Preview

Financial Services Act 2007

Powerful Essays
Open Document
Open Document
20888 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Financial Services Act 2007
THE FINANCIAL SERVICES ACT 2007 Act No. 14 of 2007
Government Gazette of Mauritius No. 76 of 22 August 2007
Proclaimed by [Proclamation No. 21 of 2007] w.e.f. 28 September 2007
Please note - “A reference in any enactment to the Financial Services Development Act 2001 shall be construed as a reference to the Financial Services Act 2007”. – [Act No. 14 of 2007], Section 97 (14)
I assent SIR ANEROOD JUGNAUTH
President of the Republic
21st August 2007 __________ ARRANGEMENT OF SECTIONS Section PART I – PRELIMINARY 1. Short title
2. Interpretation PART II – THE FINANCIAL SERVICES COMMISSION 3. Establishment of Commission
4. The Board
5. Objects of Commission
6. Functions of Commission
7. Powers of Commission
8. Meetings of Board
9. The Chief Executive
10. Delegation of powers
11. Technical committees PART III – THE FINANCIAL SERVICES CONSULTATIVE COUNCIL 12. Establishment of Council
13. Objects of Council PART IV – REGULATION OF FINANCIAL SERVICES 14. Requirement to be licensed
15. Application of Part IV
16. Application for a licence
17. Further information and verification
18. Granting of applications
19. False and misleading statements to the Commission
20. Matters related to fit and proper person requirements
21. Display of licence
22. Licence fees
23. Approval of controllers and beneficial owners
24. Approval of officers
25. Variation of licence
26. Register of licensees
27. Suspension of licence
28. Termination of licence PART V – ONGOING OBLIGATIONS OF LICENSEES 29. Record keeping
30. Audited financial statements PART VI – PROTECTION OF CONSUMERS OF FINANCIAL SERVICES 31. Advertisement
32. Protection of consumers of financial services and financial products PART VII – SELF-REGULATORY ORGANISATIONS 33. Declaration or recognition of an SRO
34. Rules of an SRO
35. Restriction on decision-making
36. Obligations of and in relation to
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Features of the Federal Deposit Insurance Corporation Improvement Act of 1991
    • 740 Words
    • 3 Pages

    Features of the Federal Deposit Insurance Corporation Improvement Act of 1991

    d. What are the implications to the other DIs (Depository Institutions) in the economy of the implementation of this exemption?…

    • 740 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Quizz Financial Policy Cengage Chapter 5 Chapter 9&10
    • 393 Words
    • 2 Pages

    Quizz Financial Policy Cengage Chapter 5 Chapter 9&10

    the regular payback method is deficient in that it does not take account of cash flows beyond the payback period. The discounted payback method corrects this fault. FALSE…

    • 393 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    SARBANES OXLEY ACT 2002
    • 1374 Words
    • 4 Pages

    SARBANES OXLEY ACT 2002

    References: American Institute of CPAs. (2006 – 2014). Section 404B of Sarbanes-Oxley Act of 2002. Retrieved from AICPA: American Institute of CPAs: http://www.aicpa.org/advocacy/issues/pages/section404bofSOX.aspx…

    • 1374 Words
    • 4 Pages
    Better Essays
    Read More
  • Good Essays

    Sarbanes Oxley Act of 2002 Paper
    • 852 Words
    • 3 Pages

    Sarbanes Oxley Act of 2002 Paper

    Hayes, Chris. 2013. Fox 2 News Article: St. Louis City daycare shut down. Retrieved from…

    • 852 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Social Security Chapter 7 Summary
    • 361 Words
    • 2 Pages

    Social Security Chapter 7 Summary

    In chapter seven this week we learned about important concepts and benefits of Social Security and workers compensation programs. In the case of unemployment benefits, this program helps individuals who have lost their jobs to keep supporting themselves while they find another employment. In many aspects I can see the benefit of have that extra support during a difficult time of being jobless. But at the same time I consider that while individuals are receiving unemployment benefits they can take advantage of their free time and can go back to school and learn a new skill. Going back to school can help them to update their skills, start another career in order to become more marketable to find another job.…

    • 361 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Federal Register Act Report
    • 883 Words
    • 4 Pages

    Federal Register Act Report

    The Federal Register Act of 1935 created the current Federal Register system of publication. The Federal Register is the official journal of the federal government of the government of the United States that contain the most routine publication and public notices of government agencies. The Federal Register is a way for the government to let the people know what’s happening, and it also serves as an official journal of record for the approved acts of the U.S. Government. The notice and comment process outlined in the Federal Register gives the people a chance to participate in agency rulemaking.…

    • 883 Words
    • 4 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Financial Policies and Procedures
    • 445 Words
    • 2 Pages

    Financial Policies and Procedures

    In a medical office, a financial policy must be easily understandable to the patient when reading his or her policy. In order to provide proper answers to any patient with a question regarding the material a trained staff member should be provided to inform the patient of what the policy means. The basic elements on effective medical office financial policy are that the patient and medical staff are aware of payments, arrangements made for unpaid balances, low income sliding scale acceptable forms of payment, such as cash, checks, credit cards or money orders. “These are used to pay the covered deductibles, copayments, and discounted service for people without insurance (McGraw-Hill, 2008).”…

    • 445 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Fair Credit Reporting Act and Personal Finance
    • 1875 Words
    • 8 Pages

    Fair Credit Reporting Act and Personal Finance

    University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality.…

    • 1875 Words
    • 8 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Federal Trade Commission and the Act
    • 4067 Words
    • 17 Pages

    Federal Trade Commission and the Act

    The paper will serve as a historical background overview of how the Federal Trade Commission Act (FTC) came into existence. The paper will also break down the key components for which the FTC covers, such as deceptive advertising, baiting and switching and consumer fraud. There will be examples of each of those issues at hand to demonstrate how it happened. The paper will include an argument within the Bait and Switch techniques where some claims have been made that it has been beneficial to consumers who got baited. The paper will also look into ways of determining if the claims are deceptive, fraudulent, and how to best act on such claims. Finally, the paper will provide a closing overview of the FTC as it is today, and what it has done for the consumers since its inception.…

    • 4067 Words
    • 17 Pages
    Powerful Essays
    Read More
  • Good Essays

    Fdic
    • 443 Words
    • 2 Pages

    Fdic

    Throughout history the United States have had problems with the economy and addressed them with new programs to stimulate the United States. Some examples of these programs are the federal deposit insurance corporation (FDIC) and the building of the transcontinental railroad.…

    • 443 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    social security act
    • 644 Words
    • 3 Pages

    social security act

    During the 1930s the Great Depression provoked the ugly crisis in the nation's economic life. The Great Depression left millions people unemployed, and with no money. It was a hard time to American since the majority of people were becoming homeless. América Changed dramatically banks were out of business, and saving accounts vanished. Also businesses went bankrupt; therefore most of the people in america were unemployed. The hard work of president Franklin Roosevelt, and other senators help creating safeness for all americans call social security act of 1935. In the book “ Our Document” by Michael Beschloss he discusses how Social Security act was created, and the benefits of it. This acts was to help the older age pension, welfare, and unemployment. This act was to provide security for the individual and his family, and to provide relief after the Great Depression.…

    • 644 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Social Security Act
    • 1132 Words
    • 5 Pages

    Social Security Act

    An act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws; to establish a Social Security Board; to raise revenue, etc. On August 14, 1935, the Social Security Act established a system of old-age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, aid for dependent mothers and children, the blind, and the physically handicapped. 2.opposition, and why? The constitutional basis of the Social Security Act was uncertain. The basic problem is that under the "reserve clause" of the Constitution (the 10th Amendment) powers not specifically granted to the federal government are reserved for the States or the people. When the federal government seeks to expand its influence in new areas it must find some basis in the Constitution to justify its action. Obviously, the Constitution did not specifically mention the operation of a social insurance system as a power granted to the federal government! The Committee on Economic Security (CES) struggled with this and was unsure whether to claim the commerce clause or the broad power to levy taxes and expend funds to "provide for the general welfare," as the basis for the programs in the Act. Ultimately, the CES opted for the taxing power as the basis for the new program, and the Congress agreed, but how the courts would see this choice was very much an open question.…

    • 1132 Words
    • 5 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Financial Management Chapter 7
    • 358 Words
    • 2 Pages

    Financial Management Chapter 7

    If a stock splits 5 for 3 how would the exchange adjust a put option contract with $80 as the exercise price?…

    • 358 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    FTC Act Case Study
    • 389 Words
    • 2 Pages

    FTC Act Case Study

    The FTC sued Amazon for millions of dollars that probably wound up on the family kindle fire bill. It was because of money they racked up while kids played their video games, but parents had no idea until they got their bills. The FTC regulators called that practice illegal. Parents complained and Amazon claimed they had refunded some of the charges, but the government decided it wasn’t enough and that Amazon violated the FTC Act because they caused substantial financial loss to consumers with something they couldn’t reasonably avoid (ftc.gov, Item 32, p. 10 (n.d.). Amazon sold these items without requiring a password so the charges were in the millions of dollars. Apple settled with the FTC for a similar issue in the sum of $32.5 million (ftc.gov, 2014). But Apple didn’t settle like Apple did and they claimed that their case was different because their facts were different than the Apple case (FoxNews, 2014). Amazon’s failure to see they were ‘continuing with a failed course of action’ in order to save face is a clear example of “Escalation of Commitment” (Phillips & Gully, 2014, p. 295).…

    • 389 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Financial Policy
    • 303 Words
    • 1 Page

    Financial Policy

    There is a great importance and significance of the finance essays. The essays and papers written in the field of business are considered very important for the future predictions and daily analysis of the business trends and scopes. Nowadays, it has become very difficult for the companies, businessmen and traders to have idea about the upcoming trends. The corporate finance papers are the only best sources providing sufficient information and knowledge about the corporate financing.…

    • 303 Words
    • 1 Page
    Satisfactory Essays
    Read More

Related Topics