CHAPTER 34 / 55 · Paid
Financial Services Act section 79B.
A 2026 statutory licence. Activities depend on FSC Rules. It is not a family-office licence.
Approx. 14 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.
FSC · FSA-79B · Statutory licence (implementing rules to check)
1. A slide that says “PWM licence, Mauritius 2026”’s shop
A slide that says “PWM licence, Mauritius 2026” is the desk this chapter is for. Section 79B says that, notwithstanding any other enactment, a holder of a Private Wealth Management Licence issued by the Commission may, subject to the Commission’s approval, conduct such activities as may be specified in FSC Rules.
The first file on the desk is this. A promoter wants to offer discretionary wealth management to several families and has labelled the vehicle “PWM under 79B”. Read section 79B, then ask for the FSC Rules that specify the activities and for any directory code.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a statutory licence (implementing rules to check) under Financial Services Act 2007, Section 79B, inserted by Economic and Financial Measures (Miscellaneous Provisions) Act 2026 section 20. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not FS-1.15 or FS-1.16, not a CIS manager, and not an automatic tax holiday.
Third, the assumptions stay in the file. Fictional promoter. Implementing Rules not certified. Cut-off 20 September 2026.
Financial Services Act 2007, Section 79B, inserted by Economic and Financial Measures (Miscellaneous Provisions) Act 2026 section 20. See the register note · Open the published text ↗.
2. A week with A slide that says “PWM licence, Mauritius 2026”
Monday. The promoter walks in with “A slide that says “PWM licence, Mauritius 2026”.” Write the facts before anyone names a code: A promoter wants to offer discretionary wealth management to several families and has labelled the vehicle “PWM under 79B”.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Section 79B says that, notwithstanding any other enactment, a holder of a Private Wealth Management Licence issued by the Commission may, subject to the Commission’s approval, conduct such activities as may be specified in FSC Rules.
Wednesday. They record what this permission is used for. Read section 79B, then ask for the FSC Rules that specify the activities and for any directory code.
Thursday. They write what the letter does not cover. Do not treat FS-1.16 or a GBL as the PWM licence. Do not promise a tax holiday from the section number.
Friday. They lock the assumptions. Fictional promoter. Implementing Rules not certified. 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 FSA-79B is used for. The Act matters when A slide that says “PWM licence, Mauritius 2026” 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 slide that says “PWM licence, Mauritius 2026”
A promoter wants to offer discretionary wealth management to several families and has labelled the vehicle “PWM under 79B”.
Why it fits. Read section 79B, then ask for the FSC Rules that specify the activities and for any directory code.
Different paper
The same promoter asks for FS-1.15 or FS-1.16
The slide says the FSA-79B 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. Do not treat FS-1.16 or a GBL as the PWM licence. Do not promise a tax holiday from the section number.
Different paper
The same promoter asks for CIS manager
The slide says the FSA-79B 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. Do not treat FS-1.16 or a GBL as the PWM licence. Do not promise a tax holiday from the section number.
| The promoter asks A slide that says “PWM licence, Mauritius 2026” to… | This licence? | Why |
|---|---|---|
| A slide that says “PWM licence, Mauritius 2026” | Yes | Read section 79B, then ask for the FSC Rules that specify the activities and for any directory code. |
| The same promoter asks for FS-1.15 or FS-1.16 | No | Keep the neighbouring paper off this desk. Do not treat FS-1.16 or a GBL as the PWM licence. Do not promise a tax holiday from the section number. |
| The same promoter asks for CIS manager | No | Keep the neighbouring paper off this desk. Do not treat FS-1.16 or a GBL as the PWM licence. Do not promise a tax holiday from the section number. |
4. Papers that sit beside this one
Not FS-1.15 or FS-1.16, not a CIS manager, and not an automatic tax holiday. Name the other desk when the work changes: FS-1.15 or FS-1.16; a CIS manager; an automatic tax holiday.
- FS-1.15 or FS-1.16
- a CIS manager
- an automatic tax holiday
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A person to whom the Commission issues a Private Wealth Management Licence once the Rules specify the activities. No dedicated directory code, form or criteria PDF for FSA-79B on the 1 July 2026 codified list. Fees as at 1 July 2026: No FS- or SEC- code fee line for section 79B on the 1 July 2026 directory or in the GN 119 schedule as reviewed. Status at cut-off: Statutory framework in force via the 13 August 2026 Act as taught in this series.
Who may hold it. A person to whom the Commission issues a Private Wealth Management Licence once the Rules specify the activities. Until those Rules are checked as operational, do not treat a promoter slide as a licence.
Published criteria. No dedicated directory code, form or criteria PDF for FSA-79B on the 1 July 2026 codified list. The legal test is section 79B plus whatever FSC Rules specify. This course does not invent those Rules.
Rules, codes and circulars. Family Office Rules 2026 are not section 79B. CL20260107 does not list a PWM code. Implementing Rules remain a checked gap at this cut-off.
6. How to cite FSA-79B
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | FSA-79B Private Wealth Management framework |
| Legal nature | Statutory licence (implementing rules to check) |
| Enabling law | Financial Services Act 2007 · Section 79B, inserted by Economic and Financial Measures (Miscellaneous Provisions) Act 2026 section 20 |
| Fees as at 1 July 2026 | No FS- or SEC- code fee line for section 79B on the 1 July 2026 directory or in the GN 119 schedule as reviewed. Fees, if any, follow the Rules when published — not a guessed tariff. |
| Status at cut-off | Statutory framework in force via the 13 August 2026 Act as taught in this series. Operational licence, conditions and tax incentive are not certified as complete. |
The structured library card keeps the same coordinates for search. Open FSA-79B in the reference library.
Economic and Financial Measures (Miscellaneous Provisions) Act 2026 ↗Register noteFinancial Services Act 2007 ↗Register noteFinancial Services (Family Office) Rules 2026 ↗Register noteFSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteFSC rules and regulations directory ↗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
- Economic and Financial Measures (Miscellaneous Provisions) Act 2026 ↗ Sections 3, 10, 20 and 22; commencement provision · Register note
- Financial Services (Family Office) Rules 2026 ↗ Rules 4–5; Third Schedule core and ancillary services; First Schedule family connections; rule 16 transition · Register note
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