Section 72: Application for Category 1 Global Business Licence or Category 2 Global

72. Application for Category 1 Global Business Licence or Category 2 Global Business Licence (1) An application for a Category 1 Global Business Licence or a Category 2 Global Business Licence shall be— (a) made through a management company in such form and in such manner as may be approved by the Commission; (b) of no effect unless it is certified by a law practitioner, legal consultant or law firm that it complies with the laws of Mauritius. (2) On receipt of an application under subsection (1), the Chief Executive may, within 7 days of the application— (a) require the applicant to give such further information as may be necessary to determine the application; (b) seek the opinion of any public sector agency that is likely to be concerned with the application; (c) approve the application on such terms and conditions as he may determine where he is satisfied that the application meets all the requirements set out under this Act or in FSC Rules or any guidelines; F10 – 43 [Issue 6] Financial Services Act (d) refer the application to the Board with recommendations, observations or comments. (3) Where the Chief Executive refers an application to the Board, the Board may— (a) reject the application without giving any reasons; (b) refer the application back to the Chief Executive for further enquiry; (c) approve the application on such terms and conditions as it may determine where it is satisfied that the application meets all the requirements set out under this Act or in FSC Rules or any guidelines. (4) The Chief Executive or the Board shall not approve an application where the Chief Executive or the Board, as the case may be, is of the opinion that the proposed activity of the applicant— (a) is unlawful or contrary to public interest; or (b) may cause prejudice to the good repute of Mauritius as a centre for financial services. (5) The Chief Executive shall provide a monthly report to the Board on all applications approved under subsection (2). (6) Where an application is approved under this section, the Chief Executive shall, on payment by the applicant of such fee as may be specified in FSC Rules, issue a Category 1 Global Business Licence or a Category 2 Global Business Licence, as the case may be, on behalf of the Commission subject to such terms and conditions as the Commission may deem necessary. (7) Where a proposal or a project for the formation of a corporation which intends to carry out a global business is submitted to the Commission, the Commission may issue a letter of intent stating the terms and conditions under which a Category 1 Global Business Licence or a Category 2 Global Business Licence, as appropriate, may be issued. (8) A letter of intent issued under subsection (7)— (a) may be revoked at any time without any reason being given; (b) shall not imply or be construed in any way as a promise or an undertaking by the Commission, nor import any obligation on the part of the Commission, to grant a Global Business Licence or otherwise determine an application. [S. 72 amended by s. 7 (f) of Act 10 of 2010 w.e.f. 24 December 2010.]