Regulatory Alerts2013-10-09
Guidelines on Section 46(2) of the Banking Act 2004 – Appointment or Reappointment of Senior Officers
The Bank of Mauritius has issued these guidelines to standardize the appointment and reappointment procedures for senior officers in licensed financial institutions under Section 46(2) of the Banking Act 2004. Financial institutions must submit at least twenty days' prior notice, accompanied by a completed Fit and Proper Person Questionnaire and supporting documentation such as a certificate of morality or affidavit, before proceeding with any appointment. The document clarifies the definition and required attributes of senior officers, specifies distinct notification protocols for CEOs versus other senior staff, and mandates that institutions formally determine their senior officer cadre within three months of the guidelines taking effect.