Section 53: Disciplinary proceedings

53. Disciplinary proceedings (1) Where the Chief Executive has reasonable cause to believe that a licensee— (a) has contravened any relevant Act, any direction or order issued under a relevant Act or any condition of the licence; (b) is carrying out his business in a manner which threatens the integrity of the financial system of Mauritius or is contrary or detrimental to the interest of the public; (c) has committed a financial crime; (d) no longer fulfils any condition or criterion specified under the relevant Act for the grant of a licence; (e) no longer carries out the business activity for which it is licensed; (f) has failed to commence business within 6 months from the date on which it is licensed; (g) is not a fit and proper person, he may refer the matter to the Enforcement Committee for such action as the Enforcement Committee may determine. (2) Where a matter is referred under subsection (1) or under a relevant Act and the Enforcement Committee intends to impose an administrative sanction under section 7 (1) (c) against a licensee, it shall issue a notice to the licensee stating— (a) the intention of the Enforcement Committee to impose an administrative sanction; (b) the type and terms of the administrative sanction; and (c) the right of the licensee to make written representations to the Enforcement Committee within such time as the Enforcement Committee determine in the circumstances, but not exceeding 21 days from the date of the notice. (3) Where, after considering the written representations under subsection (2) (c) or where no written representations are received within the time specified in the notice under subsection (2) and the Enforcement Committee decides to impose an administrative sanction, it shall issue a written notification to the person, stating the type and the terms of the administrative sanction. [Issue 6] F10 – 36 Revised Laws of Mauritius (4) Any licensee who is aggrieved by the decision of the Enforcement Committee under subsection (3)— (a) may, within 21 days of the issue of the written notification, forward, by registered post, an application to the Review Panel specifying the reasons for a review of the decision; and (b) shall, at the same time, forward a copy of his application by registered post to the Commission. (5) Where a licensee is unable to make an application within the period of 21 days referred to in subsection (4) (a) and he proves to the satisfaction of the Review Panel that his inability to do so was due to illness or any other reasonable cause, the Review Panel may accept to hear the belated application on such terms and conditions as it may determine. (6) Notwithstanding an application under subsection (4) (a) but subject to subsection (7), the decision of the Enforcement Committee under subsection (3) shall be given effect immediately after the period of 21 days from the date of the decision. (7) The Review Panel may, after hearing the Commission, suspend the implementation of the decision of the Enforcement Committee under subsection (3) on such terms and conditions as may be determined by the Review Panel. (8) Notwithstanding any action taken by the Enforcement Committee, the Commission may direct a licensee to take such remedial action as it may determine. (9) Any administrative penalty under section 7 (1) (c) (v) shall be a debt due to the Commission and may be recovered by the Commission as a civil debt in a Court of competent jurisdiction. (10) Any administrative penalty paid f the Enforcement Committee under subsection (3) on such terms and conditions as may be determined by the Review Panel. (8) Notwithstanding any action taken by the Enforcement Committee, the Commission may direct a licensee to take such remedial action as it may determine. (9) Any administrative penalty under section 7 (1) (c) (v) shall be a debt due to the Commission and may be recovered by the Commission as a civil debt in a Court of competent jurisdiction. (10) Any administrative penalty paid to the Commission shall be credited to the Fund. (11) For the purposes of this Sub-part— “licensee” includes any person who is a present or past licensee or any person who is a present or past officer, partner, shareholder, or controller of a licensee. Sub-Part B – Financial Services Review Panel