The Mauritius Financial Services Commission’s Enforcement Committee has revoked the Global Business Licence and the Investment Dealer (Full-Service Dealer Excluding Underwriting) Licence of Hub Investments Ltd, with effect from 26 November 2024, following identified non-compliance with licensing and regulatory requirements. The revocation was made under sections 7(1)(c)(vi) and 52(3) of the Financial Services Act and cites failures to comply with Licensing Condition 3 of the Global Business Licence, Licensing Conditions 4 and 5 of the investment dealer licence, paragraphs 4.1, 4.2, 4.4 and 4.6 of the Code of Business Conduct, section 29 of the Financial Services Act, section 17F of the Financial Intelligence and Anti-Money Laundering Act, and regulations 3(1)(e) and 25 of the Financial Intelligence and Anti-Money Laundering Regulations. Hub Investments has also been directed, under sections 28(7) and 74(7)(b) of the Financial Services Act, to initiate actions for the orderly dissolution of its business and discharge of liabilities in line with the Insolvency Act.
Mauritius Financial Services Commission 2025-01-13
Mauritius Financial Services Commission revokes Hub Investments’ Global Business and investment dealer licences effective 26 November 2024
The Mauritius Financial Services Commission’s Enforcement Committee has revoked Hub Investments Ltd's Global Business Licence and Investment Dealer Licence due to non-compliance with regulatory requirements. Effective 26 November 2024, the revocation was based on multiple breaches of the Financial Services Act, Financial Intelligence and Anti-Money Laundering Act, and related regulations. Hub Investments is directed to proceed with an orderly dissolution and discharge of liabilities under the Insolvency Act.