Section 155: FSC Rules

155. FSC Rules (1) The Commission may, for the purposes of this Act, make rules to be known as FSC Rules and such rules shall be published in the Gazette. (2) Rules made under subsection (1) may provide for— (a) matters necessary or convenient to be specified by FSC Rules; (b) accounting and auditing matters; (c) the contents and form of prospectuses, financial statements, annual reports and other documents required or provided for in this Act, any regulations made under this Act or the FSC Rules; (d) requirements for the display and use of the unique numbers allocated for licences; (e) requirements in respect of offers and issues of securities, including requirements prohibiting or restricting an issuer from commencing or carrying out business or applying funds raised in the offering; (f) the procedure for the transfer or transmission of securities; (g) categories of securities that shall be dematerialised; (h) exemptions under this Act; (i) the determination as to whether a person is a fit and proper person for the purposes of this Act, or any regulations made under this Act; (j) the formulation and publication of codes of conduct for licensees, their officers and employees; (k) applications for the grant and renewals of licences; [Issue 1] S7 – 58 Revised Laws of Mauritius (l) criteria for granting licences; (m) conditions to be imposed to licences; (n) the categorisation of collective investment schemes for the purposes of this Act or any regulations made under this Act; (o) requirements for licensees to make reports to the Commission, to securities exchanges, to their clients or to participants in the schemes, either regularly or on the occurrence of specified events or circumstances; (p) requirements for reports to the Commission by— (i) licensees; (ii) officers and former officers of licensees, and the contents of those reports and the publication or dissemination of the contents of those reports; (q) prudential rules including rules as to capital, assets and other resources for licensees; (r) prospectuses and offers and issues of securities, including the obligations of issuers in connection with offers and issues of securities; (s) disclosures to be made by licensees; (t) the offer of securities through the internet; (u) requirements for licensees to keep books and records; (v) the registration, operation and control of the activities of investment clubs; (w) the transfer of business, contracts or other engagements of a licensee on its insolvency or winding up; (x) administrative sanctions to be imposed, which may include administrative penalties of an amount not exceeding 2 million rupees for breaches of the FSC Rules; (xa) the taking of fees and the levying of charges; (xb) any form of trading of securities including turnaround trading and short selling, and of lending and borrowing of securities; (xc) the recognition of remote participants and remote custodians for the purposes of clearing and settlement of securities transactions; (xd) any new market participants in securities; and (y) such other matters as the Commission thinks fit. (3) Before making FSC Rules, the Commission shall publish proposals for the rules in a way that it considers will bring them to the attention of persons likely to be affected by them and the public in general, and the Commission shall, where reasonable, take into account any representations made to it about the proposals. S7 – 59 [Issue 10] Securities Act (4) The Commission shall not be bound t d) any new market participants in securities; and (y) such other matters as the Commission thinks fit. (3) Before making FSC Rules, the Commission shall publish proposals for the rules in a way that it considers will bring them to the attention of persons likely to be affected by them and the public in general, and the Commission shall, where reasonable, take into account any representations made to it about the proposals. S7 – 59 [Issue 10] Securities Act (4) The Commission shall not be bound to comply with subsection (3) where it considers that the delay involved would be unreasonably prejudicial to the interests of investors in securities or clients of licensees. [S. 155 amended by s. 39 of Act 15 of 2007 w.e.f. 28 September 2007; s. 26 (b) of Act 27 of 2012 w.e.f. 22 December 2012; s. 63 (c) of Act 11 of 2018 w.e.f. 9 August 2018.] 156. —