The Financial Services Commission (FSC) is an integrated regulator for financial services sector and global trade except banks in Mauritius. It was ounded in 2001, and responsible for licensing, monitoring and supervising financial services in accordance with the 2007 Financial Services Act.
As a solid and competitive financial services center, one of the main objectives of the organization is to become an internationally recognized financial regulation consultant, aiming at the continuous development of Mauritius.
FSC has the following responsibilities while continuing its activities with this vision.
- To promote the development, fairness, efficiency and transparency of financial institutions and capital markets in Mauritius.
- Suppression of crime and misconduct to protect investors investing in financial products.
- To ensure the soundness and stability of the financial system in Mauritius.
Strong regulation and supervision are essential to ensure stability in the financial system. The aim of the FSC is to position Mauritius as a substance jurisdiction with the right balance between regulation and business development. The revision of the legal framework in 2007 and the implementation of the risk-based audit framework further strengthen the control of the financial services sector, and the continuous review of the legislation and the audit tools ensure compliance with international norms and standards.
The main functions of FSC can be listed as follows.
- Edit and monitor
- Apply regulatory and compliance requirements
- Policy formulation
- Fighting with fraud and money laundering
- To encourage the development of the sector
- To provide consumer education and protection