Mauritius Banking Regulation
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Questions and Answers

What is the primary purpose of submitting a business plan as part of the banking licence application?

  • To outline the nature of the planned business and organisational structure (correct)
  • To demonstrate the applicant's financial stability
  • To specify the capital requirements for the banking operation
  • To establish the reserve account management policies
  • Which of the following documents is not required as part of the banking licence application?

  • Letter of recommendation from the Minister (correct)
  • Certificate of incorporation of the applicant
  • Certified list of the full names and addresses of the directors
  • Copy of the financial statements of the applicant
  • What is the primary purpose of the central bank's requirement for a written confirmation from the banking supervisory authority in the applicant's country of incorporation?

  • To confirm the applicant's good standing with the foreign banking authority (correct)
  • To verify the applicant's financial stability
  • To establish the applicant's country of incorporation
  • To ensure the applicant's compliance with banking regulations in Mauritius
  • What is the primary purpose of the requirement for a certified list of the full names and addresses of the directors, beneficial owners, and other senior officers of the applicant?

    <p>To identify the key individuals involved in the applicant's management</p> Signup and view all the answers

    What is the primary purpose of the requirement for a copy of the financial statements of the applicant, as of a date within 60 days preceding the date of application?

    <p>To establish the applicant's financial stability</p> Signup and view all the answers

    What is the purpose of the payment of the non-refundable processing fee as part of the banking licence application?

    <p>To cover the costs of processing the application</p> Signup and view all the answers

    What is the minimum amount of assigned capital required to be held in assets for a banking licence in Mauritius?

    <p>400 million rupees</p> Signup and view all the answers

    What is the time period within which the Bank of Mauritius must notify the applicant on whether the application is complete?

    <p>30 days</p> Signup and view all the answers

    What is the purpose of the Bank of Mauritius' power to vary the conditions for the licence?

    <p>To provide flexibility in licence requirements</p> Signup and view all the answers

    What is the consequence of not displaying the licence at a public part of the business premises?

    <p>Revocation of the licence</p> Signup and view all the answers

    What is the primary consideration for the Bank of Mauritius in granting a banking licence?

    <p>Capital requirements</p> Signup and view all the answers

    What is the maximum time period within which the Bank of Mauritius must provide its determination on the application?

    <p>60 days</p> Signup and view all the answers

    What is the primary function of the Bank of Mauritius in the banking sector?

    <p>To regulate and supervise the banking sector</p> Signup and view all the answers

    According to the traditional perspective, what is the primary role of banks?

    <p>To accept deposits and provide lending facilities</p> Signup and view all the answers

    What is the purpose of the Banking (Processing and Licence Fees) Regulations 2015?

    <p>To prescribe the processing and licence fees for prospective and existing licensees</p> Signup and view all the answers

    According to the United Dominion Trust Ltd. v. Kirkwood (1966) case, what do banks do with customer deposits?

    <p>They collect cheques on behalf of customers and place them to the customer's credit</p> Signup and view all the answers

    What is the relationship between a bank and its customer?

    <p>A fiduciary relationship</p> Signup and view all the answers

    What is the purpose of Section 2 of the Banking Act 2004?

    <p>To provide clarifications on the definition of banking</p> Signup and view all the answers

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