Section 74: Validity of Category 1 Global Business Licence or Category 2 Global

74. Validity of Category 1 Global Business Licence or Category 2 Global Business Licence and effect of its revocation (1) A corporation holding a licence issued under section 72 (6) shall pay to the Commission such annual licence fee as may be specified in FSC Rules. (2) Subject to this section, a Global Business Licence shall lapse where the annual licence fee in respect of the licence is not paid within the time specified in FSC Rules. (3) When a Global Business Licence has lapsed under subsection (2) or is suspended under subsection (6), the corporation shall not, except with the approval of the Commission, transact any business. (4) (a) Where a Global Business Licence has lapsed under subsection (2), the corporation may, within the time specified in FSC Rules, apply for the reinstatement of the licence subject to such terms and conditions, and to the payment of such fee and additional charge, as may be specified in FSC Rules. F10 – 45 [Issue 9] Financial Services Act (b) Where an application is submitted under paragraph (a), the Commission may, subject to such terms and conditions as may be specified in FSC Rules, issue the Category 1 Global Business Licence or Category 2 Global Business Licence, as the case may be, as from the date it had lapsed. (5) Where the Commission is satisfied on reasonable grounds that the revocation of the Global Business Licence is necessary to protect the good repute of Mauritius as a centre for financial services, to prevent or mitigate damage to the integrity of the financial services industry or any part thereof, or to protect the public in general, it may revoke a Global Business Licence. (6) Before revoking a Global Business Licence under subsection (5), the Commission— (a) may suspend a licence; (b) shall give to the holder of the Global Business Licence advance notice of its intention and the reasons for doing so; and (c) shall afford the holder of the licence an opportunity to make representations in writing. (7) Where a Global Business Licence is revoked, the Chief Executive— (a) shall forthwith cause notice of the revocation to be published in the Gazette; (b) may issue such directions to the corporation as may be necessary in the circumstances, including for the orderly dissolution of its business and the discharge of its liabilities.