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.
Powers of the FSC
These powers assist the FSC to take the appropriate disciplinary measures to suppress illegal, dishonorable and improper practices, market abuse and financial fraud in relation to any activity in the financial services and global business sectors so as to maintain the soundness and stability of the financial system of Mauritius and to foster the good repute of the economy.