FSC The Financial Services Commission

The Financial Services Commission (FSC) of Mauritius regulates the country's non-bank financial services sector and its global business sector. It was established in 2001 and operates under the Financial Services Act 2007.

Several other statutes give it powers: the Securities Act 2005, the Insurance Act 2005, the Private Pension Schemes Act 2012, and the Virtual Asset and Initial Token Offering Services Act. Sections 6 and 63 of the Financial Services Act 2007 are where its licensing, regulation, monitoring and supervision duties are set out.

Its stated vision

"To be an internationally recognised financial supervisor committed to the sustained development of Mauritius as a sound and competitive financial services centre".

Three objectives sit under it: help Mauritian financial institutions and capital markets develop fairly and openly; protect the people who invest in or use non-bank financial products, by cutting down financial crime and malpractice; and keep the financial system sound as a whole.

What the FSC does

It licenses and supervises financial institutions, investment businesses, insurance companies, pension fund managers and other non-bank entities, and then monitors whether they keep to the law and to operating standards.

It regulates the securities and capital markets, and the global business sector — the balance it describes there is keeping Mauritius attractive to international companies while the level of regulation stays adequate.

It also acts against financial crime: fraud, money laundering and other illicit activity that threatens financial stability.

Corruption

The FSC applies a zero-tolerance policy on corruption, backed by internal controls.