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In accordance with Section 5 of the Bank of Mauritius Act 2004, the Bank is responsible for the regulation and supervision of licensed financial institutions carrying on activities in, or from within, Mauritius. The two main functions in the Supervision Department of the Bank relate to  Off-Site monitoring and On-site examinations of the regulated institutions. Amongst others, the Supervision Department processes the applications for new licenses to be granted, monitors developments in the banking sector and issues guidelines, instructions and directives to regulated institutions  and ensures that they comply with these requirements of the Bank, at all times. The Bank also carries out special examinations at the regulated institutions whenever the need arises.”