The Financial Services Commission

The Financial Services Commission (FSC) of Mauritius is the integrated regulator of the non-bank financial services sector and global business environment in Mauritius.

It is constituted under various pieces of legislation, including 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 outline the mandates and responsibilities of the FSC with respect to licensing, regulation, monitoring, and supervision of financial activity across various sectors, ensuring compliance with both domestic and international law.

Vision and Mission

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

The FSC pursues three objectives to assist with the attainment of its vision:

• Promoting Growth & Transparency – Assist with the development of financial institutions and capital markets in Mauritius in a fair, efficient, and transparent manner

• Protecting Investors & Consumers – Minimise the occurrence of financial crimes and malpractice to protect those who invest in, or use, non-banking financial products

• Promoting Stability – Promoting soundness and resiliency of the financial system as a whole

Regulatory Mandate

The FSC has a broad mandate with numerous responsibilities to oversee in the non-bank financial services sector, as well as the global business environment, which is detailed below.

• Licensing and supervising financial institutions, investment businesses, insurance companies, pension fund managers, or other non-banking financial entities licensed by the Commission.

• Monitoring whether regulated entities comply with legislative frameworks and compliance and operational standards.

• Regulating securities and capital markets to provide services to the private sector to promote innovation and development, whilst maintaining integrity and confidence in the markets.

• Regulating global business to ensure Maurice remains a preferred, favourable, and attractive location, but with an adequate level of regulation, as a home for international companies and financial architectural structures.

• Adopting measures to combat financial crime, such as fraud, money laundering, and other financial crimes or illicit activities that impact financial stability.

Anti-Corruption Policy

The FSC's policy is one of zero tolerance for corruption.It has adopted a standard policy on anti-corruption, which recognises and captures all relevant policies and procedures related to productivity and the surrounding climate of corruption, and outlines the overall objectives aimed at maintaining transparency and promoting ethical behaviour in the workplace across the organisation.

The FSC utilises strong internal controls to foster public trust and provide reassurance to all stakeholders that the financial services environment in Mauritius remains sound, secure, reliable, and credible.

Strategically Important Considerations and Functions of the FSC

The FSC is strategically vital to Mauritius's transformation into a globally competitive financial business ecosystem, as it ensures a level of regulation while advocating for a business-friendly environment to attract international companies, investors, and innovators to do business in Mauritius.

The FSC has emphasized the importance of targeting innovation and market integrity while ensuring that Mauritius is an environment that espouses and promotes standards to serve a sustainable economy.

Official Description