In a statement released last week, the Mauritian Financial Services Commission (FSC) announced that from 1 January 2005, it will discontinue the practice of entertaining applications to approve or endorse requests for off-market transfer of securities listed or quoted on the Stock Exchange in cases of successions, donations, and re-organisation/restructuring of corporations.
Such applications will now have to be submitted to the secretary of the company whose securities are to be transferred. Previously, based on practices laid down by the former Stock Exchange Commission, the FSC had been examining these applications on a case-by-case basis.
However, following careful consideration of the matter, the FSC revealed that it has come to the conclusion that it has no legal power to endorse off-market transfer of securities.
The Companies Act 2001 and the Mauritian Civil Code provide for the circumstances in which a company may register the name of a transferee in its share register or register of debenture holders, where the transfer is by way of succession, donation, or re-organisation/restructuring of corporations.
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