Spot commodity broker to market.

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.

Second Schedule Part I lists “Spot commodity broker” as a financial business activity. The Schedule names the activity; it does not add a further statutory definition of the book of business. What is permitted is the business activity specified on the licence under section 18(1), read with any FSC Rules and the published criteria for this code.

Financial Services (Spot Commodity Market and Intermediaries) Rules 2024, rule 2: “spot commodity broker”, in relation to a spot commodity market, means a corporation which carries on the business of soliciting, or accepting orders, for the spot purchase or sale of commodities by way of or relating to a contract, whether or not the business is part of, or is carried on in conjunction with, any other business.

Rule 11(1): “No person, other than a person mentioned in Part 1 of the Schedule, shall carry on the business of a spot commodity broker, whether as principal or agent, without a spot commodity broker licence issued by the Commission.” Rule 3: these Rules do not apply to commodity derivatives, capital formation or raising, securitisation of commodities, or any other commodities arrangement the Commission does not deem to constitute financial services.

Rule 11(7): a spot commodity broker shall not engage in any business activity other than that for which it is licensed and such ancillary or incidental matters as the Commission expressly approves. A representative is FS-1.22, not this licence. A securities dealer is Securities Act section 29.

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.

Rule 11(4), without prejudice to section 18: the Commission shall not grant unless satisfied as to competent staff, employment of at least one licensed representative, minimum capital, orderly operations, prudent risk management and AML/CFT due diligence. Rule 11(5): those requirements continue at all times after grant.

Rule 13(1): a broker shall at all times maintain minimum stated unimpaired capital of 700,000 rupees or its equivalent, or such higher amount as the Commission may determine. A fall below the minimum must be notified within five business days.

Rule 11(3): a bank may, with the written approval of the central bank, apply for a broker licence through a subsidiary incorporated for that purpose. Rule 15: a contract confirmation note must be furnished to the customer not later than two business days after a transaction. Applications are on the FSCOne platform.

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.

Second Schedule Part I lists “Spot commodity broker’s representative” as a financial business activity. The Schedule names the activity; it does not add a further statutory definition of the book of business. What is permitted is the business activity specified on the licence under section 18(1), read with any FSC Rules and the published criteria for this code.

Rules 2024, rule 2: “spot commodity broker’s representative” means an individual who is mandated to perform any of the functions of that spot commodity broker in connection with trading in spot commodity contracts, whether the person’s remuneration is by way of salary, wages, commission or otherwise.

Rule 12(1): no person, other than a person mentioned in Part 2 of the Schedule, shall act as, or hold himself out as, a representative of a spot commodity broker without holding the representative licence. Rule 12(4): a representative shall only be licensed to act on behalf of one broker and undertake only the spot commodity activities for which that broker is licensed.

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.

Rule 12(3): the application is made by the broker, not as a free-standing career licence. Rule 12(5): a representative may, with the Commission’s approval, have the licence transferred to another broker. Rule 12(6): on termination the broker must notify the Commission immediately and ensure surrender of the licence under section 28.

Rule 12(7): a representative shall not trade in spot commodity contracts for his own account unless that trading follows the broker’s approved conflict-of-interest policies. Rule 14: the broker is responsible for the representative’s conduct, with a narrow carve-out. Fit-and-proper of the representative is personal.

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.

Second Schedule Part I lists “Spot commodity clearing house” as a financial business activity. The Schedule names the activity; it does not add a further statutory definition of the book of business. What is permitted is the business activity specified on the licence under section 18(1), read with any FSC Rules and the published criteria for this code.

Rules 2024, rule 2: a spot commodity clearing house, in relation to a spot commodity market, means a corporation that “(a) clears and settles spot commodity contracts; and (b) makes adjustments to the contractual obligations arising out of those spot commodity contracts.”

Rule 4(2): “No person shall establish, maintain, provide, assist in establishing, maintaining or providing, or holding himself out as maintaining or providing a spot commodity clearing house for a spot commodity market unless it holds a spot commodity clearing house licence issued by the Commission.”

Rule 4(5): a licensed clearing house shall not engage in any business activity other than those for which it is licensed, except with the prior approval of the Commission. This is not SEC-1.2 securities clearing.

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.

Rule 4(3), without prejudice to section 18: grant requires competent staff, the rule 7 capital, orderly and fair operation, prudent risk management, AML/CFT due diligence of members, satisfactory business rules (rule 6) and the responsible-sourcing requirements of rule 8. Rule 4(4): those requirements continue after grant.

Rule 7(1): minimum stated unimpaired capital of 6.5 million rupees or its equivalent, or such higher amount as the Commission may determine. Rule 6: business rules (clearing and settlement, registration and guarantee of performance, public-protection provisions) have no effect unless approved by the Commission.

Rule 9 ongoing obligations include matching and verifying trades, secure payment and final settlement, default-risk arrangements, position-monitoring, confidentiality, and notifying the Commission if a clearing member cannot comply with the house rules or if financial standing is in question.

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.

Second Schedule Part I lists “Spot commodity market” as a financial business activity. The Schedule names the activity; it does not add a further statutory definition of the book of business. What is permitted is the business activity specified on the licence under section 18(1), read with any FSC Rules and the published criteria for this code.

Rules 2024, rule 2: “spot commodity market” means (a) a market, whether in Mauritius or elsewhere, at which spot commodity contracts are regularly transacted; or (b) an electronic system, including an electronic facility based on distributed ledger technology or any other relevant technologies, whether operating in Mauritius or elsewhere, through which trading in spot commodity contracts is carried out and which provides price or other information and permits users to channel orders, execute transactions or make markets in those contracts.

“Spot commodity contracts” means contracts relating to fungible commodities capable of being promptly delivered physically or settled through exchange of ownership title (warrants, bills of lading, freight contracts or warehouse receipts), that can be traded on a secondary market, and includes an energy or environmentally-linked financial instrument deemed by the Commission to be a carbon offset.

Rule 4(1): no person shall establish, maintain, assist in establishing or maintaining, or hold himself out as providing or maintaining any spot commodity market in or from Mauritius, unless it holds a spot commodity market licence. Brokers on the market need FS-1.21. This is not a securities exchange (SEC-1.1) and not a VASP Class S market.

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.

Rule 4(3) grant tests (staff, Rs 6.5 million capital, orderly fair operation, prudent risk, AML/CFT, business rules, responsible sourcing) continue after grant under rule 4(4). Rule 4(5): no other business activity without prior approval.

Rule 5: market business rules have no effect unless the Commission approves them, including on membership integrity, discipline, contract terms, clearing arrangements, fair trading, anti-manipulation, publication of trading details and public protection. Rule 8: operate an orderly, fair and transparent market; monitor; resolve disputes; publish rules and fees; notify the Commission of member default or doubtful standing; and meet responsible-sourcing standards (ISO 14001 / ISO 45001 or equivalent, and OECD mineral due diligence where applicable).

Rule 10: quarterly trading information within 45 days of quarter-end, and an annual business-activity report with the section 30 audited statements.

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.

Second Schedule Part I lists “Spot commodity trading adviser” as a financial business activity. The Schedule names the activity; it does not add a further statutory definition of the book of business. What is permitted is the business activity specified on the licence under section 18(1), read with any FSC Rules and the published criteria for this code.

Rules 2024, rule 2: “spot commodity trading adviser” means any corporation who (a) carries on the business of advising others (directly or indirectly, through publications or writings, or by whatever means or media) on spot commodity contracts, including on the trading in any spot commodity contract; (b) as part of a regular business, issues or promulgates analysis or reports concerning spot commodity contracts; or (c) pursuant to a contract or an arrangement with a customer, undertakes on behalf of that customer (whether on a discretionary authority or otherwise) to enter into any spot commodity contract for the purposes of managing its funds, but does not include a bank licensed under the Banking Act, or a spot commodity broker or broker’s representative.

Rule 11(2): no person, other than a person mentioned in Part 1 of the Schedule, shall carry on that business without the adviser licence. Rule 11(7): no other business activity except with the Commission’s express approval. This is not Securities Act investment advice (section 30).

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.

Rule 11(4)–(5) grant and continuing tests (staff, at least one licensed representative, capital, orderly operations, prudent risk, AML/CFT) apply as they do to a broker. Rule 13(2): minimum stated unimpaired capital of 600,000 rupees or its equivalent, or such higher amount as the Commission may determine, with five-business-day notification of a shortfall.

A representative is FS-1.26. The adviser is responsible for that representative’s conduct (rule 14).

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.

Second Schedule Part I lists “Spot commodity trading adviser’s representative” as a financial business activity. The Schedule names the activity; it does not add a further statutory definition of the book of business. What is permitted is the business activity specified on the licence under section 18(1), read with any FSC Rules and the published criteria for this code.

Rules 2024, rule 2: “spot commodity trading adviser’s representative” means an individual who is mandated to perform any of the functions of a spot commodity trading adviser, whether his remuneration is by way of salary, wages, commission or otherwise.

Rule 12(2): no person, other than a person mentioned in Part 2 of the Schedule, shall act as, or hold himself out as, such a representative without the representative licence. Rule 12(4): licensed for one adviser only, and only for the activities for which that adviser is licensed. This is not FS-1.22 (broker’s representative).

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.

Rule 12(3): the adviser makes the application. Transfer, termination, surrender under section 28, and the own-account trading restriction in rule 12(7) apply as they do to a broker’s representative. Rule 14: the adviser is responsible for the representative’s conduct.

A representative licence is not a portable adviser licence and not a broker licence.