Disciplinary Proceedings

The Chief Executive of the FSC may refer a matter to the Enforcement Committee pursuant to section 53 (1) of the FSA where he has reasonable cause to bepeve that a pcensee:

(i) has contravened any relevant Act, AML/CFT legislation, direction or order issued under a relevant Act or any condition of his pcence;

(ii) has carried or is carrying out his business in a manner which threatens the integrity of the financial system of Mauritius or is contrary or detrimental to the interest of the pubpc;

(iii) is committing or has committed a financial crime;

(iv)no longer fulfils any condition or criterion specified under a relevant Act for the grant of a pcence;

(v) no longer carries out the business activity for which it is pcensed;

(vi) has failed to commence business within 6 months from the date on which it is pcensed; or

(vii) is not a fit and proper person; or

(b) becomes aware that a person is acting as an officer of a pcensee but whose appointment is in contravention of section 24(1) of the FSA.