.1A is used for. The Act matters when A single Mauritius equity CIS applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A single Mauritius equity CIS
IsleEquity Fund is a company that will offer one open-ended portfolio of listed shares to investors.
Why it fits. SEC-3.1A for the scheme; SEC-4.2/4.1/4.3 for functionaries.
Different paper
The same promoter asks for CIS with more than one fund (3.1Bv)
The slide says the SEC-3.1A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. The scheme authorisation is not the manager’s licence.
Different paper
The same promoter asks for closed-end fund
The slide says the SEC-3.1A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. The scheme authorisation is not the manager’s licence.
| The promoter asks A single Mauritius equity CIS to… | This licence? | Why |
|---|---|---|
| A single Mauritius equity CIS | Yes | SEC-3.1A for the scheme; SEC-4.2/4.1/4.3 for functionaries. |
| The same promoter asks for CIS with more than one fund (3.1Bv) | No | Keep the neighbouring paper off this desk. The scheme authorisation is not the manager’s licence. |
| The same promoter asks for closed-end fund | No | Keep the neighbouring paper off this desk. The scheme authorisation is not the manager’s licence. |
4. Papers that sit beside this one
Not a CIS with more than one fund (3.1Bv), not a closed-end fund, not a VCC Fund, and not the CIS manager. Name the other desk when the work changes: a CIS with more than one fund (3.1Bv); a closed-end fund; a VCC Fund; the CIS manager.
- a CIS with more than one fund (3.1Bv)
- a closed-end fund
- a VCC Fund
- the CIS manager
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The scheme (the legal person or trust that is the CIS). Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 32,000 (USD 1,200). Status at cut-off: Published CIS category as at 1 July 2026.
Who may hold it. The scheme (the legal person or trust that is the CIS). Functionaries need their own codes.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Except for foreign-scheme rows, USD figures apply to a GBL applicant or holder. Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code.
Rules, codes and circulars. CL20260107 for fees. CIS Regulations 2008 remain the product rules.
6. How to cite SEC-3.1A
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.1A CIS (Single fund) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing fee Rs 32,000 (USD 1,200). Fixed annual fee Rs 112,000 (USD 3,700). Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code. Additional annual Rs 200,000 (USD 6,300) is printed for SPF and for REIT authorisation on this row. Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published CIS category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.1A in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.1Bv CIS (having more than 1 fund)
FSC · SEC-3.1Bv · Authorisation
1. An umbrella with three sub-funds’s shop
An umbrella with three sub-funds is the desk this chapter is for. Authorisation of a CIS with more than one fund.
The first file on the desk is this. IsleUmbrella CIS will have Equity, Bond and Balanced funds. SEC-3.1Bv, with two additional-fund fees on top of the first.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a single-fund CIS, not a PCC CIS, and not multiclass 3.1Dv.
Third, the assumptions stay in the file. Fictional umbrella. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with An umbrella with three sub-funds
Monday. The promoter walks in with “An umbrella with three sub-funds.” Write the facts before anyone names a code: IsleUmbrella CIS will have Equity, Bond and Balanced funds.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Authorisation of a CIS with more than one fund.
Wednesday. They record what this permission is used for. SEC-3.1Bv, with two additional-fund fees on top of the first.
Thursday. They write what the letter does not cover. Not a VCC. Not three separate 3.1A licences unless the structure is actually three schemes.
Friday. They lock the assumptions. Fictional umbrella. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.1Bv is used for. The Act matters when An umbrella with three sub-funds applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An umbrella with three sub-funds
IsleUmbrella CIS will have Equity, Bond and Balanced funds.
Why it fits. SEC-3.1Bv, with two additional-fund fees on top of the first.
Different paper
The same promoter asks for single-fund CIS
The slide says the SEC-3.1Bv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not a VCC. Not three separate 3.1A licences unless the structure is actually three schemes.
Different paper
The same promoter asks for PCC CIS
The slide says the SEC-3.1Bv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not a VCC. Not three separate 3.1A licences unless the structure is actually three schemes.
| The promoter asks An umbrella with three sub-funds to… | This licence? | Why |
|---|---|---|
| An umbrella with three sub-funds | Yes | SEC-3.1Bv, with two additional-fund fees on top of the first. |
| The same promoter asks for single-fund CIS | No | Keep the neighbouring paper off this desk. Not a VCC. Not three separate 3.1A licences unless the structure is actually three schemes. |
| The same promoter asks for PCC CIS | No | Keep the neighbouring paper off this desk. Not a VCC. Not three separate 3.1A licences unless the structure is actually three schemes. |
4. Papers that sit beside this one
Not a single-fund CIS, not a PCC CIS, and not multiclass 3.1Dv. Name the other desk when the work changes: a single-fund CIS; a PCC CIS; multiclass 3.1Dv.
- a single-fund CIS
- a PCC CIS
- multiclass 3.1Dv
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The umbrella CIS. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing Rs 25,000 (USD 1,400) including the first fund and Rs 5,000 (USD 300) for each additional fund. Status at cut-off: Published CIS category as at 1 July 2026.
Who may hold it. The umbrella CIS. Extra funds are fee units, not automatically extra legal persons.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Except for foreign-scheme rows, USD figures apply to a GBL applicant or holder. Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code.
Rules, codes and circulars. CL20260107 for fees.
6. How to cite SEC-3.1Bv
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.1Bv CIS (having more than 1 fund) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing Rs 25,000 (USD 1,400) including the first fund and Rs 5,000 (USD 300) for each additional fund. Annual Rs 90,000 (USD 4,000) including the first fund and Rs 18,000 (USD 600) per additional fund. Extra SPF/REIT annual fees are printed (Rs 200,000 / USD 5,000 on this row). |
| Status at cut-off | Published CIS category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.1Bv in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.1Cv CIS (Protected Cell Company)
FSC · SEC-3.1Cv · Authorisation
1. A PCC hedge CIS’s shop
A PCC hedge CIS is the desk this chapter is for. Authorisation of a CIS structured as a protected cell company.
The first file on the desk is this. CellFund PCC will run three strategy cells for professional investors. SEC-3.1Cv.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not an insurance PCC, not a VCC, and not a multiclass CIS.
Third, the assumptions stay in the file. Fictional PCC. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with A PCC hedge CIS
Monday. The promoter walks in with “A PCC hedge CIS.” Write the facts before anyone names a code: CellFund PCC will run three strategy cells for professional investors.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Authorisation of a CIS structured as a protected cell company.
Wednesday. They record what this permission is used for. SEC-3.1Cv.
Thursday. They write what the letter does not cover. Not INS-1.1Av. Not VCC-1.1.
Friday. They lock the assumptions. Fictional PCC. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.1Cv is used for. The Act matters when A PCC hedge CIS applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A PCC hedge CIS
CellFund PCC will run three strategy cells for professional investors.
Why it fits. SEC-3.1Cv.
Different paper
The same promoter asks for an insurance PCC
The slide says the SEC-3.1Cv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not INS-1.1Av. Not VCC-1.1.
Different paper
The same promoter asks for VCC
The slide says the SEC-3.1Cv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not INS-1.1Av. Not VCC-1.1.
| The promoter asks A PCC hedge CIS to… | This licence? | Why |
|---|---|---|
| A PCC hedge CIS | Yes | SEC-3.1Cv. |
| The same promoter asks for an insurance PCC | No | Keep the neighbouring paper off this desk. Not INS-1.1Av. Not VCC-1.1. |
| The same promoter asks for VCC | No | Keep the neighbouring paper off this desk. Not INS-1.1Av. Not VCC-1.1. |
4. Papers that sit beside this one
Not an insurance PCC, not a VCC, and not a multiclass CIS. Name the other desk when the work changes: an insurance PCC; a VCC; a multiclass CIS.
- an insurance PCC
- a VCC
- a multiclass CIS
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The PCC CIS. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing USD 1,400 for the first cell and USD 300 for each additional cell. Status at cut-off: Published CIS category as at 1 July 2026.
Who may hold it. The PCC CIS. Cells are fee units and asset-segregation units; tax compartments remain a tax-course question.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code.
Rules, codes and circulars. CL20260107 for fees.
6. How to cite SEC-3.1Cv
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.1Cv CIS (Protected Cell Company) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing USD 1,400 for the first cell and USD 300 for each additional cell. Annual USD 4,000 for the first cell and USD 600 per additional cell, plus SPF/REIT extras as printed. |
| Status at cut-off | Published CIS category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.1Cv in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.1Dv CIS (Multiclass)
FSC · SEC-3.1Dv · Authorisation
1. Fund’s shop
Fund is the desk this chapter is for. Authorisation of a multiclass CIS.
The first file on the desk is this. IsleEquity Fund wants USD and EUR share classes of the same portfolio. SEC-3.1Dv if that is the structure; 3.1A if it remains a single fund without the multiclass code.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not 3.1Bv (more than one fund) and not 3.1Cv (PCC). Multiclass is its own code.
Third, the assumptions stay in the file. Fictional classes. Confirm live FSC treatment. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with One fund, two share classes
Monday. The promoter walks in with “One fund, two share classes.” Write the facts before anyone names a code: IsleEquity Fund wants USD and EUR share classes of the same portfolio.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Authorisation of a multiclass CIS.
Wednesday. They record what this permission is used for. SEC-3.1Dv if that is the structure; 3.1A if it remains a single fund without the multiclass code.
Thursday. They write what the letter does not cover. Share classes are not extra 3.1Bv funds by default.
Friday. They lock the assumptions. Fictional classes. Confirm live FSC treatment. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.1Dv is used for. The Act matters when Fund applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
One fund, two share classes
IsleEquity Fund wants USD and EUR share classes of the same portfolio.
Why it fits. SEC-3.1Dv if that is the structure; 3.1A if it remains a single fund without the multiclass code.
Different paper
The same promoter asks for 3.1Bv (more than one fund)
The slide says the SEC-3.1Dv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Share classes are not extra 3.1Bv funds by default.
Different paper
The same promoter asks for 3.1Cv (PCC). Multiclass is its own code
The slide says the SEC-3.1Dv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Share classes are not extra 3.1Bv funds by default.
| The promoter asks Fund to… | This licence? | Why |
|---|---|---|
| One fund, two share classes | Yes | SEC-3.1Dv if that is the structure; 3.1A if it remains a single fund without the multiclass code. |
| The same promoter asks for 3.1Bv (more than one fund) | No | Keep the neighbouring paper off this desk. Share classes are not extra 3.1Bv funds by default. |
| The same promoter asks for 3.1Cv (PCC). Multiclass is its own code | No | Keep the neighbouring paper off this desk. Share classes are not extra 3.1Bv funds by default. |
4. Papers that sit beside this one
Not 3.1Bv (more than one fund) and not 3.1Cv (PCC). Multiclass is its own code. Name the other desk when the work changes: 3.1Bv (more than one fund); 3.1Cv (PCC). Multiclass is its own code.
- 3.1Bv (more than one fund)
- 3.1Cv (PCC). Multiclass is its own code
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The multiclass CIS. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee USD 300. Status at cut-off: Published CIS category as at 1 July 2026.
Who may hold it. The multiclass CIS. Share classes are not automatically sub-funds.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Blank form/criteria cells on the captured directory. Do not invent a PDF.
Rules, codes and circulars. CL20260107 for fees.
6. How to cite SEC-3.1Dv
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.1Dv CIS (Multiclass) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing fee USD 300. Fixed annual fee USD 600. Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published CIS category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.1Dv in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.2A Closed-end fund (Single Fund)
FSC · SEC-3.2A · Authorisation
1. Ltd’s shop
Ltd is the desk this chapter is for. Authorisation of a closed-end fund as a single fund.
The first file on the desk is this. Harbour PE I Ltd will raise a single closed-end vehicle for unlisted companies. SEC-3.2A.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a CIS, not a closed-end umbrella, and not a VCC.
Third, the assumptions stay in the file. Fictional PE fund. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with A ten-year PE fund
Monday. The promoter walks in with “A ten-year PE fund.” Write the facts before anyone names a code: Harbour PE I Ltd will raise a single closed-end vehicle for unlisted companies.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Authorisation of a closed-end fund as a single fund.
Wednesday. They record what this permission is used for. SEC-3.2A.
Thursday. They write what the letter does not cover. Not SEC-3.1A. Investors are not the fund.
Friday. They lock the assumptions. Fictional PE fund. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.2A is used for. The Act matters when Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A ten-year PE fund
Harbour PE I Ltd will raise a single closed-end vehicle for unlisted companies.
Why it fits. SEC-3.2A.
Different paper
The same promoter asks for CIS
The slide says the SEC-3.2A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not SEC-3.1A. Investors are not the fund.
Different paper
The same promoter asks for closed-end umbrella
The slide says the SEC-3.2A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not SEC-3.1A. Investors are not the fund.
| The promoter asks Ltd to… | This licence? | Why |
|---|---|---|
| A ten-year PE fund | Yes | SEC-3.2A. |
| The same promoter asks for CIS | No | Keep the neighbouring paper off this desk. Not SEC-3.1A. Investors are not the fund. |
| The same promoter asks for closed-end umbrella | No | Keep the neighbouring paper off this desk. Not SEC-3.1A. Investors are not the fund. |
4. Papers that sit beside this one
Not a CIS, not a closed-end umbrella, and not a VCC. Name the other desk when the work changes: a CIS; a closed-end umbrella; a VCC.
- a CIS
- a closed-end umbrella
- a VCC
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The closed-end fund vehicle. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 25,000 (USD 1,200). Status at cut-off: Published closed-end category as at 1 July 2026.
Who may hold it. The closed-end fund vehicle.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Except for foreign-scheme rows, USD figures apply to a GBL applicant or holder. Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code.
Rules, codes and circulars. CL20260107 for fees.
6. How to cite SEC-3.2A
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.2A Closed-end fund (Single Fund) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing fee Rs 25,000 (USD 1,200). Fixed annual fee Rs 90,000 (USD 3,700). Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code. Extra annual Rs 200,000 (USD 5,000) printed for SPF and REIT on this row. Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published closed-end category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.2A in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.2Bv Closed-end fund (having more than 1 fund)
FSC · SEC-3.2Bv · Authorisation
1. Umbrella’s shop
Umbrella is the desk this chapter is for. Closed-end fund with more than one fund.
The first file on the desk is this. Harbour PE Umbrella will have Fund I and Fund II as closed-end compartments. SEC-3.2Bv.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not 3.2A, not a CIS umbrella, and not a PCC closed-end.
Third, the assumptions stay in the file. Fictional umbrella. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with A PE firm with two vintages under one umbrella
Monday. The promoter walks in with “A PE firm with two vintages under one umbrella.” Write the facts before anyone names a code: Harbour PE Umbrella will have Fund I and Fund II as closed-end compartments.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Closed-end fund with more than one fund.
Wednesday. They record what this permission is used for. SEC-3.2Bv.
Thursday. They write what the letter does not cover. Not two separate CIS codes.
Friday. They lock the assumptions. Fictional umbrella. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.2Bv is used for. The Act matters when Umbrella applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A PE firm with two vintages under one umbrella
Harbour PE Umbrella will have Fund I and Fund II as closed-end compartments.
Why it fits. SEC-3.2Bv.
Different paper
The same promoter asks for CIS umbrella
The slide says the SEC-3.2Bv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not two separate CIS codes.
Different paper
The same promoter asks for PCC closed-end
The slide says the SEC-3.2Bv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not two separate CIS codes.
| The promoter asks Umbrella to… | This licence? | Why |
|---|---|---|
| A PE firm with two vintages under one umbrella | Yes | SEC-3.2Bv. |
| The same promoter asks for CIS umbrella | No | Keep the neighbouring paper off this desk. Not two separate CIS codes. |
| The same promoter asks for PCC closed-end | No | Keep the neighbouring paper off this desk. Not two separate CIS codes. |
4. Papers that sit beside this one
Not 3.2A, not a CIS umbrella, and not a PCC closed-end. Name the other desk when the work changes: a CIS umbrella; a PCC closed-end.
- a CIS umbrella
- a PCC closed-end
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The closed-end umbrella. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing Rs 22,500 (USD 1,000) including the first fund and Rs 4,500 (USD 300) per additional fund. Status at cut-off: Published closed-end category as at 1 July 2026.
Who may hold it. The closed-end umbrella.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code.
Rules, codes and circulars. CL20260107 for fees.
6. How to cite SEC-3.2Bv
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.2Bv Closed-end fund (having more than 1 fund) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing Rs 22,500 (USD 1,000) including the first fund and Rs 4,500 (USD 300) per additional fund. Annual Rs 81,000 (USD 4,000) including the first fund and Rs 18,000 (USD 600) per additional fund, plus SPF/REIT extras. |
| Status at cut-off | Published closed-end category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.2Bv in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.2Cv Closed-end fund (Protected Cell Company)
FSC · SEC-3.2Cv · Authorisation
1. A closed-end PCC for real assets’s shop
A closed-end PCC for real assets is the desk this chapter is for. Closed-end fund as a PCC.
The first file on the desk is this. LandCells PCC will hold a property cell and an infrastructure cell as closed-end compartments. SEC-3.2Cv.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a CIS PCC and not an insurance PCC.
Third, the assumptions stay in the file. Fictional PCC. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with A closed-end PCC for real assets
Monday. The promoter walks in with “A closed-end PCC for real assets.” Write the facts before anyone names a code: LandCells PCC will hold a property cell and an infrastructure cell as closed-end compartments.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Closed-end fund as a PCC.
Wednesday. They record what this permission is used for. SEC-3.2Cv.
Thursday. They write what the letter does not cover. Not VCC-1.1 and not INS-1.2Av.
Friday. They lock the assumptions. Fictional PCC. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.2Cv is used for. The Act matters when A closed-end PCC for real assets applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A closed-end PCC for real assets
LandCells PCC will hold a property cell and an infrastructure cell as closed-end compartments.
Why it fits. SEC-3.2Cv.
Different paper
The same promoter asks for CIS PCC
The slide says the SEC-3.2Cv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not VCC-1.1 and not INS-1.2Av.
Different paper
The same promoter asks for an insurance PCC
The slide says the SEC-3.2Cv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not VCC-1.1 and not INS-1.2Av.
| The promoter asks A closed-end PCC for real assets to… | This licence? | Why |
|---|---|---|
| A closed-end PCC for real assets | Yes | SEC-3.2Cv. |
| The same promoter asks for CIS PCC | No | Keep the neighbouring paper off this desk. Not VCC-1.1 and not INS-1.2Av. |
| The same promoter asks for an insurance PCC | No | Keep the neighbouring paper off this desk. Not VCC-1.1 and not INS-1.2Av. |
4. Papers that sit beside this one
Not a CIS PCC and not an insurance PCC. Name the other desk when the work changes: a CIS PCC; an insurance PCC.
- a CIS PCC
- an insurance PCC
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The closed-end PCC. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing USD 1,400 first cell and USD 300 each additional cell. Status at cut-off: Published closed-end category as at 1 July 2026.
Who may hold it. The closed-end PCC.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Directory additional annual fees apply where the scheme is authorised to operate as a Special Purpose Fund or as a REIT — those are extra authorisations, not automatic with this code.
Rules, codes and circulars. CL20260107 for fees.
6. How to cite SEC-3.2Cv
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.2Cv Closed-end fund (Protected Cell Company) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing USD 1,400 first cell and USD 300 each additional cell. Annual USD 4,000 first cell and USD 600 each additional cell, plus SPF/REIT extras. |
| Status at cut-off | Published closed-end category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.2Cv in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.2Dv Closed-end fund (Multiclass)
FSC · SEC-3.2Dv · Authorisation
1. A PE fund with two share classes’s shop
A PE fund with two share classes is the desk this chapter is for. Multiclass closed-end fund.
The first file on the desk is this. Harbour PE I wants founder and investor share classes of one closed-end vehicle. SEC-3.2Dv if that is the live code for the structure.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Securities Act 2005, Section 97. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not 3.2Bv and not 3.1Dv.
Third, the assumptions stay in the file. Fictional classes. Cut-off 20 September 2026.
Securities Act 2005, Section 97. See the register note · Open the published text ↗.
2. A week with A PE fund with two share classes
Monday. The promoter walks in with “A PE fund with two share classes.” Write the facts before anyone names a code: Harbour PE I wants founder and investor share classes of one closed-end vehicle.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Multiclass closed-end fund.
Wednesday. They record what this permission is used for. SEC-3.2Dv if that is the live code for the structure.
Thursday. They write what the letter does not cover. Not automatically 3.2Bv extra funds.
Friday. They lock the assumptions. Fictional classes. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.2Dv is used for. The Act matters when A PE fund with two share classes applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A PE fund with two share classes
Harbour PE I wants founder and investor share classes of one closed-end vehicle.
Why it fits. SEC-3.2Dv if that is the live code for the structure.
Different paper
The same promoter asks for 3.2Bv
The slide says the SEC-3.2Dv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not automatically 3.2Bv extra funds.
Different paper
The same promoter asks for 3.1Dv
The slide says the SEC-3.2Dv letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not automatically 3.2Bv extra funds.
| The promoter asks A PE fund with two share classes to… | This licence? | Why |
|---|---|---|
| A PE fund with two share classes | Yes | SEC-3.2Dv if that is the live code for the structure. |
| The same promoter asks for 3.2Bv | No | Keep the neighbouring paper off this desk. Not automatically 3.2Bv extra funds. |
| The same promoter asks for 3.1Dv | No | Keep the neighbouring paper off this desk. Not automatically 3.2Bv extra funds. |
4. Papers that sit beside this one
Not 3.2Bv and not 3.1Dv. Name the other desk when the work changes: 3.2Bv; 3.1Dv.
- 3.2Bv
- 3.1Dv
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The multiclass closed-end fund. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee USD 300. Status at cut-off: Published closed-end category as at 1 July 2026.
Who may hold it. The multiclass closed-end fund.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Blank form/criteria cells on the captured directory.
Rules, codes and circulars. CL20260107 for fees.
6. How to cite SEC-3.2Dv
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.2Dv Closed-end fund (Multiclass) |
| Legal nature | Authorisation |
| Enabling law | Securities Act 2005 · Section 97 |
| Fees as at 1 July 2026 | Processing fee USD 300. Fixed annual fee USD 600. Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published closed-end category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.2Dv in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.3A Single Fund
FSC · SEC-3.3A · Recognition
1. Recognising a Luxembourg UCITS’s shop
Recognising a Luxembourg UCITS is the desk this chapter is for. Recognition of a foreign scheme as a single fund.
The first file on the desk is this. A Luxembourg UCITS wants recognition so a Mauritius distributor can place units here. SEC-3.3A for the scheme; FS-1.2 for the distributor.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a recognition under Securities Act 2005, Section 101. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a Mauritius CIS authorisation under section 97, and not the distributor’s FS-1.2 licence.
Third, the assumptions stay in the file. Fictional UCITS. Cut-off 20 September 2026.
Securities Act 2005, Section 101. See the register note · Open the published text ↗.
2. A week with Recognising a Luxembourg UCITS
Monday. The promoter walks in with “Recognising a Luxembourg UCITS.” Write the facts before anyone names a code: A Luxembourg UCITS wants recognition so a Mauritius distributor can place units here.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Recognition of a foreign scheme as a single fund.
Wednesday. They record what this permission is used for. SEC-3.3A for the scheme; FS-1.2 for the distributor.
Thursday. They write what the letter does not cover. Recognition is not a Mauritius CIS 3.1A.
Friday. They lock the assumptions. Fictional UCITS. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.3A is used for. The Act matters when Recognising a Luxembourg UCITS applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
Recognising a Luxembourg UCITS
A Luxembourg UCITS wants recognition so a Mauritius distributor can place units here.
Why it fits. SEC-3.3A for the scheme; FS-1.2 for the distributor.
Different paper
The same promoter asks for Mauritius CIS authorisation under section 97
The slide says the SEC-3.3A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Recognition is not a Mauritius CIS 3.1A.
Different paper
The same promoter asks for the distributor’s FS-1.2 licence
The slide says the SEC-3.3A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Recognition is not a Mauritius CIS 3.1A.
| The promoter asks Recognising a Luxembourg UCITS to… | This licence? | Why |
|---|---|---|
| Recognising a Luxembourg UCITS | Yes | SEC-3.3A for the scheme; FS-1.2 for the distributor. |
| The same promoter asks for Mauritius CIS authorisation under section 97 | No | Keep the neighbouring paper off this desk. Recognition is not a Mauritius CIS 3.1A. |
| The same promoter asks for the distributor’s FS-1.2 licence | No | Keep the neighbouring paper off this desk. Recognition is not a Mauritius CIS 3.1A. |
4. Papers that sit beside this one
Not a Mauritius CIS authorisation under section 97, and not the distributor’s FS-1.2 licence. Name the other desk when the work changes: a Mauritius CIS authorisation under section 97; the distributor’s FS-1.2 licence.
- a Mauritius CIS authorisation under section 97
- the distributor’s FS-1.2 licence
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The foreign scheme seeking recognition to be marketed or operated as the Act requires. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing USD 900. Status at cut-off: Published foreign-scheme category as at 1 July 2026.
Who may hold it. The foreign scheme seeking recognition to be marketed or operated as the Act requires. A Mauritius distributor is another person.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Form/criteria dashes on the captured row. Section 101 is the locator.
Rules, codes and circulars. CL20260107 does not turn recognition into domestic authorisation.
6. How to cite SEC-3.3A
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.3A Single Fund |
| Legal nature | Recognition |
| Enabling law | Securities Act 2005 · Section 101 |
| Fees as at 1 July 2026 | Processing USD 900. No fixed annual fee is printed on the 1 July 2026 single-fund foreign-scheme row. |
| Status at cut-off | Published foreign-scheme category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.3A in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
SEC-3.3B Scheme with more than 1 sub-fund
FSC · SEC-3.3B · Recognition
1. An Irish umbrella with 30 sub-funds’s shop
An Irish umbrella with 30 sub-funds is the desk this chapter is for. Recognition of a foreign scheme with sub-funds.
The first file on the desk is this. An Irish ICAV with 30 sub-funds seeks recognition for Mauritius placing. SEC-3.3B with 25 × USD 900 plus 5 × USD 750 on the printed bands.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a recognition under Securities Act 2005, Section 101. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not 3.3A and not a Mauritius umbrella CIS.
Third, the assumptions stay in the file. Fictional ICAV. Arithmetic is teaching from the printed bands. Cut-off 20 September 2026.
Securities Act 2005, Section 101. See the register note · Open the published text ↗.
2. A week with An Irish umbrella with 30 sub-funds
Monday. The promoter walks in with “An Irish umbrella with 30 sub-funds.” Write the facts before anyone names a code: An Irish ICAV with 30 sub-funds seeks recognition for Mauritius placing.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Recognition of a foreign scheme with sub-funds.
Wednesday. They record what this permission is used for. SEC-3.3B with 25 × USD 900 plus 5 × USD 750 on the printed bands.
Thursday. They write what the letter does not cover. Not 30 Mauritius CIS authorisations.
Friday. They lock the assumptions. Fictional ICAV. Arithmetic is teaching from the printed bands. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what SEC-3.3B is used for. The Act matters when An Irish umbrella with 30 sub-funds applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An Irish umbrella with 30 sub-funds
An Irish ICAV with 30 sub-funds seeks recognition for Mauritius placing.
Why it fits. SEC-3.3B with 25 × USD 900 plus 5 × USD 750 on the printed bands.
Different paper
The same promoter asks for Mauritius umbrella CIS
The slide says the SEC-3.3B letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not 30 Mauritius CIS authorisations.
Different paper
Borrow a neighbouring letter because the officers are the same
The slide says one permission covers every desk in the building.
Why it does not. Not 30 Mauritius CIS authorisations.
| The promoter asks An Irish umbrella with 30 sub-funds to… | This licence? | Why |
|---|---|---|
| An Irish umbrella with 30 sub-funds | Yes | SEC-3.3B with 25 × USD 900 plus 5 × USD 750 on the printed bands. |
| The same promoter asks for Mauritius umbrella CIS | No | Keep the neighbouring paper off this desk. Not 30 Mauritius CIS authorisations. |
| Borrow a neighbouring letter because the officers are the same | No | Not 30 Mauritius CIS authorisations. |
4. Papers that sit beside this one
Not 3.3A and not a Mauritius umbrella CIS. Name the other desk when the work changes: a Mauritius umbrella CIS.
- a Mauritius umbrella CIS
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The foreign umbrella. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: No single processing/annual pair on the heading row. Status at cut-off: Published foreign-scheme category as at 1 July 2026.
Who may hold it. The foreign umbrella. Each sub-fund band is a fee fact.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Count sub-funds from the first to the 25th, 26th–50th, then 51st onwards as the directory table states.
Rules, codes and circulars. CL20260107 for the general fee review; this row is a recognition tariff.
6. How to cite SEC-3.3B
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-3.3B Scheme with more than 1 sub-fund |
| Legal nature | Recognition |
| Enabling law | Securities Act 2005 · Section 101 |
| Fees as at 1 July 2026 | No single processing/annual pair on the heading row. Recognition of the 1st–25th sub-fund: USD 900 each; 26th–50th: USD 750 each additional; 51st and further: USD 500 each additional. Annual fees are printed as dashes. |
| Status at cut-off | Published foreign-scheme category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-3.3B in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register note
VCC-1.1 VCC Fund
FSC · VCC-1.1 · Authorisation
1. Harbour VCC Ltd’s shop
Harbour VCC Ltd is the desk this chapter is for. Authorisation as a VCC Fund, inclusive of the first sub-fund, with extra fees per additional sub-fund or SPV.
The first file on the desk is this. Harbour VCC Ltd will have a PE sub-fund and a credit sub-fund, plus one SPV. VCC-1.1, with additional sub-fund/SPV fees. Each sub-fund still needs the right Securities Act product treatment.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation under Variable Capital Companies Act 2022, Directory cites section 11; FSC FAQ also refers to authorisation under section 7 and sub-funds under section 8. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a Securities Act CIS authorisation code, not a PCC CIS, and not a special-purpose vehicle standing alone without the VCC.
Third, the assumptions stay in the file. Fictional VCC. FAQ used as guidance. Cut-off 20 September 2026.
Variable Capital Companies Act 2022, Directory cites section 11; FSC FAQ also refers to authorisation under section 7 and sub-funds under section 8. See the register note · Open the published text ↗.
2. A week with A VCC with two sub-funds
Monday. The promoter walks in with “A VCC with two sub-funds.” Write the facts before anyone names a code: Harbour VCC Ltd will have a PE sub-fund and a credit sub-fund, plus one SPV.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Authorisation as a VCC Fund, inclusive of the first sub-fund, with extra fees per additional sub-fund or SPV.
Wednesday. They record what this permission is used for. VCC-1.1, with additional sub-fund/SPV fees. Each sub-fund still needs the right Securities Act product treatment.
Thursday. They write what the letter does not cover. Not SEC-3.1Bv by itself. Not a PCC insurance cell.
Friday. They lock the assumptions. Fictional VCC. FAQ used as guidance. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what VCC-1.1 is used for. The Act matters when Harbour VCC Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A VCC with two sub-funds
Harbour VCC Ltd will have a PE sub-fund and a credit sub-fund, plus one SPV.
Why it fits. VCC-1.1, with additional sub-fund/SPV fees. Each sub-fund still needs the right Securities Act product treatment.
Different paper
The same promoter asks for Securities Act CIS authorisation code
The slide says the VCC-1.1 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not SEC-3.1Bv by itself. Not a PCC insurance cell.
Different paper
The same promoter asks for PCC CIS
The slide says the VCC-1.1 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not SEC-3.1Bv by itself. Not a PCC insurance cell.
| The promoter asks Harbour VCC Ltd to… | This licence? | Why |
|---|---|---|
| A VCC with two sub-funds | Yes | VCC-1.1, with additional sub-fund/SPV fees. Each sub-fund still needs the right Securities Act product treatment. |
| The same promoter asks for Securities Act CIS authorisation code | No | Keep the neighbouring paper off this desk. Not SEC-3.1Bv by itself. Not a PCC insurance cell. |
| The same promoter asks for PCC CIS | No | Keep the neighbouring paper off this desk. Not SEC-3.1Bv by itself. Not a PCC insurance cell. |
4. Papers that sit beside this one
Not a Securities Act CIS authorisation code, not a PCC CIS, and not a special-purpose vehicle standing alone without the VCC. Name the other desk when the work changes: a Securities Act CIS authorisation code; a PCC CIS; a special-purpose vehicle standing alone without the VCC.
- a Securities Act CIS authorisation code
- a PCC CIS
- a special-purpose vehicle standing alone without the VCC
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A company incorporated under the Companies Act that carries on through sub-funds and SPVs as a VCC. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing Rs 45,000 (USD 900) inclusive of the first sub-fund and Rs 20,000 (USD 400) for each additional sub-fund or SPV. Status at cut-off: Published VCC category as at 1 July 2026.
Who may hold it. A company incorporated under the Companies Act that carries on through sub-funds and SPVs as a VCC. Application is through FSCOne per the FAQ.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Criteria PDF on the directory. FAQ: at least one sub-fund with the VCC Fund application. Where FAQ and Act numbering differ, the Act controls.
Rules, codes and circulars. CL20260107 for fees. CIS/CEF regulations overlay sub-funds; they are not optional because the umbrella is a VCC.
6. How to cite VCC-1.1
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | VCC-1.1 VCC Fund |
| Legal nature | Authorisation |
| Enabling law | Variable Capital Companies Act 2022 · Directory cites section 11; FSC FAQ also refers to authorisation under section 7 and sub-funds under section 8 |
| Fees as at 1 July 2026 | Processing Rs 45,000 (USD 900) inclusive of the first sub-fund and Rs 20,000 (USD 400) for each additional sub-fund or SPV. Annual Rs 135,000 (USD 2,700) inclusive of the first; Rs 45,000 (USD 900) each for the 2nd–5th; Rs 87,750 (USD 1,800) for each additional thereafter. Extra annual Rs 225,000 (USD 4,500) for each sub-fund authorised as SPF or as REIT. |
| Status at cut-off | Published VCC category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open VCC-1.1 in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteSecurities Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteVariable Capital Companies Act 2022 ↗Register noteFSC frequently asked questions — Variable Capital Company ↗Register note
PAUSE & REFLECT
Check your understanding.
Three questions to make the ideas stick. Your score is saved on this browser; this is a learning exercise, not a qualification.
Follow the sources.
Each title opens the published text. The register note records the edition used for this course.
- FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗ All published category codes, fees, forms and licensing-criteria columns; consolidation as at 1 July 2026 · Register note
- Financial Services Act 2007 ↗ Sections 2, 14, 14A, 16–18, 25, 33, 71A, 72, 77, 77A, 77B, 77C, 78, 79A; Second Schedule Parts I–III; Fifth Schedule · Register note
- FSC licensing and fees amendment rules 2026 ↗ Rule 3 and replacement First Schedule; rule 4 commencement · Register note
- FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗ 1 July 2026 fee review; annual-fee due date 30 September 2026; FSCOne alternative arrangements · Register note
- FSC rules and regulations directory ↗ Consolidated licensing and fees rules; sector-specific rules including Securities (Licensing) Rules and Family Office Rules · Register note
- Securities Act 2005 ↗ Sections 9–11, 29–30, 53, 86, 97–101, 155(2)(xc) · Register note
- Variable Capital Companies Act 2022 ↗ Directory code VCC-1.1 cites section 11; FSC FAQ also refers to authorisation under section 7 and sub-funds under section 8 · Register note
- FSC frequently asked questions — Variable Capital Company ↗ Authorisation as a VCC Fund; at least one sub-fund; Securities Act overlay on sub-funds · Register note
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