Section 2: Interpretation

2. Interpretation In this Act, unless otherwise expressly provided— “audit firm” has the same meaning as in the Financial Reporting Act; “bank” has the same meaning as in the Banking Act; “Bank of Mauritius” means the Bank of Mauritius established under the Bank of Mauritius Act; “Board” means the Board referred to in section 4; “Category 1 Global Business Licence”— (a) means a Category 1 Global Business Licence issued under section 72 (6); and (b) — “Category 2 Global Business Licence” means a Category 2 Global Business Licence issued under section 72 (6); “Chairperson” means the Chairperson of the Board; “Chief Executive” means the Chief Executive of the Commission appointed under section 9; “Commission” means the Financial Services Commission established under section 3; “confidential information” includes any document, books of account, balance sheet, profit and loss account or any matter which is to be treated as confidential under section 83; “consumer of financial services” includes— (a) a beneficiary under the Private Pension Schemes Act; and (b) any other person entitled to benefit from financial services under the relevant Acts; “controller”, in relation to a corporation, means a person— (a) who is a member of the governing body of the corporation; (b) who has the power to appoint or remove a member of the governing body of the corporation; (c) whose consent is needed for the appointment of a person to be a member of the governing body of the corporation; (d) who, either by himself or through one or more other persons— F10 – 3 [Issue 9] Financial Services Act (i) is able to control, or exert significant influence over, the business or financial operations of the corporation, whether directly or indirectly; (ii) holds or controls not less than 20 per cent of the shares of the corporation; (iii) has the power to control not less than 20 per cent of the voting power in the corporation; (iv) holds rights in relation to the corporation that, if exercised, would result in the conditions in subparagraphs (ii) and (iii) being satisfied; (e) who is a parent undertaking of that corporation or a controller of such parent undertaking; (f) who is a beneficial owner or ultimate beneficial owner of a person specified in paragraphs (a) to (e) and who appears to the Commission to be a controller of that corporation; “corporation”— (a) means a body corporate; and (b) includes, where specified in FSC Rules, any trust, société, partnership or any other body of persons; “Council” means the Financial Services Consultative Council referred to in section 12; “document”— (a) means a document in any form; and (b) includes— (i) any writing on any material; (ii) a book, graph or drawing; (iii) information recorded or stored by any electronic or other technological means and capable, with or without the aid of any equipment, of being reproduced; “employee” means an employee of the Commission appointed under section 80; “Enforcement Committee” means the Enforcement Committee set up under section 52; “external insurer” has the same meaning as in the Insurance Act; “financial crime”— (a) means an offence that involves fraud or dishonesty under the relevant Acts or any other enactment; and (b) includes an offence under the Financial Intelligence and AntiMoney Laundering Act or under the Prevention of Terrorism Act; [Issue 9] F10 – 4 Revised Laws of Mauritius “financial services”— (a) means any financial services or financial business activities governed by th Committee set up under section 52; “external insurer” has the same meaning as in the Insurance Act; “financial crime”— (a) means an offence that involves fraud or dishonesty under the relevant Acts or any other enactment; and (b) includes an offence under the Financial Intelligence and AntiMoney Laundering Act or under the Prevention of Terrorism Act; [Issue 9] F10 – 4 Revised Laws of Mauritius “financial services”— (a) means any financial services or financial business activities governed by the relevant Acts; and (b) includes the financial business activities specified in Part I of the Second Schedule; “FSC Rules” means the Financial Services Commission Rules made by the Commission under section 93; “Fund” means the Financial Services Fund established under section 68; continued on page F10 – 5 F10 – 4 (1) [Issue 9] Revised Laws of Mauritius “global business” means business conducted outside Mauritius by a resident corporation; “Global Business Licence” means business conducted outside Mauritius by a resident corporation; “global headquarters administration” means the activities specified in Part III of the Second Schedule; “global treasury activities” means the activities specified in Part II of the Second Schedule; “guidelines” includes codes, guidance notes, practice notes and other similar instruments issued by the Commission; “insurance manager” has the same meaning as in the Insurance Act; “law firm” has the same meaning as in the Law Practitioners Act; “law practitioner” has the same meaning as in the Law Practitioners Act; “legal consultant” has the same meaning as in the Law Practitioners Act; “licence”— (a) means any licence issued under any relevant Act; and (b) except where otherwise specified, includes— (i) a Category 1 Global Business Licence; (ii) a Category 2 Global Business Licence; or (iii) a management licence; “licensee”— (a) means the holder of a licence; and (b) includes— (i) any person authorised, registered or approved under a relevant Act; and (ii) any institution established to provide any service under a relevant Act; “management company” means a company holding a management licence; “management licence” means a licence referred to in section 77; “member”— (a) means a member of the Board; and (b) includes the Chairperson and the Vice-chairperson; “Minister” means the Minister to whom responsibility for the subject of financial services is assigned; “officer” means a member of the board of directors, a chief executive, a managing director, a chief financial officer or chief financial controller, a manager, a company secretary, a partner, a trustee or a person holding any similar function with a licensee; “public sector agency” includes any Ministry or Government department, local authority or statutory body; F10 – 5 [Issue 8] Financial Services Act “qualified auditor” has the same meaning as in the Companies Act; “registered agent” means a registered agent having the duties referred to in section 76; “Registrar” has the same meaning as in the Companies Act; “relevant Acts”— (a) means this Act and the Acts specified in the First Schedule; and (b) includes any regulations and FSC Rules made under those Acts; “Review Panel” means the Financial Services Review Panel set up under section 54; “SRO”— (a) means a self-regulatory organisation whose object is to regulate the operations of its members or of the users of its services, their standards of practice and business conduct in order to better protect investors and consumers of securities or related services; and (b) includes such other organisation as may be declared or recognised as an SRO by the Commission; “technical committee” means a technical committee set up under section 11; “trust” has the same meaning as in the Trusts Act; “Vice-chairperson” means the Vice-chairperson of the Board. [S. 2 amended by s. 7 (a) of Act 10 of 2010 w.e.f. 24 December 2010; s. 57 (1) (a) of Act 15 of 2012 w.e.f. 1 November 2012; s. 13 (a) of Act 27 of 2012 w.e.f. 22 December 2012; s. 18 (a) of Act 9 of 2015 w.e.f. 14 May 2015; s. 20 (1) (a) of Act 32 of 2015 w.e.f. 29 January 2016.] PART II – THE FINANCIAL SERVICES COMMISSION