FSC's Statutory Objectives

Strong regulation and supervision are essential to ensure stability in the financial system. FSC's objective is to position Mauritius as a jurisdiction of substance with the right balance between regulation and business development. The revision of the legislative framework in 2007 and the implementation of the Risk-Based Supervision framework, further reinforce the supervision of the financial services sector, the continuous review of the legislations and the supervisory tools ensure alignment with international norms and standards.

The FSC is mandated under the Financial Services Act, to inter alia:

  • ensure the orderly administration of the financial services and global business activities;
  • ensure the sound conduct of business in the financial services sector and in the global business sector;
  • elaborate policies which are directed to ensure fairness, efficiency and transparency of financial and capital markets in Mauritius;
  • study new avenues for development in the financial services sector, to respond to new challenges and to take full advantage of new opportunities for achieving economic sustainability and job creation;
  • ensure soundness and stability of the financial system in Mauritius; and
  • work out objectives, policies and priorities for the development of the financial services sector and global business.
 
FSC's core functions

Regulate and supervise - The FSC regulates and supervises entities licensed and/or registered under its Enabling Laws.

License - The Financial Services (Consolidated Licensing and Fees) Rules 2008 apply to all entities licensed and regulated by the FSC and aim at streamlining the licensing process by providing a comprehensive set of licensing criteria and requirements within a well defined and consolidated framework.

Enforce regulatory and compliance requirements - The FSC requires that its licensees demonstrate compliance with the requirements set out in the legislative framework. Our legislation has over the years been consolidated to reinforce our powers to mitigate risks while creating an innovative business environment.

Policy formulation - The FSC elaborates policies which aim at ensuring fairness, efficiency, transparency and stability of the financial system in Mauritius.

Combat fraud and money laundering - The FSC takes measures to prevent and address investment business abuse, market abuse and financial fraud in relation to any activity conducted in the non-banking financial services and global business sector by implementing an Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework and adhering to international norms and standards.

Promote development of the sector - The FSC has the statutory obligation to promote development in the financial services sector so as to respond to new challenges and achieve economic stability. In this respect, the FSC values the contribution of the industry and other stakeholders.

Ensure consumer education and protection - The FSC through its legislative framework ensures the protection of consumers and investors. The FSC promotes access to financial services through dissemination of financial information and awareness of the benefits and risks associated with the financial markets.