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Financial Institutions

The Broadest Securities Mandate in Mauritius

The Investment Dealer (Full Licence including Underwriting) is the most comprehensive securities licence available from the Financial Services Commission of Mauritius, authorising trading, dealing, underwriting, and placement of securities across asset classes and client types.

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Overview

What is an Investment Dealer (Full Licence)?

This licence, issued under the Securities Act 2005, permits the holder to deal in securities on behalf of clients, underwrite and distribute securities offerings, provide market-making services, and operate as a full-service broker-dealer. It is the licence of choice for entities seeking a comprehensive securities mandate, serving institutional, professional, and retail clients across equity, fixed income, derivatives, and structured products.

The FSC applies rigorous capital adequacy, conduct, and governance standards to Investment Dealer (Full) licence holders, reflecting the broad scope of permitted activities. This licence is designed for entities that intend to participate at every stage of the securities value chain, from origination and underwriting through to distribution and secondary market trading.

Aurevya advises on the full licence application lifecycle, including corporate structure design, FSC pre-application engagement, documentation preparation, key personnel sourcing, and ongoing compliance infrastructure.

FSC
Licensed, Securities Act 2005
Issued by the Financial Services Commission under Mauritius's principal securities legislation, providing a recognised and credible regulatory foundation.
USD 500,000
Minimum Stated Capital
Reflecting the breadth of permitted activities, the Full Investment Dealer licence carries the highest capital threshold in the dealer category.
3–6
Months, Application Timeline
From initial engagement to licence grant, subject to FSC processing timelines and the completeness of the application package.

Scope of Authority

Key Features

Full Dealing Authority
Authorised to deal in all categories of securities on behalf of clients, including equities, fixed income instruments, derivatives, structured products, and collective investment scheme units, on both a principal and agency basis.
Underwriting & Placement
The most commercially significant permission of the Full Licence, the holder may underwrite primary market securities offerings and manage the distribution and placement of new issues to qualifying investors.
Market Making
Full Licence holders may act as market makers, providing continuous bid and offer quotes in specific securities and contributing to market liquidity across trading venues accessible from Mauritius.
Retail & Institutional Clients
Unlike more restricted dealer categories, the Full Licence permits services to be provided to all client categories, including retail investors, subject to FSC conduct of business and suitability requirements.
Multi-Asset Class Coverage
The Full Licence carries no limitation on the asset classes in which the holder may deal, providing flexibility to serve clients across equity, fixed income, derivatives, and alternative asset markets from a single Mauritian entity.
Full FSC Compliance Framework
Aurevya designs and implements the complete compliance infrastructure required, AML/CFT programme, conduct of business policies, client categorisation framework, and ongoing FSC reporting architecture.

Process

How It Works

01
Business Plan & Feasibility
We work with the client to define the business model, target markets, proposed securities activities, and revenue strategy, producing a business plan that meets FSC expectations for a Full Licence application.
02
Corporate Structure Setup
Incorporation of the Mauritius entity, appointment of qualified directors and compliance officer, and establishment of the governance framework required before an application is submitted to the FSC.
03
FSC Pre-Application Meeting
We facilitate a pre-application engagement with the FSC, presenting the proposed business model and obtaining regulatory guidance before the formal application is submitted, reducing the risk of material queries during review.
04
Formal Licence Application
Preparation and submission of the complete FSC licence application package, including business plan, KYC documentation, financial projections, operational policies, and key personnel fit-and-proper submissions.
05
FSC Review & Due Diligence
We manage all FSC queries and requests for additional information during the review process, liaising directly with the Commission to ensure timely and complete responses throughout the assessment period.
06
Licence Grant & Operational Setup
Upon licence grant, we coordinate the finalisation of operational systems, trading infrastructure, client documentation frameworks, and the ongoing compliance programme required to maintain the Full Licence in good standing.

Practical Considerations

Requirements & Timeline

Regulatory Requirements

  • Minimum stated capital of USD 500,000 fully paid up
  • Qualified Chief Executive Officer with relevant securities experience
  • Approved Compliance Officer with FSC fit-and-proper clearance
  • Board with minimum two directors meeting FSC fit-and-proper criteria
  • Comprehensive AML/CFT programme aligned with FSC guidelines
  • Robust IT systems, trading infrastructure, and internal controls
  • Professional Indemnity Insurance at levels acceptable to the FSC
  • Ongoing periodic reporting to the FSC including financial returns and compliance reports

Indicative Timeline

  • Corporate Setup: 2–3 weeks from completion of KYC and structure confirmation
  • Application Preparation: 3–6 weeks depending on the complexity of the business model and availability of required documentation
  • FSC Review: 8–16 weeks from submission of a complete application, subject to FSC processing timelines and queries
  • Operational Launch: 2–4 weeks post-licence grant to finalise systems, client documentation, and compliance infrastructure

Common Questions

Frequently Asked Questions

The Full Investment Dealer licence is the broadest securities licence available from the FSC. It permits the holder to deal in all categories of securities on behalf of clients and on a proprietary basis, underwrite and manage the distribution of new securities offerings, act as a market maker, and provide investment advice ancillary to dealing. The licence covers equities, fixed income, derivatives, structured products, and collective investment scheme units across all client categories including retail, professional, and institutional investors.
The FSC requires a minimum stated capital of USD 500,000 for an Investment Dealer (Full Licence including Underwriting). This capital must be fully paid up and maintained at all times. The FSC also applies ongoing capital adequacy requirements, the licensee must maintain a minimum net capital level as a function of its risk exposures. Aurevya's compliance team advises on capital planning, capital adequacy monitoring, and FSC reporting in this regard.
From initial engagement to licence grant, the typical timeline is 3–6 months. Application preparation takes 3–6 weeks; FSC review of a complete application typically requires 8–16 weeks. The FSC may raise queries during the review process, how quickly these are addressed by the applicant materially affects the overall timeline. Aurevya's experience managing FSC applications allows us to anticipate common queries and prepare comprehensive responses in advance, reducing unnecessary delays.
The FSC applies fit-and-proper requirements to all key personnel, including directors, the CEO, and the Compliance Officer. This involves assessment of qualifications, professional experience, regulatory track record, and absence of adverse regulatory or criminal history. The CEO must have demonstrable experience in securities dealing or financial services management. The Compliance Officer must have relevant regulatory and compliance expertise. Aurevya can assist with identifying suitably qualified personnel and preparing fit-and-proper submissions for FSC assessment.
Yes. The Full Investment Dealer licence permits the holder to serve retail, professional, and institutional clients, making it the most inclusive dealer licence in terms of client categories. Servicing retail clients brings additional conduct of business obligations including suitability assessments, product disclosure requirements, and client categorisation procedures. These obligations are fully addressed in the compliance framework Aurevya implements as part of the licence setup process.

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