Enforcing the Law
In line with its statutory objectives of preserving and maintaining the good repute of the Mauritius International Financial Centre, the FSC is empowered under the Financial Services Act (FSA) to inter alia:
- issue a private warning;
- issue a public censure;
- disqualify a licensee from holding a licence;
- disqualify the officer of a licensee;
- impose an administrative penalty;
- revoke a licence;
- request for information and production of such records or documents by a licensee;
- hold on-site inspections to be carried out on the business premises of a licensee;
- appoint an administrator in relation to the whole or part of the business activities of a person whose licence has been suspended, revoked or otherwise terminated;
- apply to the Judge in Chambers or to any Court of Competent jurisdiction for Injunctive relief;
- apply to the Judge in Chambers for a freezing order or attachment order;
Enforcement Committee and Review Panel
The Enforcement Committee is an internal Committee set up by the Board of Directors of the FSC. Under the FSA, the Committee may impose administrative sanction against a licensee or may take such other action it may deem appropriate.
The Enforcement Committee does not restrict the FSC from directing a licensee to take remedial action. A person aggrieved by a decision of the Enforcement Committee may apply to the Financial Services Review Panel, an ad-hoc panel to review decisions made by the Enforcement Committee or a Self-Regulated Organisation (SRO).