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INTRODUCTION .......................................................................................................... 3  \n2. PURPOSE OF THESE GUIDELINES ............................................................................. 3  \n3. SCOPE OF APPLICATION ............................................................................................ 4  \n4. THE FIT AND PROPER TEST ....................................................................................... 4  \n5. THE PURPOSE OF THE FIT AND PROPER TEST ........................................................ 5  \n6. RESPONSIBILITIES OF THE APPLICANT/LICENSEE AND THE RELEVANT PERSON(S) SUBJECT TO THE FIT AND PROPER TEST ............................................. 6  \n7. ASSESSING FITNESS AND PROPRIETY ..................................................................... 7  \n8. DOCUMENTS ON WHICH THE FSC MAY RELY IN ASSESSING FITNESS AND PROPRIETY ................................................................................................................ 17  \n9. POST LICENSING – ONGOING ASSESSMENT ......................................................... 17  \n10. HOW WILL THE FSC GATHER THE INFORMATION IT NEEDS? ............................ 18  \n11. BREACH ..................................................................................................................... 19  \n12. MISCELLANEOUS...................................................................................................... 19  \n13. COMMENCEMENT .................................................................................................... 19  \n14. GLOSSARY................................................................................................................. 20  \n1.0 INTRODUCTION  \nThe Financial Services Commission, Mauritius (the “FSC”) is established under the Financial Services Act 2007 (the “FSA”) and is mandated to regulate the non-bank financial services sector and global business.  \nThe FSA requires the FSC to assess the \"fitness and propriety\" of an applicant and any holder of a licence (natural person or corporation), including any person authorised, registered or approved under a relevant Act.  \nApplicants who are granted a licence are expected to remain “fit and proper” at all times and any change in circumstances which can affect the \"fitness and propriety\" of the licensee must promptly be notified to the FSC.  \nRegulated entities are required to reflect the elements of these Guidelines in their internal policies, procedures and controls and apply them in their assessment of persons who manage, control, direct, own or perform key functions in a regulated entity.  \nTerms used in these Guidelines shall, unless otherwise specified, have the same meaning asunder the relevant Acts.  \n2.0 PURPOSE OF THESE GUIDELINES  \nThese Guidelines are issued by the FSC pursuant to its powers under section 7(1)(a) of the FSA. It supersedes the Guide on Fitness and Propriety previously issued by the FSC on 9 June 2020 but does not intend to replace or override any legislation or case law on the matter, whether in Mauritius 1 or abroad2. Its provisions should be read in conjunction with the provisions of relevant legislations and/or directions which may be issued by the FSC from time to time.  \nThe Guidelines aim at clarifying the criteria to be taken into consideration by the FSC in assessing the \"fitness and propriety\" of an applicant/licensee.  \n1 Rookny Kaviraj vs The Financial Services Review Panel [2018 SCJ 250](infra)  \n2 Financial Conduct Authority (formerly the Financial Services Authority) vs Hobbs [2013 EWCA CIV 918]  \nThe concept of “fit and proper” is an open-ended one and is aimed at ensuring sound conduct of business in the financial services sector. As such, these Guidelines are not exhaustive and each case shall be considered on the b","cbCaisBpsEwsDQef","https://ap.wps.com/l/cbCaisBpsEwsDQef","pdf",1274502,46,"English","# INTRODUCTION\n# PURPOSE OF THESE GUIDELINES\n# SCOPE OF APPLICATION\n# THE FIT AND PROPER TEST\n# THE PURPOSE OF THE FIT AND PROPER TEST\n# RESPONSIBILITIES OF THE APPLICANT/LICENSEE AND THE RELEVANT PERSON(S) SUBJECT TO THE FIT AND PROPER TEST\n# ASSESSING FITNESS AND PROPRIETY\n# DOCUMENTS ON WHICH THE FSC MAY RELY IN ASSESSING FITNESS AND PROPRIETY\n# POST LICENSING – ONGOING ASSESSMENT\n# HOW WILL THE FSC GATHER THE INFORMATION IT NEEDS?\n# BREACH\n# MISCELLANEOUS\n# COMMENCEMENT\n# GLOSSARY","[{\"question\":\"What does “fit and proper” mean under these Guidelines?\",\"answer\":\"It is an open-ended concept aimed at ensuring sound conduct of business in the financial services sector. Each case is considered on its own merits rather than using an exhaustive checklist.\"},{\"question\":\"Who is subject to the Guidelines’ fit and proper assessment?\",\"answer\":\"The scope includes shareholders, beneficial owners, controllers, directors, officers, certain key compliance and reporting officers, representatives/agents, trustees and management committees of occupational pension plans, external and outsourced auditors, principal foreign institution representatives, and specified insurance intermediaries and sales representatives.\"},{\"question\":\"What factors can the FSC consider in the fit and proper test?\",\"answer\":\"The FSC may consider financial standing; relevant education, qualifications and experience; ability to perform functions properly, efficiently, honestly and fairly; and reputation, character, financial integrity and reliability, along with related matters regarding employment, association, agency, and corporate officers and shareholders.\"}]","GUIDELINES ON FITNESS AND PROPRIETY - March 5, 2003 - Revised 29 September 2020 | PDF",1791017345,116]