Section 5: Application for banking licence

5. Application for banking licence (1) No person shall engage in banking business, Islamic banking business or private banking business in Mauritius without a banking licence issued by the central bank. (2) Subject to section 12, no person, other than a bank licensed by the central bank, shall engage in receiving deposits or Islamic deposits from the public. (3) Any body corporate may apply to the central bank for a banking licence. (4) Every application for a banking licence shall be made in such medium and in such form as the central bank may determine and shall be accompanied— (a) by a copy of the certificate of incorporation of the applicant; (b) in the case of a foreign bank wishing to establish a branch, subsidiary or joint venture in Mauritius, by a written confirmation from the banking supervisory authority in the applicant’s country of incorporation that the supervisory authority has no objection to the applicant’s proposal to carry on banking business in Mauritius; (c) by a copy of the constitution of the applicant; (d) by a certified list of the full names and address of the directors, beneficial owners, chief executive officer and other senior officers of the applicant and a list of its shareholders owning 10 per cent or more of its shares; (e) by a copy of the financial statements of the applicant, as of a date within 60 days preceding the date of application; B3 – 10 (1) [Issue 9] Banking Act (f) by a business plan giving the nature of the planned business, organisational structure and internal control, projected financial statements, including cash flow statements for each of the next 3 financial years; (g) in respect of the directors, chief executive officer, other senior officers, and shareholders holding a significant interest, of the applicant, by an identification and a certificate of good conduct, in such form as the central bank may determine, from a competent authority or an affidavit duly sworn stating any conviction for a crime and any past or present involvement in a managerial function in a body corporate subject to insolvency proceedings or having declared personal bankruptcy; (h) by payment of such appropriate non-refundable processing fee as the central bank may determine by regulations made by the central bank, with the approval of the Minister; and (i) by such other information or document as the central bank may specify in the application form. (5) The documents specified under subsection (4) (a), (b) and (c) shall be authenticated copies, and where the originals are not in English language, certified translations in English. (6) Where a shareholder of the applicant is a body corporate, the application shall, in addition, be accompanied by the information required under subsection (4) that may be relevant and applicable to the body corporate. (7) The central bank shall, within 30 days of the receipt of an application under subsection (4), notify the applicant in writing whether or not the application is complete. continued on page B3 – 11 [Issue 9] B3 – 10 (2) Revised Laws of Mauritius (8) Where the application under subsection (4) is not complete, the central bank shall, subject to subsection (8A) immediately after the expiry of the delay of 30 days specified in subsection (7), call for such supplementary information or documents as it may require for the purpose of determining the application. (8A) Where the information or documents, other than those specified in subsection (4) (a) and (c), are submitt continued on page B3 – 11 [Issue 9] B3 – 10 (2) Revised Laws of Mauritius (8) Where the application under subsection (4) is not complete, the central bank shall, subject to subsection (8A) immediately after the expiry of the delay of 30 days specified in subsection (7), call for such supplementary information or documents as it may require for the purpose of determining the application. (8A) Where the information or documents, other than those specified in subsection (4) (a) and (c), are submitted to the central bank and the central bank is satisfied that the applicant is eligible for a licence, the central bank may grant an in-principle approval to the applicant. (8B) An applicant shall notify the central bank of any material change which may have occurred, before or after the issue of a licence, in the information provided in the application. (8C) An application shall include an authority from the applicant authorising any regulatory body, law enforcement body or financial institution, in Mauritius or in a foreign country, to release to the central bank, for use in relation to the application and the enforcement of this Act, any information about the applicant, and any of its directors, shareholders, beneficial owners, chief executive officer or other senior officers as may be applicable. (8D) Where the applicant is not an individual, such an authority shall be given by each of the directors of the applicant or by 2 directors duly authorised by a resolution of the board of directors. (9) An application under this section may be withdrawn by notice to the central bank at any time before it is determined. [S. 5 amended by s. 4 (c) of Act 17 of 2007 w.e.f. 22 August 2007; s. 2 (c) of Act 18 of 2008 w.e.f. 19 July 2008; s. 3 (b) of Act 14 of 2009 w.e.f. 30 July 2009; s. 3 (b) of Act 10 of 2010 w.e.f. 24 December 2010; s. 3 (c) of Act 18 of 2016 w.e.f. 7 September 2016.]