Section 43: Suspension of licence or authorisation

43. Suspension of licence or authorisation (1) Without prejudice to the powers of the Chief Executive under any other enactment, where, at any time, it appears to the Chief Executive that there are reasonable grounds— (a) to carry out an investigation into the activities of a private pension scheme; or (b) for the revocation of a licence or an authorisation, he may, subject to subsections (2) and (3), suspend the licence or authorisation, as the case may be. (2) Subject to subsection (3), the Chief Executive shall not suspend a licence or an authorisation under subsection (1) unless he has given written notice to the private pension scheme of his intention and reasons for such suspension, and has afforded the scheme reasonable opportunity to make representations on the matter. (3) Subsection (2) shall not apply where the Chief Executive considers that delay in suspending a licence or an authorisation would not be in the interests of its beneficiaries or of the public, and the private pension scheme is given the opportunity to make representations as soon as practicable. (4) Where a licence or an authorisation is suspended under subsection (1), the private pension scheme shall— (a) not operate the activities in relation to which the suspension relates; (b) continue to be subject to the provisions of this Act and any relevant FSC Rules, as if the licence or authorisation has not been suspended. (5) The Commission shall give public notice of any suspension under subsection (1). [Issue 5] P32A – 22 Revised Laws of Mauritius