Financial Services (Investment Banking) (Amendment) Rules 2020

648 Government Notices 2020
Government Notice No. 211 of 2020 THE FINANCIAL SERVICES ACT 2007 FSC Rules made by the Financial Services Commission under
Section 93 of the Financial Services Act 2007

1. These rules may be cited as the Financial Services (Investment
   Banking) (Amendment) Rules 2020.
2. In these rules –
   “principal rules” means the Financial Services (Investment Banking) Rules 2016.
3. The principal rules are amended –
   (a) by inserting immediately after rule 7 the following new rules – 7A Experience of shareholders and Chief Executive Officer (1) The majority of the shares of a holder of an investment banking licence, shall be held by an entity or a group with at least one entity regulated in Mauritius or an equivalent jurisdiction to provide investment banking, asset management, investment advisory, and/or corporate finance services for at least 5 years. (2) A holder of an investment banking licence shall at all times ensure that it has a Chief Executive Officer with at least 15 years relevant experience in investment banking, asset management, investment advisory and/ or corporate finance. (3) Where a holder of an investment banking licence issued before 31 March 2019 does not meet any requirements of this rule, it shall submit to the Commission a plan

Government Notices 2020 649 which will ensure that it will comply with this rule within a pre-determined timeframe approved by the Commission (4) For the purposes of this rule, a Chief Executive Officer is a person responsible for the conduct of the business of the organisation under the immediate authority of the board of directors; and (b) in rule 8, by adding the following subparagraph – (4) Where a holder of an investment banking licence issued before 31 March 2019 does not meet any requirements of this rule, it shall submit to the Commission a plan which will ensure that it will comply with this rule within a pre-determined timeframe approved by the Commission.
4. These rules shall be deemed to come into operation on 19 August
2020.
Made by the Financial Services Commission on 19 August 2020.