Section 12: Matters required for grant of licences under this Sub-Part

12. Matters required for grant of licences under this Sub-Part (1) The Commission shall not grant a securities exchange licence, a clearing and settlement facility licence or a securities trading systems licence unless it is satisfied that, having regard to the general condition, needs and interests of the capital market and the community, there is a need for the additional facility or system proposed to be authorised by the licence. (2) The Commission shall not grant a securities exchange licence unless it is satisfied that— (a) the applicant has operating rules and procedures adequate to ensure, as far as is reasonably practicable, that the market will operate fairly, transparently and in an orderly way; (b) the applicant has adequate rules or systems for— (i) handling conflicts between the commercial interests of the applicant and the need for it to ensure that the securities exchange operates fairly, transparently and in an orderly way; (ii) monitoring the conduct of participants on, or in relation to, the securities exchange; and (iii) enforcing compliance with the operating rules of the market; (c) the applicant has or has access to adequate clearing and settlement arrangements for transactions effected through the securities exchange; and (d) the applicant, and each of its officers, are fit and proper persons. [S. 12 amended by s. 9 of Act 15 of 2007 w.e.f. 28 September 2007.] [Issue 1] S7 – 12 Revised Laws of Mauritius