Section 16: Application for licence

16. Application for licence (1) An application for a licence shall be made in such form and manner as may be specified in FSC Rules, and shall be accompanied by— (a) a business plan or feasibility study outlining the proposed business activity of the applicant; (b) particulars of promoters, beneficial owners, controllers and proposed directors in such form as may be specified in FSC Rules; (c) such fees as may be specified in FSC Rules; and (d) such other information as may be specified in FSC Rules or otherwise required by the Commission to determine the application. (2) An applicant shall notify the Commission of any material change which may have occurred, whether before or after the issue of a licence, in the information provided in the application. (3) An application for a licence shall include an authorisation for any regulatory body, law enforcement body or financial institution, in Mauritius or in a foreign country, to release to the Commission, for use in relation to the application and the enforcement of this Act, any information about the applicant, and any of its promoters, officers or controllers, as may be applicable. (4) Where the applicant is not an individual, such an authorisation 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.