Section 44: Revocation of licence or authorisation
consolidated text (as amended). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
44. Revocation of licence or authorisation
(1) Without prejudice to the powers of the Chief Executive under any
other enactment, where it appears to the Chief Executive that—
(a) a private pension scheme is not complying with any of the
requirements, conditions, restrictions or other terms of its
licence or authorisation;
(b) a private pension scheme fails to satisfy an obligation to which it
is subject by virtue of this Act and the FSC Rules;
(c) it is in the interest of beneficiaries of a private pension scheme;
(d) a private pension scheme has been wound up or otherwise dissolved;
(e) a private pension scheme is contravening or has contravened
any provision of this Act or the FSC Rules;
(f) a private pension scheme has contravened any direction given
under this Act or the FSC Rules;
(g) a private pension scheme is involved in any financial crime;
(h) a private pension scheme has furnished false or misleading
information or has concealed, or failed to disclose material facts
in its application for a licence or authorisation, or in any returns
filed under this Act or the FSC Rules; or
(i) the activities of a private pension scheme are being conducted
in a manner which threatens the integrity of the financial system
of Mauritius or is contrary or detrimental to the interest of the
public,
he may—
(i) in the case of a licence, refer the matter to the Enforcement Committee for such action as it may determine; or
(ii) in the case of an authorisation, revoke the authorisation.
(2) For the purpose of making a determination under subsection (1) in the
case of a licence, the Enforcement Committee shall follow the procedures
set out in section 53 of the Financial Services Act.
(3) Where a licence is not revoked, the Enforcement Committee may recommend such restrictions on the licence as it may, in the circumstances,
determine.
(4) Notwithstanding the revocation of a licence or authorisation, a private
pension scheme shall continue to be subject to the terms and conditions
under which the licence was issued or the authorisation was granted, and to
the directions of the Commission for the orderly dissolution and discharge of
its liabilities.
(5) The revocation of a licence or an authorisation shall not in any way
prejudice the pension benefits or claims of a beneficiary under a private pension scheme.
P32A – 23 [Issue 5]
Private Pension Schemes Act
(6) Where a licence or authorisation is revoked, the Chief Executive
may—
(a) give public notice of the revocation;
(b) issue directions to ensure that the interests of beneficiaries of
the private pension scheme and the public are preserved.
(7) Any private pension scheme may, in the case of a licence, apply to
the Review Panel for the review of a determination of the Enforcement
Committee in accordance with section 53 (4) of the Financial Services Act.
PART IX – WINDING UP