Section 75: Power of inquiry

75. Power of inquiry (1) A corporation holding a Global Business Licence shall, when so required by the Commission in exercising its general powers of supervision or in discharging its obligations under an agreement or arrangement for the exchange of information, furnish all such information and produce such documents as the Commission may require of him. (2) Where the Chief Executive has reasonable cause to believe that a corporation holding a Global Business Licence— (a) has committed, is committing or is likely to commit a breach of— (i) any of the relevant Acts or guidelines; (ii) any condition of its licence; or (iii) any direction issued by the Commission; (b) has carried out, is carrying or is likely to carry out any activity which may cause serious prejudice to the soundness and stability of the financial system of Mauritius or to the reputation of Mauritius or which may threaten the integrity of the system, the Chief Executive may make an inquiry into the business or any part of the business of the corporation. [Issue 9] F10 – 46 Revised Laws of Mauritius (3) For the purpose of this section— (a) any reference to Chief Executive shall include any person designated by the Chief Executive or the Commission; (b) the Chief Executive may— (i) by notice, request the production of any document to be inspected at such reasonable time and place, including the registered office or the business premises of the holder of a Global Business Licence, as may be specified in the notice; (ii) take copies of or extracts from any document so produced; (iii) issue directions. (4) For the purpose of this section, any reference to a holder of a Global Business Licence shall include— (a) any person who has held a Global Business Licence; (b) any person who is a present or past officer, or controller, of the holder of a Global Business Licence. (5) The Chief Executive shall, in respect of every inquiry carried out, make a written report to the Board together with his observations, comments and recommendations. (6) Any person who— (a) fails to comply with the requirements of subsection (1) or (3) (b) (i); or (b) obstructs the Chief Executive in the performance of his duties under subsection (3) (b) (ii) and (iii), shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees. [S. 75 amended by s. 12 of Act 38 of 2011 w.e.f. 15 December 2011.]