CHAPTER 42 / 55 · Paid
SEC-7.1 Remote custodian.
A recognition under Securities Act section 155(2)(xc), not a CIS custodian licence.
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.
FSC · SEC-7.1 · Recognition
1. EuroCustody Bank’s shop
EuroCustody Bank is the desk this chapter is for. Recognition of a remote custodian participating on a clearing and settlement facility licensed under the Securities Act.
The first file on the desk is this. EuroCustody Bank wants to participate as remote custodian on ClearIsle’s facility. SEC-7.1 recognition.
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 155(2)(xc). A company name is not a permission.
Second, neighbouring papers stay off this desk. Not SEC-4.1 CIS custodian, not FS-1.7, and not a participant that is simply a dealer.
Third, the assumptions stay in the file. Fictional bank. Cut-off 20 September 2026.
Securities Act 2005, Section 155(2)(xc). See the register note · Open the published text ↗.
2. A week with A global custodian on the Mauritius CCP
Monday. The promoter walks in with “A global custodian on the Mauritius CCP.” Write the facts before anyone names a code: EuroCustody Bank wants to participate as remote custodian on ClearIsle’s facility.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Recognition of a remote custodian participating on a clearing and settlement facility licensed under the Securities Act.
Wednesday. They record what this permission is used for. SEC-7.1 recognition.
Thursday. They write what the letter does not cover. Not SEC-4.1 for a Mauritius CIS.
Friday. They lock the assumptions. Fictional bank. 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-7.1 is used for. The Act matters when EuroCustody Bank 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 global custodian on the Mauritius CCP
EuroCustody Bank wants to participate as remote custodian on ClearIsle’s facility.
Why it fits. SEC-7.1 recognition.
Different paper
The same promoter asks for SEC-4.1 CIS custodian
The slide says the SEC-7.1 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-4.1 for a Mauritius CIS.
Different paper
The same promoter asks for FS-1.7
The slide says the SEC-7.1 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-4.1 for a Mauritius CIS.
| The promoter asks EuroCustody Bank to… | This licence? | Why |
|---|---|---|
| A global custodian on the Mauritius CCP | Yes | SEC-7.1 recognition. |
| The same promoter asks for SEC-4.1 CIS custodian | No | Keep the neighbouring paper off this desk. Not SEC-4.1 for a Mauritius CIS. |
| The same promoter asks for FS-1.7 | No | Keep the neighbouring paper off this desk. Not SEC-4.1 for a Mauritius CIS. |
4. Papers that sit beside this one
Not SEC-4.1 CIS custodian, not FS-1.7, and not a participant that is simply a dealer. Name the other desk when the work changes: SEC-4.1 CIS custodian; FS-1.7; a participant that is simply a dealer.
- SEC-4.1 CIS custodian
- FS-1.7
- a participant that is simply a dealer
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A remote (typically foreign) custodian recognised to participate on a licensed Mauritius clearing facility. 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 900. Status at cut-off: Published recognition category as at 1 July 2026.
Who may hold it. A remote (typically foreign) custodian recognised to participate on a licensed Mauritius clearing facility.
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. No form column is printed on the captured remote-custodian table. Section 155(2)(xc) is the locator.
Rules, codes and circulars. CL20260107 for the general review. Recognition is not a CIS-custodian licence.
6. How to cite SEC-7.1
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | SEC-7.1 Remote custodian |
| Legal nature | Recognition |
| Enabling law | Securities Act 2005 · Section 155(2)(xc) |
| Fees as at 1 July 2026 | Processing fee USD 900. Fixed annual fee USD 1,700. 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 recognition category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open SEC-7.1 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 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
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