Reference no: EM132731

QUESTION 1

(a) The Financial Services Commission (FSC) was set up by Act of Parliament under the Financial Services Development Act 2001. What are the objects, functions, powers and structure of the FSC

(b) The Government of Mauritius introduced a series of legislation in 2002 to promote a clean and reputable financial service centre. One of the legislations is the Financial Intelligence and Anti-Money Laundering Act under which the Financial Intelligence Unit (FIU) was set up
- What are the functions of the FIU and the role of the Board as set out in the Act. - Describe the reporting process of suspicious transactions and the relevant information that should be submitted to FIU

QUESTION 2

A bank takes security so that, if things go wrong and the customer will not or cannot repay, the bank has alternative means of getting its money back

a) How does a bank decide on what security to take for its lending?

b) Explain giving examples the different types of security available

QUESTION 3

The Borrower Protection Act 2007 provides the legal framework for the setting up of an Office of the Commissioner for the Protection of Borrowers with credit facilities not exceeding Rs 2 million and stipulates clearly the obligations of lender and borrower. Discuss

QUESTION 4

The main purpose of the Securities Act 2005 is to ensure a fair, efficient and transparent securities market whereas the main purpose of the Insurance Act 2005 is to improve the soundness of the insurance market in Mauritius. Discuss

QUESTION 5

Write short notes on the following

a) Mauritius Code of Banking Practice

b) Application for Banking Licence

c) Financial Reporting Council

d) Confidentiality under the Banking Act 2004

e) Joint accounts