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Securities Act

consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

Later amending instruments held: Finance (Miscellaneous Provisions) Act 2019 (Act No 13 of 2019), Finance (Miscellaneous Provisions) Act 2020, Securities (Amendment) Act 2021 (Act No 9 of 2021), Finance (Miscellaneous Provisions) Act 2022 (Act No 15 of 2022), Finance (Miscellaneous Provisions) Act 2023 (Act No 12 of 2023), Finance (Miscellaneous Provisions) Act 2024 (Act No. 11 of 2024).

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Sections

  1. 1 Short title
  2. 2 Interpretation
  3. 3 Application of Act
  4. 4 Companies Act interpretation to apply
  5. 5 Relationship with other laws
  6. PART II: THE COMMISSION
  7. 6 Objects of Commission
  8. 7 Delegation of powers
  9. 8 Code of ethics
  10. PART III: FINANCIAL MARKETS REGULATION
  11. 9 Licence for securities exchanges
  12. 10 Licence for clearing and settlement facilities
  13. 11 Licence for securities trading systems
  14. 12 Matters required for grant of licences under this Sub-Part
  15. 13 Securities exchange rules
  16. 14 Clearing and settlement facility rules
  17. 15 Securities trading system rules
  18. 16 Enforcing rules made under this Sub-Part
  19. 17 Obligations of securities exchanges
  20. 18 Directors of securities exchanges
  21. 19 Directors of clearing and settlement facilities
  22. 20 Annual reports
  23. 21 Restriction on use of words “stock exchange”, “securities exchange”,
  24. 22 Offences
  25. 23 Licensing
  26. 24 Regulatory functions
  27. 25 Demutualisation
  28. 26 Licensing
  29. 27 Clearing and Settlement Advisory Committee
  30. 28 Transfer of ownership of securities
  31. 29 Licence for investment dealers and their representatives
  32. 30 Licence for investment advisers and their representatives
  33. 31 Solicitation
  34. 32 Responsibility for conduct of representatives
  35. 33 Penalty for offences under this Sub-Part
  36. 34 Applications for licences
  37. 50 Capital and liquidity requirements
  38. 51 Investment dealers – advances to clients
  39. 52 Custody services
  40. 53 Underwriting
  41. 54 Credit balances
  42. 55 Annual reports
  43. 56 Securities transaction confirmations
  44. PART V: OFFERS AND ISSUES OF SECURITIES
  45. 67 Offer or distribution of securities
  46. 68 Requirement for a prospectus
  47. 69 Derogation under this Part for CIS
  48. 70 Prospectus not required
  49. 71 General requirements
  50. 72 Consent to certain statements
  51. 73
  52. 74 Language of prospectuses
  53. 75 Prospectus valid for 6 months
  54. 76 Registration of prospectuses
  55. 77 Requirement to make prospectuses available
  56. 78 Material change
  57. 79 Subscription of securities
  58. 80 Criminal liability on defective prospectuses
  59. 81 Defences to proceedings under section 80
  60. 82 Civil liability on defective prospectuses
  61. 83
  62. 84
  63. 85 Offences under this Part
  64. PART VI: DISCLOSURE
  65. 86 Persons subject to disclosure requirements
  66. 87 Timely disclosure
  67. 88 Periodical disclosure
  68. 89 Duties of auditors
  69. 90 Notification of insiders’ interests
  70. 91 Notification of changes in insiders’ interests
  71. 92 Notification to securities exchanges and Commission
  72. 93 Offences under this Part
  73. PART VII: TAKEOVERS
  74. 94 Regulating takeovers
  75. 95 Issuer bids or buybacks
  76. 96 Penalty for contravention of regulations or FSC Rules
  77. PART VIII: COLLECTIVE INVESTMENT SCHEMES
  78. 97 Authorisation of collective investment schemes and closed-end funds
  79. 98 CIS managers
  80. 99 CIS administrators
  81. 100 Custodian licence
  82. 101 Recognition of foreign schemes
  83. 102 Application of licensing provisions
  84. 103 Company managing its own scheme
  85. 104 Offences under this Part
  86. 105 Duties of CIS managers and officers
  87. 106 Disclosure by CIS and CIS managers
  88. 107 Appointment and duties of auditors
  89. 108 Termination of appointment of auditor
  90. 109 Arrangements for terminating and winding up collective investment
  91. 110 Terminating and winding up collective investment schemes – powers
  92. PART IX: MARKET ABUSES
  93. 111 Insider dealing prohibited
  94. 112 Disgorgement
  95. 113 False trading in securities
  96. 114 Market rigging
  97. 115 Fraud in relation to securities
  98. 116 False or misleading conduct in relation to securities
  99. 117 Offences under this Part
  100. 118 Recovery of benefit and compensation
  101. 119 Validity of securities transactions not affected
  102. PART X: POWERS OF COMMISSION
  103. 120 Interpretation under this Part
  104. 122 Information relating to securities transactions
  105. 124 Investigations
  106. 126 Power to give directions
  107. 133 Cease trade order
  108. 134 Offences under this Part
  109. PART XI: DUE PROCESS
  110. 135 Notification of decisions
  111. PART XII: MISCELLANEOUS OFFENCES
  112. 138 False statements to securities exchanges, CDS, or SRO
  113. 139 Failure to furnish information
  114. 140 Obstructing Commission
  115. 141 Offences committed partly in and partly out of Mauritius
  116. 142 Continuing offences
  117. PART XIII: CO-OPERATION IN SECURITIES REGULATION
  118. 143 Exchange of information
  119. PART XIV: MISCELLANEOUS
  120. 145 Control of advertisements
  121. 146 Exemptions and modifications
  122. 147 Winding up of licensees
  123. 148 Compensation fund
  124. 149 Representative proceedings
  125. 150 Publicity
  126. 151 Power to grant relief
  127. 152 Derivative contract not a contract of wager
  128. 153 Immunity
  129. 154 Regulations
  130. 155 FSC Rules
  131. 157 Repeal and savings
  132. 158 Transitional provisions – rules of SEM and CDS
  133. 159 Transitional provisions – licensees
  134. 160 Transitional provisions – unit trusts schemes and authorised mutual
  135. 161 Transitional provisions – reporting issuers and insiders of reporting
  136. 162 Transitional provisions – holders of Category 1 Global Business Licence
  137. SCHEDULE
  138. 1
  139. 2 A cheque, order for the payment of money, bill of exchange or promissory
  140. 3 A scheme or arrangement operated by a person otherwise than by way of
  141. 4
  142. 5
  143. 6
  144. 7
  145. 8
  146. 9 An arrangement made by a co-operative society registered under the
  147. 10
  148. 11
  149. 11A
  150. 12 A clearing and settlement facility operated by a person in accordance with
  151. 13
  152. 14
  153. 15 A document issued or executed by a bank or deposit taking non-bank
  154. 16
  155. 17 A scheme or arrangement that the regulations or the Commission, by