問題一覧
1
FSC was established in the year 2001? True or False?
True
2
The FSC are governed by which of the following Acts? Select as applicable.
Financial Services Act, Insurance Act, Securities Act, Captive Insurance Act, Virtual Asset and Initial Token Offering Services Act, Private Pension Schemes Act
3
Among other Acts, the objective of the Financial Services Act is to license, regulate, monitor and supervise the conduct of non-banking business activities in the financial services sector and global business. Select True or False.
True
4
“To be an internationally recognised Financial Supervisor committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre” is the _______ of the FSC.
Vision
5
The mission of the FSC is to:
license, regulate, monitor and supervise the conduct of non-banking business activities in the financial services sector and global business.
6
The objectives of the FSC are:
to promote the development, fairness, efficiency and transparency of financial institutions and capital markets in Mauritius;, to suppress crime and malpractices so as to provide protection to members of the public investing in non-banking financial products; and, to ensure the soundness and stability of the financial system in Mauritius.
7
AML/CFT means:
Anti-money laundering and combatting the financing of terrorism and proliferation
8
The board is comprised of 1 Chairperson, 1 Vice-Chairperson and not more than 7 other members. True of False.
True
9
Every member shall hold office for a period of 3 years and shall be eligible for re- appointment. True of False.
True
10
The FSC shall grant approval to SRO to introduce rules, provided that there is no objection from the Commission, within ________ month after submission for approval.
1
11
An SRO shall file with the Commission, within 90 days of its balance sheet date, an annual report which shall include – (a) a report on the corporate governance policy of the SRO and any other information required by the Commission; (b) financial statements prepared and audited in accordance with International Financial Reporting Standards and such other auditing standards as may be issued under the Financial Reporting Act 2004; and (c) such other requirements as may be specified in FSC Rules.
True
12
At least one board meeting yearly. True or False.
True
13
The Chief Executive shall be appointed by the Board with the approval of the Minister.
True
14
FSC is under the aegis of Ministry of Financial Services and Good Governance (Mahen Kumar Seeruttun). True od False.
True
15
Every technical committee shall consist of not less than 3 and not more than 7 members including a chairperson, who shall be appointed by the Board on such terms and conditions as the Board thinks fit.
True
16
“Council” means the Financial Services Consultative Council established under section12.
True
17
The Council shall consist of:
the Minister who shall be the Chairperson, the Financial Secretary, who shall be the Vice-Chairperson, the Governor of the Bank of Mauritius, the Chairperson of the Commission;, the Chief Executive, not more than 6 other members designated by the Minister from amongst persons of high calibre and of international repute in their relevant fields.
18
The Council may co-opt any person and may set up such sub-committees as it considers necessary to attain its objects.
True
19
Any person who carry out business without any license shall commit an offence and shall on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 8 years.
True
20
Any person who does not possess licence and acts as Moneylender shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years.
True
21
A regulatory sandbox is a safe space for businesses to try out new things with less strict rules, encouraging innovation under controlled conditions.
True
22
An application for a licence shall be made in such form and manner as may be specified in FSC Rules, and shall be accompanied by –
1. A business plan, 2. Particulars and information relating to customer due diligence of promoters, beneficial owners, controllers and proposed directors in such form as may be specified in FSC Rules;, 3. Such fees, as may be specified in FSC Rules; and, 4. Such other information as may be specified in FSC Rules or otherwise required by the Commission to determine the application.
23
Where an applicant for a license is not an individual, such an authority shall be given by each of the directors of the applicant or by 2 directors duly authorised by a resolution of the board of directors
True
24
A licensee shall, at all times, conspicuously display –
The licence in a public part of its principal place of business or its head office; and, A copy of the licence in a public part of each of its branches or offices.
25
Any person who does not display his license shall commit an offense and shall, on conviction, be liable to a fine not exceeding 50,000 rupees.
Correct
26
For Annual Fees, where a licensee fails to pay its annual fees within such time as is specified in FSC Rules, the Chief Executive may, after giving notice of not less than 15 days to the licensee, terminate the licence subject to such terms and conditions as he deems appropriate in the circumstances.
True
27
Where a licensee fails to pay administrative penalties, the Chief Executive may, after giving notice of not less than 90 days to the licensee, terminate the licence subject to such terms and conditions as he deems appropriate in the circumstances.
True, the licence may be terminated after notice given to licencee
28
An application for approval in officers is deemed to be approved where the Commission has not objected to the proposal within 15 days of having received the application, or any information required under paragraph (a), whichever is later.
True
29
Where the Chief Executive considers that any delay in suspending a licence may cause prejudice to the clients of the licensee, the public or any part of the financial services industry, he may suspend the licence with immediate effect and shall give the licensee the opportunity to make representations as soon as practicable, but not later than 7 days from the date the licence is suspended.
True
30
The Chief Executive shall, not suspend a licence under subsection (1) unless he gives the licensee –
prior notice of his intention and the reasons for doing so; and, an opportunity to make representations on the matter.
31
A licensee who intends to surrender his licence to the Commission –
shall give notice of the proposed surrender and of its date to the Commission not less than 30 days before the date of the proposed surrender;
32
Except where otherwise required by the Commission or under any relevant Act, a corporation specified in subsection (1) shall file with the Commission audited financial statements within 6 months after the close of its financial year.
True
33
Financial year means in respect of its first financial year, for any period not exceeding 18 months from the date of its incorporation and in respect of every subsequent financial year, for a period not exceeding 12 months.
True
34
The auditor shall report in writing to the FSC if:
there are risks for the business to continue as a going concern, the licencee is in contravention with FSC rules and other enactments, a financial crime has been or is likely to be committed, serios irregulaties have occurred, there have been non-compliance with the laws of Mauritius
35
An SRO can be appointed if it:
has constitution in place and internal rules and regulations consistent with applicable laws, has the capacity and financial and administrative resources necessary to carry out its functions, is fit and proper person, is managed by fit and proper officers and controllers, satisfies such other criteria as may be specified in FSC rules
36
The SRO shall file with 90 days of its balance sheet date:
a corporate governance report, an annual report, such other requirements as specified in FSC rules
37
What are the powers of FSC?
Request for information , On-site inspections , Investigations, Special Investigations
38
With reference to whistleblowing, any person who commits an act of victimisation or retaliation against a person who has made a disclosure or report pursuant to this Act shall commit an offence and shall, on conviction, be liable to a fine not exceeding 50,000 rupees and to imprisonment for term not exceeding one year.
True
39
Ongoing obligations of licencees
Record keeping (for at least 7 years) - Records of customers, Transactions, Accounts files and business correspondences ahd Register of Beneficial Owners, register ic trust (for trust)
40
Any balance in excess of 100 million rupees in the General Reserve Fund as at 1 July 2018 shall be paid into the Consolidated Fund.
True
41
The Commission shall, not later than 6 months after the close of every financial year, cause to be published a report on its activities together with its audited accounts in respect of the previous financial year.
True
42
The Financial Services Review Panel, who review the decision of Enforcement Committee is composed of:
a Chairperson, who shall be a barrister-at-law of not less than 5 years standing and who shall, from time to time, be appointed by the Minister on such terms and conditions as the Minister may determine; , a Vice-Chairperson, who shall be the Solicitor-General or his representative; and , the Financial Secretary or his representative.
43
The Enforcement Committee shall consist of –
2 members appointed every year by the Board;, not more than 4 employees being of a grade not lower than Senior Manager and not involved in investigations of the licensee under section 44, designated by the Board;, such other person having the necessary expertise as may be co-opted by the Enforcement Committee.
44
The Enforcement Committee may exercise the disciplinary powers of the Commission under section 7(1)(c) to impose an administrative sanction on a licensee.
True
45
The Settlement Committee shall consist of –
a chairperson, to be appointed by the Board;, one member, to be appointed by the Board; and, not more than 2 employees, not below the grade of Senior Manager and who shall not be a member of the Enforcement Committee.
46
A Settlement Committee is a group formed to look into the chance of resolving disciplinary issues with a licensee before it escalates further.
True