FS-1.9 Global Treasury Activities.

Financial Services Act section 2: “financial services” means any financial services or financial business activities governed by the relevant Acts, and includes the financial business activities specified in Part I of the Second Schedule.

Section 2: “global treasury activities” means the activities specified in Part II of the Second Schedule. Part II: “Provision of at least 3 of the following services to at least 3 related corporations — Arrangement for credit facilities, including credit facilities with funds obtained from financial institutions in Mauritius or from surpluses of network companies; Arrangement for derivatives; Corporate finance advisory; Credit administration and control; Factoring, forfeiting and re-invoicing activities; Guarantees, performance bonds, standby letters of credit and services relating to remittances; Management of funds for designated investments; Such other global treasury activity as may be specified in FSC Rules.”

The directory pairs FS-1.9 with FS-1.10 on the same fee level; the statutory books are different. Ordinary “Treasury management” remains a Part I activity (FS-1.6). A bank is a Banking Act person. Sixth Schedule lists global treasury among “global activities” for section 77C; the directory still cites section 14 for this code — record both locators and read the licence letter.

Section 14(1): “No person shall carry out, or hold himself out as carrying out, in Mauritius any financial services without a licence issued by the Commission.” Section 14(2): contravention is an offence, a fine not exceeding one million rupees and imprisonment for a term not exceeding 8 years.

Section 16(1): an application must be in such form and manner as FSC Rules specify and accompanied by “(a) a business plan or feasibility study outlining the proposed business activity of the applicant; (b) particulars and information relating to customer due diligence verification of promoters, beneficial owners, controllers and proposed directors …; (c) such fees as may be specified in FSC Rules; and (d) such other information as may be specified in FSC Rules or otherwise required by the Commission”.

Section 18(1): the Commission may issue a licence “authorising the applicant to carry out the business activity specified in the licence on such terms and conditions as may be specified in FSC Rules or as it deems appropriate in the circumstances.” Section 18(2) forbids a grant unless, among other things, the application complies with the law, the applicant has “adequate resources, infrastructure, staff with the appropriate competence, experience and proficiency”, adequate arrangements to supervise everything done under the licence, fit-and-proper controllers and beneficial owners, and “no prejudice would be caused or would ensue to the financial services industry”. Section 18(3): the holder “shall, at all times, continue to satisfy the requirements specified in subsection (2)”.

Section 25: the Commission may, by written notice, vary a licence. It must not restrict the authorised activity or include further conditions unless it has notified the licensee of the proposal and the reasons and given a reasonable opportunity to make representations.

Part V ongoing obligations of licensees still attach: record keeping (section 29) and audited financial statements (section 30), unless a specific exemption is granted. A circular or a criteria PDF does not rewrite those sections.

FS-1.9 criteria on the directory. Group structure and the three-services / three-related-corporations test belong in the plan. Do not apply the expired former investment-banking tax item to this licence.