(a) The Banking Act 2004 offers the legal framework for licensing of banks and duty of confidentiality.’ Discuss and describe.
(b) Clearly illustrate out the following provisions under the Borrower Protection Act 2007:
- Credit agreements;
- Obligations of lenders;
- Penalty on default payment; and
- Sale of mortgaged property.
‘The capability to launder the proceeds of criminal activities by the financial system is a main element to the success of criminal operations’.
Illustrate out the legal and regulatory measures which have been taken by the Government of Mauritius and Bank of Mauritius to combat money laundering.
(a) Highlight the institutional arrangements together with their functions which the Financial Reporting Act 2004 have put in place in Mauritius.
(b) Illustrate out the procedures for licensing of insurance business as stipulated in Insurance Act 2005.
(a) What are the functions, objects and powers of Financial Services Commission as laid down in The Financial Services Act 2007.
(b) A Self-Regulatory Organisation (SRO) handles the operations of its members. What are the provisions which have been made under The Financial Services Act 2007 regarding SRO?