Off-Market Transfer of Securities

 

 

The Financial Services Commission (FSC) wishes to inform the public that, as from

1 January 2005, it will discontinue the practice of entertaining applications for approving or endorsing 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 have to be submitted to the Secretary of the company whose securities are to be transferred.

 

Previously, based on practice laid down by the former Stock Exchange Commission, the FSC has been examining these applications on a case to case basis and depending on the merit of the particular case, has been endorsing those transfers.

 

The FSC is advised and considers that it has no legal power to endorse off-market transfer of securities. The Companies Act 2001 and the Code Civil Mauricien 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 successions, donations, or re-organisation/restructuring of corporations.

 

For any further clarification on this subject, please contact the FSC.

 

Email:   webqueries@fscmauritius.org

Telephone: 2107000

 

Chief Executive

Financial Services Commission

 

28 December 2004