Section 6: Objects, functions and powers of Commission

6. Objects, functions and powers of Commission In addition to its objects, functions and powers under the Financial Services Act and the relevant Acts, the Commission shall, in administering this Act— (a) have regard to the following regulatory objectives— (i) maintaining a fair, safe, stable and efficient private pension industry for the benefit and protection of beneficiaries; (ii) promoting confidence in the private pension industry; (iii) ensuring fair treatment to beneficiaries; (iv) ensuring that the activities of a private pension scheme are not used in furtherance of, or for a purpose connected with, a financial crime; and (v) ensuring the orderly growth of the private pension industry in Mauritius; (b) discharge its functions in a manner which it considers most appropriate for the purpose of meeting the regulatory objectives set out in paragraph (a), taking into account— (i) the need to balance the regulatory objectives; (ii) the desirability of maintaining the good repute of Mauritius as a sound financial centre and of enhancing its competitive position; (iii) the duties and responsibilities of those who operate or administer private pension schemes; (iv) the need to use resources committed to supervision in an efficient and economic manner; (v) the benefit of promoting public understanding of the private pension industry; and (vi) the best economic interests of Mauritius; and (c) have such powers as are necessary in the attainment of its objects and discharge of its functions under this Act, and shall, in particular, have the power to— (i) request any information, record or document in relation to any private pension scheme; P32A – 7 [Issue 5] Private Pension Schemes Act (ii) carry out, at any time, on-site inspections on the business premises of a private pension scheme and audit its books and records; (iii) order that an investigation be conducted into any private pension scheme; (iv) appoint a conservator in relation to the whole or part of a private pension scheme whose licence or authorisation, as the case may be, has been suspended, terminated or otherwise revoked; (v) apply to a Judge in Chambers for the freezing of assets of any person connected with an offence under this Act or the FSC Rules; and (vi) give any direction to achieve the objectives of this Act.