• FSC - Independent Regulatory Authority, established under FSD Act 2001, which , licenses, regulates and supervises Non Bank Financial Institutions (NBFI). ( ) • Now deemed to be established under the Financial Services Act 2007
• Single Regulator – encompass those of the former:
– Stock Exchange Commission – Insurance Division – Min of Economic Development – MOBAA
Aim of FSC
• promote the development, fairness, efficiency and t th d l t f i ffi i d transparency of financial institutions and capital markets in Mauritius; • suppress crime and malpractices so as to provide protection to members of the public investing in nonbanking financial products; and g p ; • ensure the soundness and stability of the financial system in Mauritius.
• ensure the orderly administration of the financial services and global business activities; ensure the sound conduct of business in the financial services sector and in the global business sector; elaborate policies which are directed to ensure fairness, efficiency and transparency of financial and capital markets in Mauritius; study new avenues for development in the financial services sector, to respond d f d l i h fi i l i d to new challenges and to take full advantage of new opportunities for achieving economic sustainability and job creation; ensure soundness and stability of the financial system in Mauritius; and work out objectives policies and priorities for the development of the financial objectives, services sector and global business. •
– Board of Directors (Chairman appointed by the Prime Minister and Vice Chairman appointed by the Minister) – Chi f Executive officer (Appointed by the Chief E ti ffi (A i t d b th Board with approval of the Minister) – Managers – Head of department – Staff
• 4 Functional Structure
– – – – Policy and International Relations Licensing Unit Surveillance...