MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_01CCD1DA.7B071840" This document is a Single File Web Page, also known as a Web Archive file. If you are seeing this message, your browser or editor doesn't support Web Archive files. Please download a browser that supports Web Archive, such as Windows® Internet Explorer®. ------=_NextPart_01CCD1DA.7B071840 Content-Location: file:///C:/6C09C635/new_licensingconditions_2005.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"

 

 

Public Statement

 

 

New Licensing Conditions applicable as fr= om 02 February 2005=

 

 

The Financial Services Commission wishes = to announce that it has issued, on 14 January 2005, New Licensing Conditions applicable to entities licensed under the Financial Services Development Act 2001 as from 02 February 2005<= /b>.

 

These New Licensing Conditions will be applicable to all companies licensed as from that date onwards. However,= they shall not apply to the following categories of Licensees:

(i)  =        Insurance Companies, Insurance Agents, Insurance Brokers and Insurance Salespersons operating in the domestic market and which are governed by the provisions of the Insurance Act 1987.<= /span>

(ii)  = ;      Stockbrokers, Dealer’s Representatives, Stockbroking Companies, Investment Clubs and Approved Investment Institutions which are licensed/registered/approved und= er the Stock Exchange Act 1988.

(iii) &nbs= p;     Category 2 Global Business Companies (GBC 2s). The licensing conditions for GBC 2s a= re already standardised.

 

Licensing Conditions of existing Licensee= s will be replaced by the New Licensing Conditions by 01 January 2006. However, any Licensee wishing to adopt the New Licensing Conditions may, at any time bef= ore that date, apply for the amendment of their existing Licensing Conditions. = Any Licensee who objects to the change of its Licensing Conditions is requested= to give notice of its objection and show cause, at latest by 30 September 2005, why those Licensing Conditions should not be amended as FSC proposes.

 

The proposed New Licensing Conditions were released for public consultation on 19 November 2004. The consultation peri= od ended on 06 December 2004 and the Commission received a number of valuable comments and suggestions from existing licensees and other stakeholders.

 

On the whole, the proposals were well rec= eived. In finalising these new licensing conditions, the Commission has fully considered each and every comment that was submitted. As far as possible, t= he Commission has standardised the existing licensing conditions applicable to non-bank financial institutions, both in the domestic and the global busine= ss sectors, in order to ensure consistency between similar activities in these= two sectors.

 

3D"http://www.gov.mu/portal/sites/ncb/fsc/menupics/arrow.jpg"= Click here to access the salient features of the New Licensing Conditions

3D"http://www.gov.mu/portal/sites/ncb/fsc/menupics/arrow.jpg"Click here for a summary of = queries raised and comments submitted during consultation

3D"http://www.gov.mu/portal/sites/ncb/fsc/menupics/arrow.jpg"Click here for a summary of = all licensed activities in the domestic and global business sectors<= span style=3D'font-size:10.0pt;line-height:150%'>

3D"http://www.gov.mu/portal/sites/ncb/fsc/menupics/arrow.jpg"Click here to access the ful= l set of the New Licensing Conditions

 

 

Chief Executive

Financial Services Commission<= /span>

 

19 January 2005

 

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