Key strategies of the FSC

The introduction of the FSC One Platform

This innovative platform will enable the internal processes of the FSC (including authorisation, supervision, finance and enforcement) to be monitored on a real-time basis and thereby allow the FSC to:

• adopt a paperless policy and step into the league of environment-friendly organisations;
• introduce Digital Signatures and E-certificates;
• revamp its Risk Based Supervision regime; and
• support data mining and big data analysis.

The introduction of a Fast Track Application Scheme

The processing framework for authorisation will be upgraded to reflect industry expectations. The FSC will introduce the “Known to the Commission” concept and will specify a set of criteria that must be met by applicants to qualify for submitting an application under this new scheme. For that purpose, new applications forms, guidelines and checklists are being developed.

The use of Supervisory Technologies (SupTech) in Risk-Based Supervision of licensees

Supervision and monitoring are crucial once a licence is granted by the FSC. The use of Supervisory Technologies (SupTech) will enhance the risk-based supervisory approach of the FSC. New parameters will be defined for the risk-based ratings of licensees. These include:

• the introduction of various new warning tools which will be supported by appropriate data analytics, Artificial Intelligence and market intelligence;
• the setting up of specialised teams to conduct joint on-site inspections with other regulatory bodies; and
• the introduction of new risk-based supervisory guidelines.

The review of the FSC’s enforcement mechanisms to ensure, timely and efficient enforcement actions, and prevent non-compliance and financial malpractices

In this endeavour, the mandate of the FSC’s Enforcement Directorate is being restructured in line with international best practices. The FSC will also publish an Enforcement Manual which will be in line with the recommendations of International Regulatory Associations.

The development of a new Future Proof Regulatory Framework

The Future Proof Regulatory Framework was recommended in the Blueprint for the financial services sector and this augmented framework will be accompanied by:

• amendments to legislation, regulations and rules;
• the introduction of a Takeover Panel;
• the introduction of a new framework for Management Companies; and
• an innovative framework for Digital Finance and Fintech.

Reinforced collaboration with international counterparts

The FSC will simultaneously engage with other regulatory counterparts to create one common voice for regulators of recognised International Financial Centres vis-à-vis of the European Union and other standard-setting bodies. The FSC will also continuously explore avenues of further collaboration with its international counterparts, especially across Africa and Asia.