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Financial Institutions (Bureau de Change) Regulations (Statutory Instrument 82 of 2008)

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This is the latest version of this legislation commenced on 01 Dec 2014.

Seychelles

Financial Institutions Act

Financial Institutions (Bureau de Change) Regulations

Statutory Instrument 82 of 2008

  • Commenced on 28 July 2008

  • [This is the version of this document at 1 December 2014.]


[S.I. 82 of 2008]


1.

These Regulations may be cited as the Financial Institutions (Bureau de Change) Regulations.

2.

In these Regulations—the Act” means the Financial Institutions Act, 2004;Bureau de Change” means a person who is—(a)authorised under the Exchange Control Act to buy and sell foreign currency; and(b)licensed under the Act to carry on foreign exchange business;licence” means a Bureau de Change licence;liquid assets” means—

(a)cash on hand; or
(b)balances with banks; or
(c)treasury bills and other securities issued by the Government or the Central Bank and maturing within 365 days.

3.

(1)The Central Bank may grant a Class A or Class B licence.
(2)A Class A Bureau de Change shall be licensed to buy and sell foreign currency without the limitation that applies to a Class B Bureau de Change.
(3)A Class B Bureau de Change shall be licensed to buy and sell foreign currency only in the form of notes, coins and travellers’ cheques.
(4)A Bureau de Change licensed prior to the coming into operation of these Regulations may apply for a Class A licence.

4.

A holder of a licence shall—

(a)buy and sell foreign currency in accordance with the prevailing exchange rate regime;
(b)conspicuously display at the exchange counter—
(i)a copy of the licence;
(ii)its buying and selling exchange rates, fees, commissions and other terms that apply to its purchases and sales.

5.

(1)A Class A Bureau de Change shall at all times maintain in Seychelles—
(a)unimpaired paid-up capital or assigned capital as the case may be, of not less than R500,000;
(b)authorised capital of not less than R1,000.000.
(2)A Class B Bureau de Change shall at all times maintain in Seychelles—
(a)unimpaired paid-up capital or assigned capital as the case may be, of not less than R50,000;
(b)authorised capital of not less than R100,000.
(3)A Bureau de Change shall at all times invest at least half of its paid-up or assigned capital in liquid assets.

6.

The annual licence fee for—

(a)a Class A Bureau de Change shall be R10,000;
(b)a Class B Bureau de Change shall be R5,000.

7.

The Financial Institutions (Bureau de Change) Regulations, 1997 are hereby repealed.