Section 7: Powers of Commission

7. Powers of Commission (1) The Commission shall have such powers as are necessary to enable it to effectively discharge its functions and may, in particular— (a) make FSC Rules, set standards and provide guidelines; (b) give directions to any person to ensure compliance with a relevant Act or guideline; (c) with respect to a present or past licensee or any person who is a present or past officer, partner, shareholder, or controller of a licensee— (i) issue a private warning; (ii) issue a public censure; (iii) disqualify a licensee from holding a licence or a licence of a specified kind for a specified period; (iv) in the case of an officer of a licensee, disqualify the officer from a specified office or position in a licensee for a specified period; (v) impose an administrative penalty; (vi) revoke a licence; [Issue 3] F10 – 8 Revised Laws of Mauritius (d) in relation to any case or class of cases, for good cause, grant exemption or partial exemption from compliance with any FSC Rules and guidelines issued under a relevant Act subject to such conditions as it may impose; (e) set up such technical committees as it thinks fit, to assist it in the discharge of its functions under the relevant Acts. (2) In the discharge of its functions under section 6 (j), the Commission— (a) may require any licensee to furnish such statistical information relating to his business or to the business administered or managed by him for his clients at such intervals and within such time as may be required by the Commission; (b) may, subject to paragraph (c), publish and disseminate any information obtained under paragraph (a) in any aggregate form and figures; (c) shall not publish or disseminate information relating to the individual affairs of any particular client of the licensee. (3) (a) Any person to whom a direction has been given under subsection (1) (b) shall comply with the direction. (b) Any licensee who fails to comply with a requirement under subsection (2) (a) shall commit an offence. (4) The Commission may, for the purpose of section 6 (k), enter into an agreement or arrangement for the exchange of information with a foreign supervisory institution having responsibility to supervise financial institutions and the conduct of financial markets and the provision of financial services, where the Commission is satisfied that the foreign supervisory institution has the capacity to protect the confidentiality of the information so imparted, in case such a condition of confidentiality is imposed by the Commission. (5) The Commission may publish a bulletin at such intervals as it thinks fit, for the purpose of giving public notice of— (a) any decision or determination by the Commission or the Review Panel under any of the relevant Acts; (b) any statistical report or analysis; and (c) any other information the Commission deems relevant. (6) The powers conferred upon the Commission under this Act shall be without prejudice and in addition to any other power conferred upon it by any relevant Act. [S. 7 amended by s. 17 (a) of Act 14 of 2009 w.e.f. 30 July 2009; s. 7 (b) of Act 10 of 2010 w.e.f. 24 December 2010.]