Regulatory Alerts2008-03-31
Banking Act 2004 - Amendments to Guidelines
The Bank of Mauritius issued this directive to formally align existing regulatory guidelines with the Banking Act 2004 and Bank of Mauritius Act 2004. By applying statutory continuity provisions, the document maps specific paragraphs from guidelines on financial transactions, corporate governance, internet banking, and credit risk management to their corresponding sections in the updated legislation. This mapping ensures that pre-existing guidelines remain legally operative under the new framework, providing financial institutions and external auditors with precise compliance references effective March 2008.
BANK OF MAURITIUS The Bank has issued several Guidelines prior to the enactment of the Banking Act 2004 and Bank of Mauritius Act 2004 wherein reference is made to certain provisions of the Banking Act 1988 and Bank of Mauritius Act 1981. In virtue of section 104(2)(d) of the Banking Act 2004 and section 71(4)(d) of the Bank of Mauritius Act 2004 any guidelines or instructions issued under the repealed enactment and in force on the date immediately before the coming into operation of this Act shall be deemed to have been commenced and continued under this Act. However the sections of the Banking Act 2004 and Bank of Mauritius Act 2004 corresponding to those of the earlier Acts referred to in the Guidelines are given below for ease of reference. Guideline on Transactions or Conditions respecting Well-being of a Financial Institution Reportable by the External Auditor to the Bank of Mauritius Corresponding / Appropriate section in the Banking Act 2004 / Bank of Mauritius Act 2004 Paragraph 2 & 3 on page 2 Paragraph 6 on page 6 section 25(11) of the Banking Act 1988, section 39(16) of the Banking Act 2004. Paragraph 5 on page 6 section 25(14) of the Banking Act 1988 section 39(20) of the Banking Act 2004
Guideline on Corporate Governance Corresponding / Appropriate section in the Banking Act 2004 / Bank of Mauritius Act 2004 Paragraph 1.0 on page 1 section 20 of the Bank of Mauritius Act section 50 of the Bank of Mauritius Act 2004. Paragraph 3.6.2 section 32 of the Banking Act section 48 of the Banking Act
on page 7 1988 2004.
Guideline on Internet Banking Corresponding / Appropriate section in the Banking Act 2004 / Bank of Mauritius Act 2004 Paragraph 13 on page 11 Section 38 of the Banking Act 1988 section 61 of the Banking Act 2004
Guideline on Credit Risk Management Corresponding / Appropriate section in the Banking Act 2004 / Bank of Mauritius Act 2004 Paragraph 1.0 on page 2 Section 20 of the Bank of Mauritius Act and section 33 of the Banking Act section 50 of the Bank of Mauritius Act 2004 and section 100 of the Banking Act 2004 Bank of Mauritius 31 March 2008