FSC

Brief introduction of mechanism

The Mauritius Financial Services Commission (FSC) is a comprehensive regulatory body for the non-bank financial services sector and global operations. The FSC was established in 2001 to license, regulate, supervise and supervise the business activities of these industries in accordance with the Financial Services Act of 2007 and the Securities Act of 2005, the Insurance Act of 2005 and the Private Pension Plan Act of 2012.

Our vision is "to become an internationally recognized financial supervisor, committed to the sustainable development of Mauritius as a sound and competitive financial service centre".



Objectives of the Finance Committee

1. Promoting the development, equity, efficiency and transparency of Mauritius's financial institutions and capital markets;

2. Combating crimes and illegal acts to protect citizens who invest in non-bank financial products;

3. Ensure the soundness and stability of Mauritius's financial system.


The Statutory Objectives of the FSC

Strong regulation and supervision are essential to ensure the stability of the financial system. The objective of the FSC is to position Mauritius as a substantive jurisdiction, maintaining an appropriate balance between regulation and business development. In 2007, the legislative framework was revised and a risk-based regulatory framework was implemented, which further strengthened the supervision of the financial services sector, constantly reviewing legislation and monitoring tools to ensure compliance with international norms and standards.

Financial Services Act

1. Ensuring the orderly management of financial services and global business activities;

2. Ensure that the financial services sector and the global business sector operate well;

3. Develop policies aimed at ensuring equity, efficiency and transparency in Mauritius's financial and capital markets;

4. To study new ways of development of the financial services sector, to meet new challenges, and to make full use of new opportunities to achieve economic sustainability and create employment opportunities;

5. Ensuring the soundness and stability of Mauritius's financial system;

6. Setting goals, policies and priorities for the development of the financial services sector and global business.


Standardization and supervision

FSC regulates and supervises entities that are licensed and/or registered under its authorized law.

Licence

The Financial Services (Integrated Licenses and Costs) Rules 2008 apply to all entities licensed and regulated by the Financial Management Committee. Its purpose is to simplify licensing procedures by providing a comprehensive set of licensing standards and requirements within a clear and integrated framework.

Enforcement of regulations and compliance requirements

The FSC stipulates that its licensees must conform to the legislative framework. Over the years, our legislation has been consolidated to enhance our ability to reduce risks while creating an innovative business environment.

Policy formulation

The Financial Security Committee has formulated policies aimed at ensuring the fairness, efficiency, transparency and stability of the Mauritian financial system.

Combating fraud and money laundering

The Financial Services Centre (FSC) has taken measures to prevent and deal with the abuse of investment, market abuse and financial fraud related to non-banking financial services and any activities carried out by the global business sector through the implementation of the AML/CFT framework and compliance with international norms and standards.

Sectoral development

Financial service centers have a statutory obligation to promote the development of the financial services sector in order to meet new challenges and achieve economic stability. In this regard, the FSC attaches importance to the contributions of industry and other stakeholders.