Treasury management · Special Licences

FSC · FS-1.6 · Licence

1. Treasury Desk Ltd’s shop

Treasury Desk Ltd will run intra-group cash forecasts and FX cover for 80 operating companies. None of those companies is placing deposits with Treasury Desk as if it were a bank. The count of companies is a fee fact.

That shop is FS-1.6 Treasury Management, a Part I activity. It is not “global treasury activities” in Part II, which require at least three specified services to at least three related corporations.

The three facts that have to stay true:

1. Ordinary treasury management is not FS-1.9. 2. It is not deposit-taking under the Banking Act. 3. Variable fee bands (51–250 / 251–500 / more than 500 companies) do not create licence classes.

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.

Financial Services Act 2007, Section 14 · Second Schedule Part I. See the register note · Open the published text ↗.

2. A week with the 80 affiliates

Monday. Group finance sends the list of 80 affiliates. Treasury Desk maps cash-forecast and FX-cover services. Nobody calls the book a bank.

Tuesday. An affiliate asks to leave surplus rupees “on deposit with the treasury company.” That is the Banking Act conversation. Treasury Desk says no.

Wednesday. The 51–250 companies variable band is noted for the annual fee. The letter is still FS-1.6.

Thursday. FX cover instructions go to a licensed dealer. Treasury Desk is not the dealer.

Friday. The weekly cash pack goes to group: forecasts, covers, and one limit breach closed the same day.

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 FS-1.6 is used for. The Act matters when Treasury Desk 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

Run cash forecasts and FX cover for 80 affiliates

Treasury Desk Ltd serves operating companies from its own capital and bank lines. It does not take deposits from the public.

Why it fits. FS-1.6, including the 51–250 companies variable band.

Different paper

Call it global treasury because the group is international

Twelve African countries, one slide, “so it must be FS-1.9.”

Why it does not. FS-1.9 is Part II: at least three listed treasury services to at least three related corporations. Geography is not the test.

Different paper

Take deposits from staff and suppliers

A convenient “group savings pool” in the treasury company.

Why it does not. Deposit-taking is a Bank of Mauritius question. This letter is not a bank.

The promoter asks Treasury Desk Ltd to…	This licence?	Why
Run cash forecasts and FX cover for 80 affiliates	Yes	FS-1.6, including the 51–250 companies variable band.
Call it global treasury because the group is international	No	FS-1.9 is Part II: at least three listed treasury services to at least three related corporations. Geography is not the test.
Take deposits from staff and suppliers	No	Deposit-taking is a Bank of Mauritius question. This letter is not a bank.

4. Papers that sit beside this one

Not Global Treasury Activities (FS-1.9), not a bank, and not Payment Intermediary Services (FS-2.9). Identify the clients, cash and FX activities, and why the business is not banking.

Neighbouring codes have their own chapters. Do not import their books into this letter.

5. The letter and the file

A section 14 applicant. Count of companies served is a fee fact, not a licence class. Banking Act permissions remain with the Bank of Mauritius if deposit-taking is proposed.

Permitted activities — the sections

Second Schedule Part I lists “Treasury management” 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.

Ordinary treasury management is a Part I activity. It is not “global treasury activities” in Part II, which require at least three specified services to at least three related corporations. It is not deposit-taking under the Banking Act.

Licensing conditions — the sections

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-1.6 criteria: identify the clients, cash and FX activities, and why the business is not banking. Variable fee bands (51–250 / 251–500 / more than 500 companies) do not create licence classes.

Who may hold it. A section 14 applicant. Count of companies served is a fee fact, not a licence class.

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. FS-1.6 criteria. Identify the clients, cash and FX activities, and why the business is not banking.

Rules, codes and circulars. CL20260107 for fees. Banking Act permissions remain with the Bank of Mauritius if deposit-taking is proposed.

6. How to cite FS-1.6

Coordinate	As at 20 September 2026
Directory code	FS-1.6 Treasury Management
Legal nature	Licence
Enabling law	Financial Services Act 2007 · Section 14 · Second Schedule Part I
Fees as at 1 July 2026	Processing fee Rs 25,000 (USD 1,000). Fixed annual fee Rs 57,000 (USD 1,900). Variable: 51–250 companies Rs 18,000 (USD 600); 251–500 Rs 27,000 (USD 900); more than 500 Rs 36,000 (USD 1,200). 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 directory category as at 1 July 2026.

The structured library card keeps the same coordinates for search. Open FS-1.6 in the reference library.

FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register note Financial Services Act 2007 ↗Register note FSC licensing and fees amendment rules 2026 ↗Register note FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register note FSC rules and regulations directory ↗Register note Banking Act 2004 ↗Register note

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

FS-1.6 Treasury Management.

By the end of this chapter