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.