Section 18M: Suspension or revocation of Regulatory Sandbox
This section is inserted by Finance Act 2016, section 29.
consolidated text (as at 2017). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
18M. Suspension or revocation of Regulatory Sandbox
licence
(1) The Board may suspend or revoke a Regulatory
Sandbox licence issued under this Part where –
(a) i t is urgent and necessary to do so for the
prevention or mitigation of damage to the
integrity of Mauritius or in the interests of
public safety, public morality or public health;
(b) i t is urgent and necessary to do so for the
protection of the good repute of Mauritius;
(c) t he licensee has failed to start the operation of
his business activity within such time as may
be mutually agreed between the Board and the
licensee;
(d) the Board is satis(cid:191)ed that the licensee has
committed a material breach of the terms and
conditions of the licence.
(2) Any suspension under subsection (1) shall be made
on such terms and conditions as the Board may determine.
(f) in section 28, in subsection (1)(aa), by deleting the
words “prescribed under this Act” and “an investor under
that Scheme” and replacing them by the words “referred to in
section 12(1C)(a)” and “a person registered under that scheme”,
respectively.
250 Acts 2016