Section 79A: Application for Investment Banking Licence

79A. Application for Investment Banking Licence (1) An application for an Investment Banking Licence shall be made in such form and manner as may be specified in FSC Rule and shall be accompanied by – (a) a business plan or feasibility study outlining the proposed business activity of the applicant; (b) particulars of promoters, beneficial owners, controllers and proposed directors in such Acts 2016 211 form and manner as may be specified in FSC Rules; (c) such fees as may be specified in FSC Rules; and (d) such other information as may be specified in FSC Rules or otherwise required by the Commission to determine the application. (2) An applicant shall notify the Commission of any material change which may have occurred, whether before or after the issue of a licence, in the information provided in the application made under subsection (1). (3) A licensee holding an Investment Banking Licence under this Part may conduct the activities of an investment dealer (full service dealer, including underwriting), investment adviser (unrestricted), investment adviser (corporate finance advisory), asset management, distribution of financial services, and such other activities as may be specified in FSC Rules. (4) A licensee holding an Investment Banking Licence shall not conduct any activity not specified in his initial business plan or feasibility study referred to in subsection (1)(a), without the approval of the Commission. (5) For avoidance of doubt, an application for an Investment Banking Licence shall be subject to the regulation of financial services under Part IV. (6) Any person who, before the commencement of this Part, was the holder of an Investment Banking Licence issued by the Bank of Mauritius, shall, within 3 months of the date of commencement of this Part, apply to the Commission for an Investment Banking Licence. (7) Any licence issued by the Bank of Mauritius to any person, insofar as the licence relates to Investment Banking shall lapse 3 months after the commencement of this Part. 212 Acts 2016 (e) in section 94, in subsection (2), by adding the following new paragraph, the full stop at the end of paragraph (d) being deleted and replaced by a semicolon – (e) for the setting up and administration of an online centralised Know Your Customer (KYC) database for the non-banking financial services sector.