Section 27: Suspension of licence

27. Suspension of licence (1) Where the Chief Executive is satisfied on reasonable grounds that it is urgent and necessary to do so— (a) for the prevention or mitigation of damage to the integrity of the financial services industry or to any part thereof; (b) for the protection of the interest of clients of a licensee or of the interest of the public in general; or (c) for the protection of the good repute of Mauritius as a centre for financial services, he may, by notice, suspend the licence of a licensee. (2) The Chief Executive shall, subject to subsection (3), not suspend a licence under subsection (1) unless he gives the licensee— (a) prior notice of his intention and the reasons for doing so; and (b) an opportunity to make representations on the matter. (3) Where the Chief Executive considers that any delay in suspending a licence may cause prejudice to the clients of the licensee, the public or any part of the financial services industry, he may suspend the licence with F10 – 17 [Issue 1] Financial Services Act immediate effect and shall give the licensee the opportunity to make representations as soon as practicable, but not later than 7 days from the date the licence is suspended. (4) The suspension of a licence shall operate as the suspension of the licence or similar permission granted to the agent or representative of the licensee as may be applicable. (5) Where a licence is suspended, the licensee shall cease to carry out the activity authorised by the licence, but he shall remain subject to the obligations of a licensee and to the directions of the Commission until the suspension of the licence is cancelled. (6) A person whose licence is suspended may, notwithstanding subsection (5), continue to carry out such activities as the Chief Executive may authorise and on such conditions as the Chief Executive may impose. (7) The Chief Executive shall give public notice of the suspension of a licence.