Awareness session on FSC Settlement Framework
The Financial Services Commission, Mauritius (the “FSC”) hosted an Awareness session on its Settlement Framework on Tuesday, 12th of April 2022, at the FSC House.
The aim of the awareness session was to apprise FSC’s licensees of the avenues under the Settlement Framework (“Settlement Framework”) to resolve certain cases in which enforcement actions are contemplated by way of mutual agreement between the FSC and the licensees for breach(es) committed.
The event was attended by representatives of Management Companies, as well as, around 130 participants who followed virtually.
Mr. Dhanesswurnath Thakoor, the Chief Executive of the FSC, gave an overview of the salient features of the Settlement Framework and explained the process, criteria and the respective conditions for settlement discussions to take place. He mentioned that “the objective of the session is to raise awareness on the Settlement Framework and on the proceedings of the Settlement Committee. The primary aim of the Settlement Committee is to promote a culture of compliance among our licensees and to prevent the recurrence of similar breaches in the future. He further highlighted that one of the requirements to complete the action item of the Financial Action Task Force (FATF) is to take enforcement actions against non-compliance. The FSC has the necessary mechanism in place to sanction breaches or non-compliances by its licensees, through its Settlement Committee and its Enforcement Committee”. Mr. Thakoor mentioned that licensees who come forward for early settlement can avail themselves of the graduated Penalty Reduction Scheme in administrative penalties under the Settlement Framework and added that the FSC endeavours to complete settlement discussions within a time limit of 60 calendar days.
The FSC issued its Settlement Framework on 11 December 2020 which sets out a means for timely and proportionate enforcement outcomes to be achieved in appropriate cases. This Framework delivers on a key commitment of the FSC to adopt settlement as part of its enforcement process.
The event was also marked by a presentation of case studies conducted by Ms Navashina Meah Mewa, Assistant Manager, of the Enforcement Directorate of the FSC.
The Presentation on Settlement Framework can be accessed through this link
Awareness session on the FSC Guidelines on the issuance of Green Bonds
The Financial Services Commission, Mauritius (the “FSC”) hosted an awareness session on the “FSC Guidelines on issuance of Green Bonds” (“FSC Guidelines”) on 25th of January 2022. The event was held at the FSC House in the presence of the Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, Mr Mardayah Kona Yerukunondu, Chairperson of the FSC and First Deputy Governor of the Bank of Mauritius, Board Members of the FSC, Mr Dhanesswurnath Thakoor, Chief Executive of the FSC and Mr Mark Van Beuningen, Executive Director and Group CEO, CIM Financial Services Ltd. The event was also virtually attended by around 220 participants including 80 from 31 different countries who followed through our live streaming.
The Honourable Mahen Kumar Seeruttun highlighted in his keynote address that “the decision to issue green bonds reflects the Government’s strong commitment to accelerate investment in clean projects which was announced in the 2020/21 National Budget. He further stated that “we are legislating and establishing required policies to deepen market liquidity for green instruments, attract green issuers as well as green investors”. He emphasised on how “green bonds should not be a niche but mainstream” adding that “we are making Green Bonds an important proposition on the menu of financial instruments available in Mauritius”. He concluded that “green finance will play a significant role for Mauritius going forward and it is imperative and we have no choice but to go green”.
Mr Mardayah Kona Yerukunondu, Chairperson of the FSC, mentioned that “green bonds offer investors a platform to engage in good practices, providing a means to hedge against climate change risk while achieving at least comparable, if not higher returns on their investment”. He added that “capital markets have an important role to play in sustainable finance through an efficient allocation of capital towards sustainable development and to achieve the United Nations’ Sustainable Development Goals (SDGs)”. Mr Yerukunondu highlighted that “more and more companies are issuing green or sustainable debt to demonstrate a commitment to a reduction of their carbon footprint”. He underscored that “the guidelines set the framework on the procedures and processes to issue green bonds, hence, the event will successfully create awareness on the framework and encourage all stakeholders, issuers and investors alike, to go green”.
Mr Dhanesswurnath Thakoor, the Chief Executive of the FSC, underlined that “sustainable finance and green bonds have become one of the main focus of policy makers, market intermediaries and governments. There is potential for growth and to create alternative and attractive ways to invest in projects that would help the green cause”. He added that “the FSC has a crucial role in the development of the ecosystem to finance SDGs” and “as such, in December last year, the FSC issued its Guidelines for the Issue of Corporate and Green Bonds in Mauritius”. This awareness session, according to Mr Thakoor, “aimed at sensitising the investment community, corporate issuers and the public at large on the importance of the worldwide climate change initiative”. He emphasised on how “the FSC Guidelines elaborate on various regulatory requirements to be adopted by the Issuers, in line with international best practices”. On a conclusive note, the Chief Executive outlined that “the issue of the guidelines marks another milestone in making Mauritius a capital markets destination and adding to the sophistication of its offerings as an IFC, hence, making the jurisdiction more attractive to our neighbours in Africa”.
In his statement, Mr Mark Van Beuningen, Executive Director and Group CEO, CIM Financial Services Ltd, stressed that “the first criteria for a successful and effective green bond markets is undoubtedly the quality of the framework. He commended the FSC for facilitating the establishment of these principles and explicit support provided to institutions willing to enter this market. He added that “with such a strong framework we are convinced that Mauritius will join the growing global trend and take a major step in its endeavours towards sustainability. At CIM Finance we are committed to taking full advantage of this framework in line with the exclusive and sustainable future of the country”. Mr Beuningen further stated “that by launching our green funding programme we are responding to our investor needs and guiding our customers towards more sustainable decisions and protecting our country from the negative effects of climate change”.
The event was also marked by the presentation on the “FSC Guidelines on the issuance of Green Bonds” by Mr Kamal Burun Assistant Director, Financial Services Commission.
25 November 2021
Launching of Regulatory Framework on Crowdfunding
The Financial Services Commission (the “FSC”) is pleased to announce the launching of the Regulatory Framework on Crowdfunding on 25th of November 2021. The event was held at the FSC House in the presence of the Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, Mr Mardayah Kona Yerukunondu, Chairperson of the FSC and First Deputy Governor of the Bank of Mauritius, Board Members of the FSC and Mr Dhanesswurnath Thakoor, Chief Executive of the FSC. The event was also virtually attended by around 230 participants who followed through our live streaming, including 83 from 36 countries.
The Honourable Mahen Kumar Seeruttun highlighted in his keynote address that “Crowdfunding represents a valuable addition to the plethora of products which we have been introducing and will soon prove to be one of the strongest and one of the most popular components of our financial ecosystem”. He emphasised on the importance of helping SMEs to “get off the ground, grow and succeed” and added that “Crowdfunding will be supporting various agendas from Fintech to Blockchain, from Green to Blue, from Sustainability to the Environment. Through my Ministry and the FSC, we are focusing on those policies that will boost investor confidence and trust in our system”.
Mr Mardayah Kona Yerukunondu, the Chairperson of the FSC, mentioned that “this new regulatory framework for investment-based crowdfunding will contribute to shape and improve access to finance for entrepreneurs”. Furthermore, he stated that, as a “forward-looking and responsible” regulator, the FSC will ensure that businesses will comply with all necessary rules and regulations which will “spur growth in the Fintech sector, thus transforming it into a new pillar of the Mauritian economy. It is of paramount importance that we ensure regulatory and supervisory structures remain robust, allow risks to be appropriately managed, while enabling innovations to flourish”.
Mr Dhanesswurnath Thakoor, the Chief Executive of the FSC, underlined that the Regulatory Framework on Crowdfunding is aligned with “the FSC’s Fintech strategy to foster an increased access and adoption of digital financial services in Mauritius”. He stated that “the FSC has taken all reasonable care to establish a robust regulatory framework to ensure that the interests of stakeholders of crowdfunding platforms are adequately protected. He mentioned the ongoing plans for the Commission to tap into “SupTech/RegTech opportunities with a view to developing and consolidating our image as a leading, innovative and data-centred regulator within the region”.
The event was also marked by the launching of a short video clip on the salient features of the Regulatory Framework on Crowdfunding by the Honourable Mahen Kumar Seeruttun.
07 September 2021
Awareness Session on the National Insurance Claims Database
The Ministry of Financial Services and Good Governance in collaboration with the Financial Services Commission (FSC) hosted an awareness session on the National Insurance Claims Database (NICD) on 7 September 2021. The event was held in the presence of the Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, Mr Mardayah Kona Yerukunondu, Chairperson of the FSC and First Deputy Governor of the Bank of Mauritius, Board Members of the FSC, Mr Dhanesswurnath Thakoor, Chief Executive of the FSC, Dr Koshik Reesaul, Road Transport Commissioner, representatives of the insurance industry as well as 250 participants including 16 from international counterparts who attended the event virtually.
The National Budget for 2021/2022 announced the implementation of a digital centralised database to facilitate motor insurance claim recoveries. The FSC has, accordingly, taken the lead to implement the NICD which allows the operationalisation of the Bonus Malus System.
The Honourable Mahen Kumar Seeruttun highlighted in his keynote message that the awareness session on the NICD “reflects our common vision to create a progressive and dynamic insurance industry in Mauritius. An industry in which all of us have an important role to play in service to the nation”. Commenting on the motor insurance segment, the Honourable Minister of Financial Services and Good Governance stated that the Government is prioritising the implementation of the Bonus Malus System for the insurance sector and reiterated the commitment of Government to “create such a market place that offers fair and reasonable priced policies to the people”.
Mr Mardayah Kona Yerukunondu, the Chairperson of the FSC, underlined in his message that the FSC has taken decisive steps to act coherently with the Government’s policy to digitise the financial services sector and encourage innovation to address enduring issues in the insurance sector. “The Bonus Malus System will be a premier in the history of the insurance sector in Mauritius. With the collaboration of all insurers, we will soon have a system which balances the rights of all parties” and “as the regulator and supervisor for the insurance business, the FSC will keep a watchful eye on the insurance market”, he said.
Mr Dhanesswurnath Thakoor, the Chief Executive of the FSC gave an overview of the salient features of the NICD and explained that it will be a repository for all motor insurance claims data. The system will also have the capacity to decipher and collate motor vehicle insurance claims. “The FSC will design, host and administer the NICD platform. As a new system that we are building, it is of utmost importance that we rethink, re-engineer areas that require improvement and now leverage on technology to bring efficiency in the claims management process”, he added.
The event was also marked by the launching of a short video clip on the salient features of the NICD by the Honourable Mahen Kumar Seeruttun.
Launching of the FSC One Platform, 12 August 2021
The FSC One Platform was officially launched on 12 August 2021 by the Honourable Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius.
The event was held at the FSC House in the presence of the Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, Mr Mardayah Kona Yerukunondu, Chairperson of the FSC and First Deputy Governor of the Bank of Mauritius, Board Members of the FSC, Mr Dhanesswurnath Thakoor, the Chief Executive of the FSC, as well as, representatives of Mauritius Finance and the Insurers’ Association of Mauritius. The event was also virtually attended by more than 250 participants regrouping representatives of local authorities and agencies, licensees of the FSC and representatives of international regulatory bodies from India, France, Canada, Kenya, Nigeria, Malawi, Algeria, Uganda, Morocco, Lebanon and Qatar, amongst others.
The Honourable Pravind Kumar Jugnauth highlighted in his key note address that the launch of the FSC One Platform “marks a significant milestone in our digital journey. With this tool, the FSC will deliver international financial services through cutting-edge technological solutions and I am glad that the financial services sector has found the right answer to our quest for innovation and modernity. Technological solutions like the FSC One Platform will help build resilience in the face of modern day challenges”. Commenting on the Financial Action Task Force’s March 2021 Guidance on risk-based approach by supervisors, the Honourable Prime Minister stated that the FSC has demonstrated, with the introduction of the FSC One Platform, its commitment to comply with the guidance of international standard-setting bodies.
The Honourable Mahen Kumar Seeruttun stated in his address that “the FSC One platform is a landmark in our digital journey and in perfect consonance with Government’s agenda for transformation”. He commended the sustained coordination between the FSC and industry players in the elaboration of this system and added that “by making regulatory accessible at a mere click and by empowering end users to self-manage information on the platform, we are generating positive user experience and upgrading to the ultimate form of ease of doing business. FSC One Platform will undoubtedly go a long way in elevating the score of Mauritius in the ease of doing business index”.
Mr Mardayah Kona Yerukunondu, the Chairperson of the FSC, in his message to the industry about the FSC One Platform underlined the engagement of the FSC to ensure “the processing of applications in a smoothly and in a timely manner”. He spoke on the vision of the Board to foster a culture of innovation and reaffirmed the commitment of the FSC to keep pace with the changing environment by modernising regulation through the use of new technology. He also announced the establishment of a Fintech Subcommittee of the Board and expressed his gratitude to the Bank of Mauritius and the Corporate and Business Registration Department and the industry for their collaboration in this project.
Mr Dhanesswurnath Thakoor, the Chief Executive of the FSC gave an overview of the salient features of the digital platform and explained that the platform is fully paperless and in line with the green initiative of the FSC. He also stressed that the FSC One Platform was fully developed in-house by internal talent demonstrating that “we have the know-how and vision to develop our own innovative system”.
The National Budget Measures for 2021/2022 announced the introduction of the FSC One platform as an online licensing portal. At the initial phase, the platform will help in tracking the authorisation process and provide more visibility to stakeholders and licensees on applications submitted to the FSC. This integrated innovative digital system will also enable seamless, streamlined and optimised process for the filing and conduct of oversight of FSC’s licensees at a later stage, thereby allowing the FSC to gear up in its paperless policy and step into the league of sustainable environmental-friendly organisations.
09 June 2021
Launch of the New Special Purpose Fund
The Ministry of Financial Services and Good Governance in collaboration with the Financial Services Commission (FSC) has launched the New Special Purpose Fund (SPF) on 09 June 2021.
The event was held at the FSC House, in adherence with sanitary protocols, and was attended by the Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, Mr Mardayah Kona Yerukunondu, Chairperson of the FSC and First Deputy Governor of the Bank of Mauritius, Board Members of the FSC, Mr. Vikash Thakoor, the Chief Executive of the FSC, as well as, representatives of the Mauritius Finance.
The 2019/2020 National Budget included the modernising of the existing Special Purpose Fund regime to provide further flexibility and ease access to new markets. In line with this measure and its object to study new avenues for the development of the Financial Services Sector, the FSC has issued the Financial Services (Special Purpose Fund) Rules 2021 to govern SPF, effective as from 06 March 2021. These new Rules have replaced the Financial Services (Special Purpose Fund) Rules 2013.
The Honourable Mahen Kumar Seeruttun, stated, in his inaugural speech, that “Amidst the current pandemic and other challenges shaking economies, the search for a safe harbour for funds has become even more important, and Mauritius is one of those safe harbours”. The Minister of Financial Services and Good Governance reiterated that “Government is committed to our financial services sector and ensure that every branch of this sector and every operator contributing to it has every opportunity to flourish and be part of a strong crop of enterprises well poised to compete globally and participate in the economic and financial development of Mauritius”.
Mr Mardayah Kona Yerukunondu, the Chairperson of the FSC, highlighted in his opening address the importance of enhancing the competitiveness of the Funds industry which is one of the most important activities of the financial services sector. Commenting on the current challenges faced by the sector, he stated that “it became extremely important for the FSC to make it more attractive for Fund managers/promoters to set up investment funds in Mauritius and accordingly the coming up by the Commission with a new set of rules for the new Special Purpose Fund”.
Mr Mardayah Kona Yerukunondu also put on record the support of his board members and the contribution of industry representatives in the finalisation of the new SPF Rules. The Chairperson of the FSC stated that the FSC under the direction of the Board and the Chief Executive are doing everything possible to meet the FATF core principles and for Mauritius to be removed from those lists.
Mr. Dhanesswurnath Thakoor, the Chief Executive of the FSC reiterated in his welcoming speech that, “while the rules governing the SPF have been made flexible, FSC will still maintain all its rigour when it comes to supervision. The FSC has ensured that the new rules are in accordance with international standards and aim to protect the interests of investors as well as safeguard the good repute of the Mauritius IFC”. He also reiterated the commitment of the FSC in pursuing its mission for the development of the financial services sector. “We are working hard to maintain our competitive edge as an IFC, as there is a necessity to innovate by introducing new products and services, be it in the Fund, Global Business, Capital Markets, Insurance, Pensions or Fintech sectors. We are constantly uplifting our level of service towards our licensees in terms of business facilitation and ease of doing business”, he said.
The Honourable Minister Mahen Kumar Seeruttun also launched a short video clip on the salient features of the new SPF regime.
29 October 2020
Awareness Session on the Regulatory Framework for Security Token Offerings (STO)
The Financial Services Commission (FSC) in collaboration with the Ministry of Financial Services and Good Governance and the Financial Services Fund organised an Awareness Session on the Regulatory Framework for Security Token Offerings (STO) on 29 October 2020.
The event was held at the FSC House in the presence of the Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, Mr Mardayah Kona Yerukunondu, First Deputy Governor of the Bank of Mauritius and Chairperson of the FSC, Board Members of the FSC, the Chief Executive of the FSC, key representatives of the Ministry of Financial Services and Good Governance, Dr Satyabhooshun Gupt Domah, Chairman of the Financial Reporting Council, Mr Sunil Benimadhu, Chief Executive of the Stock Exchange of Mauritius and Mrs Packiry Chinien, the Registrar of the Corporate and Business Registration Department, Ms Luxmi Appadoo, Chairperson of the Financial Services Fund Managing Committee and representatives of the industry.
The Honourable Mahen Kumar Seeruttun, highlighted, in his inaugural speech, that Mauritius is the first country to issue the Digital Custodian license in 2019, and was followed by countries such as Malta, Lichtenstein and New Zealand. “The Commission has launched this framework at the most opportune time. The STO fits perfectly in a period where frontiers are closed, people are relying heavily on digitalization process and business, are finding it difficult to remain afloat”, he said.
The Minister of Financial Services and Good Governance also announced that a Technical Committee has been set up under the aegis of his Ministry to work on the development of the fintech sector. A proposal for a dedicated piece of legislation which will enable the fintech sector to thrive and effectively position Mauritius as the fintech hub of the region is under currently under preparation.
Mr. Dhanesswurnath Thakoor, the Chief Executive of the FSC highlighted in his address that “The new framework for STOs aims at creating the proper environment to attract issuers but also to safeguard the interests of investors and the reputation of the jurisdiction, in line with international standards”. He also stated that the FSC is fully aware of new developments in the financial services sector, and spoke on the need to innovate by proposing an appropriate framework to ensure the competitiveness of the Mauritius jurisdiction. Mr Thakoor, in this context, announced the issue of three Consultation Papers introducing new regulatory frameworks for the following additional Fintech-related activities:
The awareness session was also marked by the launching of an informative clip on STOs by the Honourable Mahen Kumar Seeruttun. A panel discussion, moderated by Mr Sunil Benimadhu was also held. The panellists consisted of Mrs Renu Audit - Director of Authorisation and Supervision at the FSC, Ms Loretta Joseph - Fintech and Regulatory Consultant to the FSC, Ms Jessica Naga - Managing Director of Digital Associates and Mr Suyash Soomaroo – Blockchain digital asset expert and Director at Codevigor. The panel members discussed about the potentials of STOs, the scope for Mauritius as a jurisdiction to emerge as one of the leading platforms for Africa and the region, as well as, the challenges which the STO market is facing.
17 September 2020
Launching Ceremony of the Peer to Peer Lending Rules
The Financial Services Commission, Mauritius (FSC) in collaboration with the Ministry of Financial Services and Good Governance and the Financial Services Fund have officially launched the Peer to Peer Lending Rules on 17 September 2020. The launching ceremony was held at the FSC House in the presence of the Honourable Mahen Kumar Seeruttun Minister of Financial Services and Good Governance, Board Members and the Chief Executive of the FSC, key representatives of Ministries, local agencies and of the industry.
Announced in the Budget Speech 2017-2018, Peer to Peer Lending provides for a means of alternative finance for individuals and companies to avail them from conventional sources of finance.
The Honourable Mahen Kumar Seeruttun highlighted, in his opening address, the series of measures adopted since 2018 to develop fintech activities in Mauritius. Commenting on the Peer to Peer Lending platform, the Minister of Financial Services and Good and Good Governance stated that “this innovative service is being launched at the most appropriate and opportune time, especially for small and medium enterprises and the self-employed who are facing major financial challenges at such difficult times, in the wake of the COVID-19 pandemic”.
Mr. Dhanesswurnath Thakoor, the Chief Executive of the FSC, inter alia spoke on the relationship between finance and technology in his address. Speaking on Peer to Peer Lending, he explained that this platform comes into the category of a disruptive service that allows non-traditional players to compete into the lending market. “Peer to Peer Lending is a brilliantly innovative new form of finance which has the potential to grow and evolve in our market. Peer to Peer Lending is set to become a Fintech activity which will evolve and mature. The FSC is standing on the side of innovation with the right dose of regulation to help the activity grow”, he said.
27 February 2020
Hosting of the IOPS International Conference on Pension Supervision and Regulation 2020
On 27 February 2020, the Financial Services Commission had the pleasure to host the International Conference of the International Organisation of Pension Supervisors (IOPS) on the theme of “Financial and governance issues in private pension schemes”.
Gathering international delegates representing some of the 80 member countries of IOPS as well as local representatives, the event was successfully inaugurated by the Hon. Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance of Mauritius.
Commenting on the topics discussed during the conference, Mr Rajesh Ramloll, Vice-Chairperson of the Financial Services Commission stated that: “The role of the pensions industry has become increasingly significant in today’s evolving business environment. And as the regulator of the non-bank financial services sector and global business in Mauritius, the FSC emphasises a lot on financial stability and consumer protection through proper conduct by financial institutions and financial inclusion.”
During the opening ceremony, the Financial Services Commission and the Australian Prudential Regulation Authority signed a Memorandum of Understanding, setting out a framework for cooperation between the two regulators in areas of common interest where collaboration is essential for the effective and efficient performance of their respective financial regulation functions.
In addition to the International Conference, the IOPS Supervisory Training Workshop on transition from DB schemes to DC schemes and the IOPS Committee Meetings took respectively place on 26 and 28 February 2020.
4,5,6,8 November 2019
Training on Strengthening the supervision of microfinance institutions (MFIs) and SACCOs
On the 4, 5, 6 and 8 November 2019, the Committee of Insurance, Securities and Non-bank financial Authorities (CISNA) and the Financial Services Commission (FSC) organised their first joint training program at the FSC/OECD Regional Centre of Excellence. Facilitated by the Toronto Centre, the 4-day workshop focused on “Strengthening the supervision of microfinance institutions (MFIs) and SACCOs”.
The aim of this workshop was to enhance the capacity of supervisors of microfinance institutions and SACCOs, and industry regulators to effectively regulate and supervise off-site and on-site, their country’s microfinance and SACCOs sector and promote change that supports healthy access to a full range of services and a sustainable and inclusive economy in the long-run.
“Just like other financial services, we are experiencing innovative disruptions in microfinance which includes Peer-to-Peer (P2P) lending and mobile money. This represents a promise for a brighter, more inclusive and innovative financial services in Africa. In order to fully develop this potential, the FSC will renew such capacity building initiatives in the future with international stakeholders including the OECD, IOSCO and Toronto Centre.” said Harvesh Seegolam, Chief Executive of the Financial Services Commission during his address.
Featuring 10 interactive sessions, the workshop attracted 38 delegates representing 13 organisations from 8 different countries in Africa, including Botswana, Eswatini, Lesotho, Mauritius, Mozambique, South Africa, Zambia and Zimbabwe. “Participants to the program learned about best licensing practices, off-site, and on-site supervisory techniques and tools, aimed at making them more effective supervisors in their work. They also discussed how new technologies (fintech) are disrupting the microfinance market, creating new financial inclusion opportunities but also challenges, and changing the nature and level of risks. During the program, participants had the opportunity to work in their action plans they can implement in their respective countries.” explained Salvador Chang, Program Coordinator at the Toronto Training Centre
“It was a pleasure to be hosted by FSC’s Centre of Excellence during the week 4th to 8th November 2018 as Toronto Centre partnered with CISNA in delivering a training for the microfinance and SACCO regulators. The course dubbed “Strengthening the supervision of Microfinance Institutions and SACCOs” was designed for prudential and market conduct regulators and supervisors with a range of seniority levels – from line examiners, to the heads of microfinance divisions within supervisory bodies –as well as staff and analysis units responsible for MFIs and SACCOs. FSC training centre is well equipped to host such a training and provided all administrative support timeously, drive pick-ups for trainers and participants, materials, lunches and teas, and offering guests opportunities to explore the island. Wonderful hosts they were!” Petronella Chigara-Dhitima, Managing Director of Mustard Seed Advisory and Toronto Centre Resource Person.
“Great interactive and highly focused workshop, facilitated by knowledgeable facilitators who did a sterling job in capturing and holding the interest of the participants. I packed a lot of information in a short period of time. The training has indeed provided me with critical skills and very useful information that I can apply immediately. I thoroughly enjoyed the course and would highly recommend it to anyone involved in the regulation and supervision of micro finance institutions.”
James Molefe, Divisional Head Licensing: Banking, Credit and Payment Providers, Financial Sector Conduct Authority, South Africa
“It helped us to identify key weaknesses in our regulating mandate and with the hope of helping us to reinforce our supervisory techniques as well as sensitizing our key stakeholders. I believe follow up training and monitoring is required”. Tsheko Boniface Ojang, Deputy Director, Department for Co-operative Development, Botswana
08 October 2019
Workshop on AML/CFT Compliance and Risk-Based Approach
The FSC organised a workshop on Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Compliance and Risk-Based Approach at the FSC House on 08 October 2019. The objective of this initiative, which is aligned with the key findings of the National Risk Assessment (NRA) exercise, was to provide guidance to licensees on the implementation of a risk-based approach, as well as, to launch the AML/CFT Off-site monitoring questionnaire.
Mr Harvesh Seegolam, the Chief Executive of the FSC, highlighted in his opening address that "The completion of the NRA exercise has been pivotal in the revamping of the FSC’s AML/CFT Risk-Based Supervisory Framework, which also takes into account all the recent legislative amendments, as well as the latest FATF standards. As part of its framework, the FSC is launching, on the 9th of October 2019, the Off-site monitoring questionnaire."
Click here to download the Speech of the FSC Chief Executive.
04 septembre 2019
18ème session annuelle de l’Institut Francophone de la Régulation Financière (IFREFI) – 04 au 06 Septembre 2019
La cérémonie d’ouverture de la 18ème session annuelle de l’Institut Francophone de la Régulation Financière (IFREFI) inaugurée par le l’Honorable Pravind Kumar Jugnauth, Premier Ministre de la République de Maurice, s’est tenue aujourd’hui, le 4 septembre 2019 au Westin Turtle Bay Resort & Spa. L’évènement, ayant pour thème « Croissance et finance durable », a été organisé pour la toute première fois à Maurice sous le haut parrainage de la Financial Services Commission.
L'ouverture de cet évènement a accueilli un parterre de plus de 150 participants comprenant, entre autres, les délégués des pays membres de l’IFREFI, les membres du corps diplomatique, les membres du Conseil d’administration de la FSC, ainsi que les principaux opérateurs du secteur financier mauricien.
Veuillez cliquer sur ce lien pour accèder à l'allocution de bienvenue du Président de la FSC, le Dr Renganaden Padayachy.
19 August 2019
FSC Office in Rodrigues
The FSC’s Rodrigues Office was officially inaugurated on 19 August 2019, by the Honourable Dharmendar Sesungkur, Minister of Financial Services and Good Governance, in the presence of Mr. Louis Serge Clair, G.C.S.K., Chief Commissioner for Rodrigues; Dr Renganaden Padayachy, Chairperson of the FSC; and Mr Harvesh Seegolam, Chief Executive of the FSC. The event was attended by key stakeholders of the public and private sectors in Rodrigues.
Further to the official launching ceremony, a financial literacy outreach session, in line with the FSC’s mandate to promote public understanding of the financial system, was conducted at the office premises.
This landmark event, according to Dr Renganaden Padayachy, Chairperson of the FSC, “marks an important milestone for the Commission as a forward-looking regulator. The financial services sector is today positioned as one of the lynchpins and major predictor of revenue growth of our economy and it is equally crucial to include Rodrigues in this developmental process while enabling the regulatory environment. With the emerging sophistication of the sector, there are tremendous opportunities for job creation and pooling of young talents in Rodrigues”.
In his address, Mr Harvesh Seegolam, Chief Executive of the FSC stated that “As we continue to witness the growth of the sector, it is no doubt that the level financial services activities will also grow in Rodrigues - both in terms of volume, as well as in terms of complexity and exposure. As a responsible regulator, it is therefore our duty to ensure that we have a presence here locally, to be able to monitor the activities closely. This office will maintain an on the ground presence and monitor all providers of non-banking financial services in the island”.
14 to 17 April 2019
FSC Mauritius - host of the Permanent Office of the CISNA Secretariat
The FSC Mauritius was been selected to host the Permanent Office of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) Secretariat. The official offer letter was handed to the Chief Executive of the FSC Mauritius, Mr Harvesh Seegolam by the Chairperson of CISNA, Mr Tafadzwa Chinamo during the 42nd Bi-Annual Meeting of CISNA held in Mauritius. This Meeting welcomed more than 100 delegates from regulatory authorities from the Southern African Development Community (SADC) region from 14 to 17 April 2019 at Le Meridien, Ile Maurice Hotel.
In the words of Mr Harvesh Seegolam, “The hosting of CISNA’s secretariat in Mauritius testifies the commitment of the FSC to reinforce our existing collaboration with regional counterparts, and the engagement of the FSC Mauritius as a key enabler to contribute towards the adoption of a harmonised regulatory and supervisory standards which reflect market realities, and are equally in line with international best practices”.
Mr Tafadzwa Chinamo has congratulated the FSC Mauritius for its commitment towards CISNA and stated that “this is the beginning of a new future for African regulators to work collectively towards the advancement of the region”.
The award for the hosting of the CISNA secretariat is an important milestone for the FSC Mauritius and is the result of a thorough evaluation process done by the Executive Committee members of CISNA comprising Lesotho, Namibia, South Africa, Zambia and Zimbabwe. This initiative has received the support of the Government of Mauritius, and is in line with the Africa strategy that the Government has spelt out for the country.
Established in 1998, the CISNA is a sub-structure of the SADC and forms part of its Finance, Investment and Customs Directorate. The main mandate of CISNA is to ensure that the non-bank financial services regulatory frameworks within SADC member states are harmonised and comply with best international practices, standards and principles as set by the relevant international standard-setting bodies. The current membership of CISNA comprises 26 member authorities from 14 SADC member states including Mauritius.
15 March 2019
FSC Regional Centre of Excellence in collaboration with OECD
The FSC Regional Centre of Excellence (Regional Centre) in collaboration with the Organisation for Economic Co-operation and Development (OECD) was launched by the Honourable Dharmendar Sesungkur, the Minister of Financial Services and Good Governance
on 15 March 2019 in the presence of Lord Meghnad Desai, Chairman of the Advisory Board of the Official Monetary and Financial Institutions Forum; Mr Greg Medcraft, Director of the Directorate for Financial and Enterprise Affairs of the OECD; Dr Renganaden Padayachy, Chairperson of the FSC; and Mr Harvesh Seegolam, Chief Executive of the FSC.
The launch was followed by a Conference on the same day entitled “Building Linkages for Financial Markets In Africa”, and Masterclasses on 16 March 2019. This landmark two-day event inter alia gathered high-level officials from regional regulatory and supervisory authorities; leading experts from the OECD, as well as, industry stakeholders.
It was announced in the National Budget measures for 2018/2019 that the FSC, in collaboration with the OECD, will host a Regional Centre for capacity building and best practices to support Mauritius and the OECD’s goals of strengthening good market governance and combatting against financial malpractices.
The OECD’s engagement in this part of the world will provide a forum to exchange views, knowledge and practices between international policymakers and African regulators; contribute to a deeper understanding of the region’s financial services sectors and market dynamics, and help to fill in gaps in knowledge sharing and capacity building more quickly in the region. This will also form the basis for tailored advice and guidance, in reference to existing OECD standards, which will support the development of a level playing field by better aligning regional approaches to financial services sector governance in the region. In addition, the strategic location of Mauritius in the Indian Ocean coupled by its bilingual advantage positions the island as a convenient platform for both Anglophone and Francophone Africans.
The FSC and the OECD have jointly worked on the establishment of the Regional Centre which will focus on delivering capacity building programmes, aimed primarily at financial services regulators from the Southern and Eastern African Regions. The Regional Centre will also conduct research on topical themes relevant to financial services and financial malpractices for the regional market, and advise on minimum standards that need to be introduced at regional level, amongst others.
15 to 16 February 2019
Establishment of a Supervisory College by the FSC
In accordance with the Insurance Core Principles of the International Association of Insurance Supervisors (IAIS), the FSC took the initiative of establishing a Supervisory College for one insurer having a presence in East Africa and the Indian Ocean. The first Supervisory College meeting was held on 15 and 16 February 2019 with the participation of the regulatory authorities of Kenya, Rwanda, Tanzania and Uganda at the seat of the FSC.
In the words of Mr Harvesh Seegolam, Chief Executive of the FSC, the establishment of a Supervisory College “bears testimony to the FSC’s commitment to engage more actively with its counterparts in line with international best practices, and to adhere to international norms and standards to ensure the sound repute and credibility of the Mauritius Financial Centre.”
11 to 15 February 2019
FSC hosted the IAIS/A2ii/IAA Capacity Building for Insurance Supervisors on Leveraging Actuarial Skills
The FSC hosted, from 11 to 15 February 2019, the training for insurance supervisors on Leveraging Actuarial Skills jointly organised by the International Association of Insurance Supervisors (IAIS), the Access to Insurance Initiatives (A2ii) and the International Actuarial Association (IAA) at the Sofitel Mauritius L’Imperial Resort & Spa, Flic en Flac.
Funded by the United Kingdom Department for International Development, the training was conducted by seasoned international actuarial experts, and regrouped around 30 participants from financial supervisory authorities of the following countries: Botswana, Ethiopia, Gambia, Kenya, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Nigeria, Rwanda, Seychelles, Swaziland, Uganda and Zimbabwe.
31 January 2019
Visit of President of Mozambique to Mauritius: interactive session between Mauritius and Mozambique
In the context of the visit of His Excellency Mr Filipe Jacinto Nyusi, the President of the Republic of Mozambique, the FSC organised on 31 January 2019, an interactive session to present the salient features of the financial services sector of Mauritius and the important role that the FSC plays as Regulator of the sector at the Shri Atal Bihari Vajpayee Tower, Ebène.
The session was attended by the accompanying delegation of His Excellency Mr Filipe Jacinto Nyusi; the Minister of Financial Services and Good Governance of Mauritius, the Chairman and Board Members of the FSC, as well as, key stakeholders from the financial services sector.
His Excellency, the President of Mozambique reiterated the importance of the financial centre of Mauritius and referred to Mauritius as being a competent jurisdiction in terms of management of regional finances. The need for strengthening relations and collaboration between the relevant institutions of both countries was also discussed.
Dr Renganaden Padayachy, the Chairman of the FSC, stated his willingness to have Memorandums of Understanding in place between the FSC and its counterpart in Mozambique.
The Chief Executive of the FSC, Mr Harvesh Seegolam, highlighted the growing trends in portfolio and direct investment from Mauritius to Mozambique; and noted that as at 30 June 2018, investments from Mauritius to Mozambique stood over USD 2.9 bn coming from 210 Global Business entities in Mauritius.
06 December 2018
Admission of FSC to the Council of the Islamic Financial Services Board
The FSC was admitted as an observer member to the Islamic Financial Services Board (IFSB) on 06 December 2018, at the 33rd meeting of the IFSB Council, hosted by the Islamic Development Bank Group. This membership has enabled the FSC to benefit from the knowledge, expertise and resources of the IFSB to further contribute to the development of the Islamic financial products and markets in Mauritius.
Commenting on the admission of the FSC to the IFSB, the Chief Executive, Mr Harvesh Seegolam, stated that “One of the key objectives of the FSC is to align its policies and practices with international best practices of standard setters for better regulation and supervision of the non-banking financial services sector. The admission of the FSC Mauritius demonstrates our commitment in collaborating and maintaining cooperation with our international counterparts. Moreover, through this membership, we shall be able to introduce the most appropriate and enabling framework which will allow Islamic Finance to develop as a niche segment of our financial services sector.”
19 to 22 November 2018
Regional Workshop on Risk-Based Supervision for Securities and Insurance/Pensions Supervisors
The FSC hosted a regional workshop on ‘Risk-Based Supervision for Securities and Insurance/Pensions Supervisors’ in collaboration with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) from 19 to 22 November 2018 at the Holiday Inn Mauritius, Mon Trésor, Plaine Magnien. The workshop was launched by the Honourable Dharmendar Sesungkur, Minister of Financial Services and Good Governance on 19 November 2018, and saw interventions by Mr Harvesh Seegolam, Chief Executive of the FSC and Mr Tom Malikebu of the ESAAMLG Secretariat.
The workshop was attended by representatives from 16 out of the 18 member countries of ESAALMG, as well as, representatives of the Ministry of Finance and Economic Development, the Ministry of Financial Services and Good Governance, the Financial Services Commission, Bank of Mauritius, the Financial Intelligence Unit, the Independent Commission Against Corruption who participated in the four-day workshop. The sessions were conducted by resource persons from the Centre for Financial Regulation and Inclusion (CENFRI).
Speaking on the importance of this training programme, Mr Harvesh Seegolam stated that “this workshop demonstrates our commitment to foster regional and international engagement. A risk-based approach is central to the effective implementation of the FATF recommendations, and it is important that we build a strong AML/CFT Compliance culture. At the level of the FSC, emphasis will be laid on risk-based approach taking into consideration technological development.”
21 September 2018
National Regulatory Sandbox Licence Committee
The first meeting of the National Regulatory Sandbox Licence (RSL) Committee, under the Chairmanship of Lord Meghnad Desai, was held on 21 September 2018 at the seat of the FSC. Established following the recommendations of the Regulatory Committee on Fintech and Innovation-Driven Financial Services, the National RSL Committee is composed of the following members:
The National RSL Committee is under the administrative charge of the FSC Mauritius and the Committee:
19 and 20 September 2018
Mauritius International Financial Centre – Forward Looking Conference, 19 and 20 September 2018
The FSC organised a high level two-day conference themed ‘Mauritius International Financial Centre – Forward Looking’ on 19 and 20 September 2018 at the InterContinental Mauritius Resort, Balaclava Fort. The Conference was officially launched by the Honourable Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius.
The Honourable Pravind Kumar Jugnauth highlighted in his key note address that “My aspiration is to transform Mauritius into the most innovative and technologically enabled country in this part of our world. The fundamental building blocks to achieve this ambition have been laid. It is in this spirit that I have announced a number of key measures relating to Financial technology, Innovation and Artificial Intelligence in my Budget earlier this year”
The Chairman of the FSC Mauritius, Mr Renganaden Padayachy reaffirmed in his statement that the Commission is committed to “position itself as a forward-looking regulator and aspires to be among the leading regulators, as our jurisdiction further consolidates into one of the best financial centres of the world”.
The FSC Chief Executive, Mr Harvesh Seegolam in his synopsis on the way forward for the Mauritius International Financial Centre (IFC) highlighted that “we are heading towards a techno-centric and innovative milestone for the financial services sector. At a time of burgeoning financial innovation, the Mauritius IFC is called upon to adopt diversifying strategies and ensuring its visibility and sustainability on the international front”.
New FSC Logo
The event was also marked by the unveiling of the new FSC logo by the Honourable Prime Minister. After more than 17 years of existence, the FSC is called upon to play a more dynamic role in line with its mandate. The new identity reflects the new thrust that is being given to the FSC.
Signature of two Tripartite Memoranda of Understanding
The first tripartite MoU was signed by the Financial Services Commission, the Bank of Mauritius and the Financial Intelligence Unit (FIU). The MoU will enhance cooperation amongst the three institutions in areas where they are called upon to work together and enhance collaboration for more efficiency whilst avoiding any duplication.
The Second tripartite MoU was signed by the FSC, the Independent Commission Against Corruption ICAC and the FIU to ensure more efficient cooperation and coordination amongst the three Authorities in different areas where they need to collaborate with one another.
Launching of New Mobile Application
The FSC also launched a new mobile application for instant communication and better proximity with its stakeholders.
The second day of the Conference was launched by the Honourable Dharmendar Sesungkur, Minister of Financial Services and Good Governance.
The two-day Conference focused on the latest trends impacting Mauritius as an International Financial Centre (MIFC) in line with the developments at international level. Topics discussed by eminent international panelists and industry experts during the Conference include:
The session focused on how the Mauritius IFC can build on its strengths and leverage on existing opportunities to overcome the challenges it faces and achieve its ambition of doubling in size in the next 10 years.
This session focused on the recent reform of the Global Business Sector and the panellists having wide experience in the financial services and global business sector discussed about the major reforms and challenges ahead.
The session focused on the essential components which the Mauritian Fintech regulatory framework has to encompass including the use of blockchain technology, cybersecurity, Know Your Client (KYC) and Customer Due Diligence (CDD), as well as, compliance with international standards and practices.
The session focused on the latest developments and on-going initiatives in the AML landscape and their implications for Mauritius as a Financial Centre.
The four working sessions carried out over the two days have brought forth several innovative ideas aimed at reshaping the financial services sector.
28 February 2018
Interactive working session on the New Code of Corporate Governance
The FSC hosted, on 28 February 2018, an interactive working session on the New Code of Corporate Governance conducted by Dr Chris Pierce, the principal consultant in the drafting of the new Code launched in 2017. The session was attended by 200 participants mostly regrouping representatives of the industry.
Mr Harvesh Seegolam, the Chief Executive of the FSC highlighted in his opening address that Corporate Governance is primordial for the economic and social development of Mauritius, and particularly for the financial services and global business sector. “The sound repute of the Mauritius International Financial Centre depends significantly on the level of compliance to Corporate Governance principles by industry operators”, he added.
Mr Seegolam also stated that, in line with Circular Letter CL280218 on the National Code of Corporate Governance, the FSC will monitor the application of the Code and adherence to corporate governance principles by the relevant licensees.
Dr Chris Pierce spoke on the implications of the new Code for operators in the financial services sector, and he provided general guidance notes for industry operators to comply with the new Code. The international expert made an exposé on the history and background of the Code for Mauritius, and also elaborated on the eight principles of the new Code.
27 February 2018
FSC hosts workshop on Financial Literacy in collaboration with NISM
The FSC hosted an interactive working session conducted by representatives of the National Institute of Securities Markets (NISM) of India on financial literacy on 27 February 2018. The working session regrouped participants from different local agencies and the industry with the objective to commonly reflect on the elaboration of a national roadmap for the promotion of financial literacy amongst the different segments of the Mauritian population.
In this context, the Chief Executive of the FSC, Mr Harvesh Seegolam and Dr Sandip Ghose, the Director of NISM have signed a Memorandum of Understanding to formalise avenues of collaboration for the FSC to benefit from the expertise of the NISM in matters of intra-organisational capacity building mechanisms and financial literacy amongst others.
The Fintech and Innovation-Driven Financial Services Regulatory Committee
The establishment of the Mauritius International Financial Centre (IFC) as a regional Fintech hub has been high on the agenda over the recent years. To harness the opportunities that will be thereby created, the FSC facilitated the establishment of the Fintech and Innovation-Driven Financial Services Regulatory Committee (the ‘Fintech Committee’) on 9 February 2018. This was the first step of a longer journey towards building an open, transparent and regulated ecosystem for the development of Fintech in Mauritius.
The Fintech Committee was chaired by Lord Meghnad Desai of the House of Lords, UK and was composed of the following other members:
The Fintech Committee had, as part of its mandate, the responsibility to:
Following a detailed analysis of the fintech landscape around the globe, the Committee identified three priority areas to be considered for regulation in Mauritius.
The Committee also examined the Regulatory Sandbox Licence (RSL) framework and proposed appropriate enhancements to ensure its optimum functioning to attract fintech service providers to Mauritius. The report of the Fintech Committee was finalised in May 2018 and the recommendations contained therein served as basis for a number of Fintech-related measures announced in the Budget Speech 2018/19.
06 December 2017
Opening of FSC’s Representative Office in India
The FSC has opened its representative office in India since 06 December 2017, and the office is housed within the Mauritius Consulate in Mumbai. A reception was held in this context and was attended by more than 100 professionals from the Indian financial services industry, including high level representatives of the Securities and Exchange Board of India (SEBI).
Through its presence in Mumbai, the Commission has established the mechanism to further strengthen and deepen its partnership with its Indian counterparts across various segments in line with international best practices in the fields of capacity building, financial literacy and exchange of expertise.
24 October 2017
FSC hosted major IOPS international event from 23 to 25 October 2017
The FSC hosted, from 23 to 25 October 2017, the major Organisation for Economic Co-operation and Development (OECD)/International Organisation of Pension Supervisors (IOPS) events in Mauritius
The FSC was elected to the Executive Committee of the International Organisation of Pension Supervisors (IOPS) at its Annual General Meeting held in Mauritius on 24 October 2017. As a member of the IOPS Executive Committee, the FSC actively participates in the formulation of policy matters in relation to the Pension sector. As a member of the IOPS Executive Committee, the FSC has access to provide views and deliberate on major topics of discussion at the level of the OECD.
The OECD/ IOPS Global Forum 2017 was hosted by the FSC in Belle Mare, and was officially launched by the Chief Executive, Mr Harvesh Seegolam on 24 October.