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Mauritius
The idea of a unified regulator for the non-bank financial industry was mooted in early 1995 following the general expansion of non-bank financial services and activities both in terms of size and products. Wide consultations were held on the subject . It was only in December 2001 that the FSC as an integrated supervisor for non-bank financial institutions became a reality
It builds on the recommendations of a report “A New Regulatory Framework for the Financial Services Sector in Mauritius – 26th February 2001" which establishes a single regulator encompassing the activities of three former regulatory organizations - The Stock Exchange Commission, The Department of Insurance within the Ministry of Economic Development, Financial Services and Corporate Affairs, and the Mauritius Offshore Business Activity Authority – as well as the regulation of a range of non bank financial business many of which were so far unregulated.
The FSC is established under the Financial Services Development Act 2001 which came into force on 1st December 2001.
The government’s decision to establish a single regulator for the full range of non bank financial business is to tighten the regulatory system and protection offered to consumers. The new regime is founded on a risk-based approach to regulation of all financial business. It integrates and harmonizes the regulation of financial services whilst simultaneously establishing a coherent policy for prudential regulation and supervision. It promotes better transparency, enhances supervision and helps contain contagion effect ensuing on the failure or collapse of a financial institution.
The new FSC aims to incorporate high international standards and best practices enunciated by international bodies such as OECD, FATF and expressed in the core principles of international supervisors (IAIS, IOSCO, OGIS) of which the Commission is a member.
Financial Services Commission
The Financial Services Commission (FSC) was established as the regulator for the non-bank financial services sector under the Financial Services Development Act 2001. The FSC is the integrated regulator for the industry and its remit encompasses those of the former regulatory bodies for securities (Stock Exchange Commission), insurance (Insurance Division of the Ministry of Economic Development, Financial Services and Corporate Affairs) and global business (Mauritius Offshore Business Activities Authority).
The Commission thus licenses, regulates and supervises non-bank financial institutions in Mauritius.
The non-bank financial sector includes institutions involved in Insurance & Pensions, Capital Market operations, Leasing & Credit Finance as well as Global Business activities.
The FSC is also committed to the sustained development of Mauritius as a sound, stable and competitive international financial services centre. Consequently, the Commission promotes the development, fairness, efficiency and transparency of non-bank financial institutions and capital markets in Mauritius whilst ensuring the protection of investors.
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