Section 4: Existing registers

4. Existing registers Any register held by the Commission relating to existing insurers, insurance managers and intermediaries shall be deemed to have been established and maintained under section 6 of this Act. [Third Sch. amended by s. 52 of Act 16 of 2007 w.e.f. 28 September 2007.] [Issue 1] I15 – 82 Revised Laws of Mauritius FOURTH SCHEDULE [Section 132] QUALIFYING ACTIVITIES A protected cell company may be used for conducting any of the activities specified in the first column as described in the second column of the table hereunder. ACTIVITY DESCRIPTION Asset holding Holding and managing assets, or portfolios of assets, in different cells for such class of beneficial owners, high net worth individuals and institutional investors as may be defined by the Commission Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act Structured finance businesses Businesses established principally for the purpose of issuing bonds, notes or loans or other debt securities or instruments, secured or unsecured, in respect of which the repayment of capital and interest is to be funded from the proceeds of the company’s investments, including, without limitation, debt or equity securities, royalties, income flows, derivatives, interest rate, currency or other swaps, or any other credit enhancement arrangements or financial assets Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act Collective investment schemes A company, whether close-ended or open ended, and close-ended funds whose business consists of investing its funds principally in securities with the aim of spreading investment risks and giving members of the company the benefit of the profits, income, returns or payments arising from the management of its funds by or on behalf of that company, and under which— (a) the participants do not have day to day control over the management of the property, whether or not they have the right to be consulted or to give directions in respect of such management; (b) the property is managed by the company or on behalf of the company by an investment manager; and (c) under which arrangement, the contributions of the participants and the profits and income from which payments are to be made to them are pooled Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act I15 – 83 [Issue 6] Insurance Act FOURTH SCHEDULE—continued Specialised collective investment Collective investment schemes and close-ended schemes and close-ended funds funds investing in such specialised financial products, or assets other than securities, as may be specified by the Commission Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act External insurance business Corporation engaged in insurance business, including captive insurance business, restricted solely to non-Mauritian policies under the Insurance Act Restriction: Subject to a licence issued under the Insurance Act [Issue 6] I15 – 84