Local & International Cooperation
One of the key objectives of the FSC is to align its policies and practices with international best practices of standard setting bodies for better regulation and supervision of the non-banking financial services sector. Through its membership with international organisations, the FSC adheres to norms and standards in order to preserve the good repute of the Mauritius jurisdiction.
FSC's focusin defining international policy is inter alia to:
- ensure adherence to international norms and best practices;
- promote cooperation with both local and foreign regulators for effective supervision and exchange of information;
- promote cooperation with both local and foreign regulators for effective supervision and exchange of information;
- combat Money Laundering and Terrorism Financing.
- International
- The IOSCO is the international body that brings together the world's securities regulators and is recognised as the global standard setter for the securities sector. The IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.
- As an ordinary member of the IOSCO, the FSC has been actively participating on several IOSCO fronts.
a) The FSC was appointed as the Africa/Middle-East (AMERC) Representative to the IOSCO Board for the term 2022-2024 and was re-elected for the term 2024-2026.
b) The AMERC is one of four regional committees constituted by the IOSCO and brings together financial market regulators consisting of 28 ordinary members as well as 13 associate members, all representing regulators from the Africa and Middle-East regions.
c) The IOSCO Board is the governing and standard-setting body of the IOSCO and is comprised of 35 securities regulators.
d) The FSC is a member of various IOSCO committees such as the IOSCO Board, Presidents’ Committee, Africa/Middle-East Regional Committee, Growth and Emerging Markets Committee (GEMC), policy standard setting committee such as Committee on Issuer Accounting, Audit and Disclosure (Committee 1) and other working groups on fintech, capital market development and sustainable finance.
e) The FSC was recognised amongst the largest users of the IOSCO Multilateral Memorandum of Understanding concerning consultation and cooperation and the exchange of information (MMoU) for the AMERC region for several years.
The FSC held a seat on the IOSCO Monitoring Group Steering Committee (MG-SC) as a representative of AMERC’s largest user of the MMoU since 18 September 2018, and was re-elected to hold the seat for the term 2021-2022.
The FSC currently hold a seat on the IOSCO MG-SC as a representative of AMERC’s largest user of the MMoU for the term 2025-2026.
Established in 1994, the IAIS is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums. It is the global standard-setting body responsible for developing and assisting in the implementation of principles, standards and guidance as well as supporting material for the supervision of the insurance sector. The IAIS mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability. The FSC is as an active member of several sub-committees of the IAIS.
The IFSB is an international standard-setting body which regroups regulatory and supervisory agencies promoting the soundness and stability of the Islamic financial services industry in the banking, capital market and insurance sectors. As part of its mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry by recommending the adoption of new or adapting existing international standards consistent with Sharî'ah principles. The FSC is an observer member of the IFSB.
The FSC is a governing member of the IOPS since 2005. The IOPS is the leading standard-setting body on pension supervisory matters and regulatory issues related to pension supervision. IOPS has 90 members and observers from 79 jurisdictions, including financial regulators and pension authorities. The organisation works closely with global partners such as the OECD and the World Bank to support secure and sustainable retirement systems. The FSC is an Executive Member of IOPS and serves as the Treasurer of IOPS. The FSC contributes to IOPS leadership and strategic direction.
L’IFREFI was established in 2001 to strengthen cooperation and exchanges between regulators members by promoting training, coordination, technical cooperation and the study of any matter relating to financial regulation. The meeting provides an excellent platform for regulators from around the world to exchange views on issues relevant to the supervision and development of its financial sector. The FSC is a member of the IFREFI since 2016 and actively participates to IFREFI activities.
The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and the AML/CFT arena.
The GIFCS formerly known as OGBS, was established in 1980 with a present membership which accounts for a market share of approximately 10% of the global international banking assets. The Group is a very positive contributor in promoting compliance for example the Basel Core Principles and the FATF Recommendations among its members. The GIFCS is a recognised leading authority on the regulation of Trust and Company Service Providers and is the platform of these intermediaries with the AML/CFT standards. The FSC actively contributes to the work of GIFCS.
The FSC is an active member of the International Organization for Securities Commissions (IOSCO) through Africa Middle East Regional Committee (AMERC) and the Emerging Market Committee. The FSC also participates in the Committee for Insurance,Securities and Non-Bank Financial Authorities (CISNA) set up under the Finance and Investment Protocol of the Southern African Development Community (SADC). The FSC also hosts the Permanent Office of the CISNA Secretariat which testifies its commitment to reinforce its existing collaboration with regional counterparts.
Mauritius is a member of the FSB RCG for Sub-Saharan Africa since its establishment pursuant to the announcement of Financial Stability Board (FSB) in November 2010 to expand and formalise outreach beyond its membership. The FSC Mauritius along with other key stakeholders of the financial services sector represents Mauritius on the FSB RCG for Sub-Saharan Africa. Other members of the RCG are financial authorities from Angola, Botswana, Ghana, Kenya, Namibia, Nigeria, South Africa, Tanzania and the Central Bank of West African States.
CISNA was established in 1998 and is part of the Directorate of Finance, Investment and Customs of the SADC Secretariat and reports to the SADC Committee of Ministers of Finance and Investment through the Committee of Senior Treasury Officials. It comprises Authorities responsible for the supervision of insurance, securities, and non-banking financial institutions (NBFI) in SADC Member States.
CISNA's Vision is driven towards the establishment of “A financially stable region with a harmonised regulatory and supervisory framework for Non-Banking Financial Institutions.”
CISNA's Mission is "to promote financial stability by effectively and efficiently championing a process of collaboration, engagement and co-ordination between the NBFI regulators and stakeholders through policy research, capacity building and market development initiatives.”
The FSC, as member of the CISNA, actively contributes towards the vision of the Committee in establishing a harmonised regulatory and supervisory framework for NBFIs regulators.