Financial Services Act 2007

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THE FINANCIAL SERVICES ACT 2007
 
Act No. 14 of 2007
Government Gazette of Mauritius No. 76 of 22 August 2007
Proclaimed by [Proclamation No. 21 of 2007] w.e.f. 28 September 2007 Please note - “A reference in any enactment to the Financial Services Development Act 2001 shall be construed as a reference to the Financial Services Act 2007”. – [Act No. 14 of 2007], Section 97 (14) I assent

 
SIR ANEROOD JUGNAUTH
President of the Republic
21st August 2007
 
__________
 
ARRANGEMENT OF SECTIONS
 
Section
 
PART I – PRELIMINARY
 
1.Short title
2.Interpretation
 
PART II – THE FINANCIAL SERVICES COMMISSION
 
3.Establishment of Commission
4.The Board
5.Objects of Commission
6.Functions of Commission
7.Powers of Commission
8.Meetings of Board
9.The Chief Executive
10.Delegation of powers
11.Technical committees
 
PART III – THE FINANCIAL SERVICES CONSULTATIVE COUNCIL
 
12.Establishment of Council
13.Objects of Council
PART IV – REGULATION OF FINANCIAL SERVICES  
14.Requirement to be licensed
15.Application of Part IV
16.Application for a licence
17.Further information and verification
18.Granting of applications
19.False and misleading statements to the Commission
20.Matters related to fit and proper person requirements
21.Display of licence
22.Licence fees
23.Approval of controllers and beneficial owners
24.Approval of officers
25.Variation of licence
26.Register of licensees
27.Suspension of licence
28.Termination of licence
 
PART V – ONGOING OBLIGATIONS OF LICENSEES
 
29.Record keeping
30.Audited financial statements
 
PART VI – PROTECTION OF CONSUMERS OF FINANCIAL SERVICES
 
31.Advertisement
32.Protection of consumers of financial services and financial products  
PART VII – SELF-REGULATORY ORGANISATIONS
 
33.Declaration or recognition of an SRO
34.Rules of an SRO
35.Restriction on decision-making
36.Obligations of and in relation to officers of an SRO
37.Powers to direct an SRO
38.Termination of arrangements and revocation of declaration or recognition 39.Amendments to the constitution of an SRO
40.Protection for an SRO
41.Annual report of SRO
 
PART VIII – POWERS OF THE COMMISSION
 
42.Request for information
43.On-site inspections
44.Investigations
45.Tampering with evidence
46 Power to give directions
47.Compliance with directions
48.Appointment of administrator
49.Injunctive relief and locus
50.Freezing of assets
51.Enforceable undertakings
 
PART IX – ENFORCEMENT COMMITTEE AND FINANCIAL SERVICES REVIEW PANEL Sub Part A – Enforcement Committee
 
52.Establishment of Enforcement Committee
53.Disciplinary proceedings
 
Sub - Part B - Financial Services Review Panel
 
54.Establishment of the Financial Services Review Panel
55.Membership of the Review Panel
56.Termination of appointment
57.Staff of the Review Panel
58.Composition of Review Panel for particular matters
59.Disclosure of interests by members of the Review Panel
60.Decision of Review Panel
61.Conduct of reviews
62.Proceedings of Review Panel
63.Powers of Review Panel
64.Protection of persons before Review Panel
65.Offences relating to proceedings of Review Panel
66.Determination of Review Panel
67.Judicial review
 
Sub Part C – Financial Services Fund
 
68.Financial Services Fund
69.Administration of the Fund
70.Annual report of Managing Committee
 
PART X – GLOBAL BUSINESS
 
71.Global Business
72.Application for a Category 1 Global Business Licence or a Category 2 Global Business Licence 73.Conduct of global business
74.Validity of Category 1 Global Business Licence or Category 2 Global Business Licence and effect of its revocation 75.Power of Inquiry
76.Registered agent
77.Management licence
78.Nominee company
79.Special Provisions for Global Business
 
PART XI – ADMINISTRATION
 
80.Staff of the Commission
81.Conditions of service of...
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