CHAPTER 53 / 55 · Paid
Foreign-exchange dealer licence.
A cash-dealer permission distinct from a money changer.
Approx. 12 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.
Bank of Mauritius · BOM-FX · Foreign-exchange dealer licence (teaching category)
1. FxHouse Ltd’s shop
FxHouse Ltd is the desk this chapter is for. Carry on foreign-exchange dealer business.
The first file on the desk is this. FxHouse Ltd will quote spot and forward USD/MUR to corporates without taking deposits. Foreign-exchange dealer licence / BOM-FX.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a foreign-exchange dealer licence (teaching category) under Banking Act 2004, Cash-dealer provisions: foreign-exchange dealer licence. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a money changer, not a bank, and not FS-1.9 global treasury.
Third, the assumptions stay in the file. Fictional dealer. Cut-off 20 September 2026.
Banking Act 2004, Cash-dealer provisions: foreign-exchange dealer licence. See the register note · Open the published text ↗.
2. A week with A corporate FX desk
Monday. The promoter walks in with “A corporate FX desk.” Write the facts before anyone names a code: FxHouse Ltd will quote spot and forward USD/MUR to corporates without taking deposits.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Carry on foreign-exchange dealer business.
Wednesday. They record what this permission is used for. Foreign-exchange dealer licence / BOM-FX.
Thursday. They write what the letter does not cover. Not BOM-MC. Not a bank. Not FS-2.9.
Friday. They lock the assumptions. Fictional dealer. 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 BOM-FX is used for. The Act matters when FxHouse 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 corporate FX desk
FxHouse Ltd will quote spot and forward USD/MUR to corporates without taking deposits.
Why it fits. Foreign-exchange dealer licence / BOM-FX.
Different paper
The same promoter asks for money changer
The slide says the BOM-FX 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 BOM-MC. Not a bank. Not FS-2.9.
Different paper
The same promoter asks for bank
The slide says the BOM-FX 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 BOM-MC. Not a bank. Not FS-2.9.
| The promoter asks FxHouse Ltd to… | This licence? | Why |
|---|---|---|
| A corporate FX desk | Yes | Foreign-exchange dealer licence / BOM-FX. |
| The same promoter asks for money changer | No | Keep the neighbouring paper off this desk. Not BOM-MC. Not a bank. Not FS-2.9. |
| The same promoter asks for bank | No | Keep the neighbouring paper off this desk. Not BOM-MC. Not a bank. Not FS-2.9. |
4. Papers that sit beside this one
Not a money changer, not a bank, and not FS-1.9 global treasury. Name the other desk when the work changes: a money changer; a bank; FS-1.9 global treasury.
- a money changer
- a bank
- FS-1.9 global treasury
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A body corporate licensed as a foreign-exchange dealer. This is a course teaching category, not an official Bank of Mauritius licence code. Fees as at 1 July 2026: Bank-prescribed fees. Status at cut-off: Teaching category for foreign-exchange dealer business.
Who may hold it. A body corporate licensed as a foreign-exchange dealer.
Published criteria. This is a course teaching category, not an official Bank of Mauritius licence code. Read the actual licence letter and the Banking Act or National Payment Systems Act provision that applies. Bank application for a foreign-exchange dealer licence. Spot/forward product set is a licence-condition fact.
Rules, codes and circulars. Banking Act cash-dealer rules. FSC GN 119 is the wrong schedule.
6. How to cite BOM-FX
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-FX Foreign-exchange dealer |
| Legal nature | Foreign-exchange dealer licence (teaching category) |
| Enabling law | Banking Act 2004 · Cash-dealer provisions: foreign-exchange dealer licence |
| Fees as at 1 July 2026 | Bank-prescribed fees. Not GN 119. |
| Status at cut-off | Teaching category for foreign-exchange dealer business. |
The structured library card keeps the same coordinates for search. Open BOM-FX in the reference library.
Banking Act 2004 ↗Register noteBanking and payment-system legislation ↗Register noteBanking licence applications ↗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
- Banking Act 2004 ↗ Sections 2, 5, 7 and cash-dealer provisions; definitions of banking, digital, private and Islamic banking business · Register note
Sign up to continue
Progress and quiz scores are saved on this browser only.