Financial Services Commission – Mauritius

The Financial Services Commission (FSC) is the regulatory body responsible for the non-bank financial services sector and global business in Mauritius. Established in 2001, the FSC operates under several acts, including the Financial Services Act, the Insurance Act, the Securities Act, and others. Its mission is to regulate, supervise, and develop the non-bank financial services sector, ensuring its stability, integrity, and efficiency.

Key Functions and Responsibilities

• Regulatory Oversight: The FSC supervises various financial services including insurance, securities, pensions, and global business. It ensures that entities comply with the relevant laws and regulations to maintain the market’s stability and integrity.
• Consumer Protection: The FSC is committed to protecting consumers by enforcing transparency and fair market conduct. It educates consumers about financial products and services and handles complaints to safeguard their interests.
• Market Development: The FSC promotes the development of Mauritius as a reputable International Financial Centre by enhancing the regulatory framework to support innovative financial services.

Strategic Initiatives

The FSC focuses on enhancing its regulatory frameworks to align with international standards and best practices. This includes efforts to combat money laundering and the financing of terrorism through rigorous anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. The FSC also encourages the adoption of fintech innovations and digital assets within its regulatory scope.

Recent Developments

The FSC has implemented several initiatives to reinforce its supervisory framework. This includes the publication of the Virtual Assets and Virtual Asset Service Providers Risk Assessment Report and guidelines on implementing targeted financial sanctions. The FSC has also established the FSC Single Window to streamline regulatory processes and improve service delivery.