FSC : Suspension of six Global Business Licences

The Financial Services Commission (the “Commission”) having reasonable grounds to believe that the revocation of the Global Business Licences issued to the undermentioned companies is necessary to protect the good repute of Mauritius as a centre for financial services and to protect investors, has in accordance with Section 74 of the Financial Services Act decided to initiate proceedings with a view to revoking the said licences:-

1. AEcnFX (Mauritius) Ltd
2. BASEL FINANCIAL INC.
3. FXCOMPANY FINANCIAL GROUP LTD
4. FXMarkets Ltd
5. FXOpen Investments Inc.
6. WORLD DERIVATIVES TRADERS LTD

The Global Business Licences of the above companies are being suspended forthwith.

Notice is given that where the above companies also hold an Investment Dealer Licence or Investment Adviser Licence, these licences are being suspended with immediate effect in accordance with Section 27(3) of the Financial Services Act.

Pursuant to Section 27(5) of the Financial Services Act, where a licence is suspended, the licensee shall cease to carry out the activity authorised by the licence.

Furthermore, the Chief Executive of the Commission having reason to believe that the above companies are carrying or are likely to carry out activities that may cause serious prejudice to the reputation of Mauritius has, in accordance with Section 75(2) of the Financial Services Act, ordered an inquiry into the activities of the above companies.

In addition, the Chief Executive of the Commission has, in accordance with Section 44(1) of the Financial Services Act, ordered that an investigation be conducted into the business of the above companies.