Section 11B: Licensing of specialised financial institution

11B. Licensing of specialised financial institution (1) A body corporate set up for the purpose of facilitating the economic development of Mauritius may apply, in such form and manner as the central bank may determine, for a specialised financial institution licence. (2) An application under subsection (1) shall be accompanied by such information as the central bank may determine. (3) The central bank shall, within 60 working days of the receipt of an application, or the supply of any additional information or document, whichever is the later, determine whether to grant or refuse the application and inform the applicant within 7 days of its determination. (4) Where the central bank grants an application under this section, it shall, on payment of such licence fee as may be prescribed, issue a specialised financial institution licence to the applicant. (5) Every specialised financial institution licence shall— (a) specify the name of the licensee; and (b) be subject to such terms and conditions as the central bank may impose. [Issue 7] B3 – 16 Revised Laws of Mauritius (6) Every specialised financial institution shall comply with such prudential requirements as the central bank may specify. (7) The central bank may, by guidelines, instructions or directives, require a specialised financial institution to comply with such specific provision of this Act as it considers appropriate, to ensure effective supervision of the institution. (8) The central bank may cause an inspection of the operations and affairs of a specialised financial institution to be made by its officers or such other duly qualified person as it may appoint, so as to assess whether the specialised financial institution is complying with the banking laws and any guidelines, instructions or directives issued by the central bank. (9) Any person who contravenes this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years. [S. 11B inserted by s. 4 (f) of Act 9 of 2015 w.e.f. 14 May 2015.]