Section 100: Guidelines or instructions

100. Guidelines or instructions (1) The central bank may make such guidelines or instructions as it may determine for the purposes of this Act. [Issue 9] B3 – 68 Revised Laws of Mauritius (2) Any guidelines or instructions made under subsection (1) shall apply to all financial institutions or to one or more categories of financial institutions and shall take effect on the date of their issue to the financial institutions or on such later date as may be specified in the guidelines or instructions. (2A) Notwithstanding subsection (2), the central bank may issue specific instructions to any financial institution and such instructions shall take effect on the date of their issue to the financial institution or on such later date as may be specified in the instructions. (2B) The central bank may issue such guidelines, instructions or directives as it may determine to ultimate and intermediate financial holding companies incorporated in Mauritius which have, within the group, at least one subsidiary or joint venture or such other ownership structure as the central bank may determine, which is a bank or a non-bank deposit-taking institution. (2C) The central bank may, by guidelines, instructions or directives issued under subsection (2B), require the ultimate and intermediate financial holding companies incorporated in Mauritius which have, within the group, at least one subsidiary or joint venture or such other ownership structure as the central bank may determine, which is a bank or a non-bank deposit-taking institution, to comply with such specific provision of this Act as it considers appropriate so as to ensure effective supervision of the institution. (3) Any person to whom guidelines or instructions are issued shall comply with those guidelines and instructions. (3A) — (4) Any person who fails to comply with the guidelines or instructions made under this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 100,000 rupees and to imprisonment for a term not exceeding 2 years. [S. 100 amended by s. 3 (n) of Act 10 of 2010 w.e.f. 24 December 2010; s. 3 (s) of Act 27 of 2013 w.e.f. 21 December 2013; s. 4 (o) of Act 9 of 2015 w.e.f. 14 May 2015; s. 3 (t) of Act 18 of 2016 w.e.f. 7 September 2016.]