FSC issues Public Notice – Revocation of the Licences of FX Primus Limited 

Revocation of the Investment Dealer (Currency Derivatives Segment) Licence, Investment Dealer (Full Service Dealer excluding Underwriting) Licence and Category 1 Global Business Licence of FX Primus Limited (‘FXP’)

The Financial Services Commission, Mauritius (the “FSC Mauritius”) refers to the Public Notice issued on 28 May 2015 whereby the Public was informed that the following licences of FX Primus Limited (‘FXP’) were suspended with immediate effect in accordance with Section 27 (1) and 74(6)(a) of the Financial Services Act 2007 (the ‘FSA’):

1. the Investment Dealer (Currency Derivatives Segment) Licence;
2. the Investment Dealer (Full Service Dealer excluding underwriting) Licence; and
3. the Global Business Licence.

Following the suspension of the licences of FXP, the FSC Mauritius referred the matter of FXP to the Enforcement Committee (“Committee”) under section 53 (1) of the Act for such action as to the Committee may deem appropriate.

The Committee has concluded that FXP has breached:

1. the specific provisions provided under the FSA;
2. the Code on the Prevention of Money Laundering and Terrorist Financing; and
3. the licensing conditions attached to its licences.

The FSC Mauritius hereby gives public notice that the Investment Dealer (Currency Derivatives Segment) Licence, Investment Dealer (Full Service Dealer excluding Underwriting) Licence and Category 1 Global Business Licence of FXP have been revoked pursuant to sections 52(3) and 7(1)(c)(vi) of the FSA.

In accordance with section 53(4) of the FSA, FXP has made an application to the Financial Services Review Panel for a review of the decision of the Committee.

Source: FSC Mauritius

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