Section 79A: Licensing of temporary financial institution

79A. Licensing of temporary financial institution (1) An application for a licence to operate as a temporary financial institution shall be made in such form and medium as the central bank may determine. (2) An application made under subsection (1) shall be accompanied by such information as the central bank may determine. (3) The central bank may, following the determination of an application under subsection (1), grant or refuse the application. (4) The central bank shall give notice of its determination to the applicant within 15 working days of the receipt of a complete application under subsection (1) or the supply of any supplementary information called for by the central bank. (5) Where the central bank grants a licence under this section, it shall notify the applicant in writing within 7 days of its decision, and shall issue a licence to the temporary financial institution. (6) The licence under subsection (5) shall – (a) specify the name of the licensee; and 174 Acts 2016 (b) be subject to such terms and conditions as the central bank may impose. (7) The temporary financial institution shall comply with such prudential requirements as the central bank may specify. (8) The central bank may, by guidelines, instructions or directives, require the temporary financial institution to comply with such provision of this Act as it considers appropriate so as to ensure effective supervision of the temporary financial institution. (9) The central bank may cause an inspection of the operations and affairs of a temporary financial institution to be made by its officers or such other duly qualified person as it may appoint so as to assess whether the temporary financial institution complies with the banking laws and any guidelines, instructions or directives issued by the central bank. (10) 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) in section 97, in subsection (1), by inserting, after the words “Islamic banking business”, the words “, private banking business”; (t) in section 100, by inserting, after subsection (2A), the following new subsections – (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 deposittaking institution. Acts 2016 175 (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 deposittaking institution, to comply with such specific provision of this Act as it considers appropriate so as to ensure effective supervision of the institution.