Section 34: Financial statements

34. Financial statements (1) Every financial institution shall, not later than 3 months after the end of its financial year, prepare, in accordance with the International Accounting Standards and such guidelines, not inconsistent with such Standards, as the central bank may issue, its audited financial statements for the financial year, in such form as the central bank may approve. (2) The central bank may, having regard to the scope of the activities undertaken by a financial institution, require the financial institution to prepare, in respect of its distinct types of business, its financial statements on such distinct basis as the central bank may determine. continued on page B3 – 29 B3– 28 (5) [Issue 6] Revised Laws of Mauritius (3) The central bank may, by notice, require a financial institution to prepare, in addition to the financial statements under subsection (1), its financial statements for such shorter period as may be specified in the notice. (4) The financial statements under subsections (1), (2) and (3) shall be audited in the manner specified in section 39. (5) The financial statements under this section shall be jointly signed— (a) in the case of a financial institution incorporated in Mauritius, by its chief executive officer and 2 of its directors; or (b) in the case of a financial institution incorporated outside Mauritius and having a branch in Mauritius, by its chief executive officer and the next most senior officer of the principal office of the financial institution in Mauritius. (6) Every financial institution shall— (a) exhibit at all times, in a conspicuous place, at its principal place of business in Mauritius and at each of its offices and branches in Mauritius, an authenticated copy of its latest financial statements under this section duly audited; and (b) not later than such period as the central bank may direct but, in any case, not later than 3 months after the end of the financial year of the financial institution— (i) forward to the central bank a duly certified copy of its latest financial statements under this section duly audited; and (ii) cause to be published in the Gazette and post on its website, or, where the financial institution does not have a website, in 3 daily newspapers approved by the Bank, the full or abridged version of its latest audited balance sheet, income statement, statement of changes in equity and cash flow statement, and the auditor’s report. (6A) Subsection (6) (b) (ii) shall not apply to money changers. (6B) Notwithstanding subsection (6) (a), a financial institution may, with the approval of the central bank, display at its principal place of business, branch or office an authenticated copy of its duly audited latest financial statements in such form and manner as the central bank may approve. (7) Every financial institution incorporated outside Mauritius and having a branch, subsidiary or joint venture in Mauritius shall furnish to the central bank, not later than one month after publication, a copy of its audited annual consolidated financial statements, together with notes thereon and copies of the reports of the auditor and the board of directors. [S. 34 amended by s. 2 (l) of Act 18 of 2008 w.e.f. 19 July 2008; s. 3 (e) of Act 10 of 2010 w.e.f. 24 December 2010; s. 4 (a) of Act 38 of 2011 w.e.f. 15 December 2011; s. 4 (i) of Act 9 of 2015 w.e.f. 14 May 2015; s. 3 (j) of Act 18 of 2016 w.e.f. 7 September 2016.] B3 – 29 [Issue 9] Banking Act