Local & International Cooperation

Maintaining and strengthening the good repute of the Mauritius International Financial Centre

Meeting International Norms and Standards

One of the FSC's key objectives 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. Through its membership with international organisations, the FSC adheres to norms and standards in order to preserve the good repute of Mauritius in the financial services sector.

FSC's focus in defining international policy is inter alia to:

• ensure adherence to international norms and best practices;
• promote cooperation with both local and foreign regulators for effective supervision and exchange of information;
• reinforce capacity building through cooperation and mutual assistance; and
• combat Money Laundering, Terrorism Financing and tax fraud.

The FSC is a member of:

International

• International Organization for Securities Commissions (IOSCO)
  • IOSCO Growth and Emerging Markets Committee (IOSCO GEMC)
  • Committee 1 on Issuer Accounting, Audit and Disclosure
• International Organisation of Pension Supervisors (IOPS)
• International Association of Insurance Supervisors (IAIS)
• Financial Stability Board's Regional Consultative Group (FSB RCG) for Sub-Saharan Africa
• L'Institut Francophone de la Régulation Financière
• Regulatory Oversight Committee for the Global Legal Entity Identifier (LEI) System
• Official Monetary and Financial Institutions Forum (OMFIF)
• Group of International Finance Centre Supervisors (GIFCS)
• Islamic Financial Services Board (IFSB)
• Global Financial Innovation Network (GFIN)

Regional

• Southern Africa Development Community - Committee for insurance, Securities and Non-Bank Financial Authorities (SADC CISNA)
• Africa /Middle East Regional Committee (AMERC) of IOSCO
• Financial Stability Board (FSB) Regional Consultative Group for Sub-Saharan Africa

Regional Cooperation

The FSC is an active member of the International Organization for Securities Commissions (IOSCO) through Africa Middle East Regional Committee (AMERC) and the Emerging Market Committee. The FSC also participates in the Committee for Insurance,Securities and Non-Bank Financial Authorities (CISNA) set up under the Finance and Investment Protocol of the Southern African Development Community (SADC).

Membership of Mauritius on the Financial Stability Board's Regional Consultative Group for Sub-Saharan

Mauritius is a member of the FSB RCG for Sub-Saharan Africa since its establishment pursuant to the announcement of Financial Stability Board (FSB) in November 2010 to expand and formalise outreach beyond its membership. The FSC Mauritius along with other key stakeholders of the financial services sector represents Mauritius on the FSB RCG for Sub-Saharan Africa. Other members of the RCG are financial authorities from Angola, Botswana, Ghana, Kenya, Namibia, Nigeria, South Africa, Tanzania and the Central Bank of West African States.

The inaugural meeting of the RCG was held on 03 Feb 2012. For more information, please click here.

International Organisation of Securities Commission - Growth and Emerging Markets (GEM) Committee

The IOSCO GEM Committee is the largest Committee within IOSCO, representing 75 per cent of the IOSCO's ordinary membership. The Committee seeks to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programs and technical assistance for members and facilitating the exchange of information and transfer of technology and expertise.

The GEM comprises eighty-eight members who include the world's fastest growing economies and 10 of the G-20 members. It consists of various five working groups to address different functional areas such as: Multinational Disclosure and Accounting, Regulation of Secondary Markets, Regulation of Market Intermediaries, Enforcement and the Exchange of Information and Investment Management respectively.

It should be highlighted that the IOSCO is the only international standard setter that has a Committee solely responsible for emerging market issues. This inclusiveness increases IOSCO´s effectiveness and positions it to play a bigger part in shaping the global regulatory framework: IOSCO has been allocated an extra seat at the Financial Stability Board Plenary for the Chairman of the GEM. The GEM also has a seat on the IFRS Foundation Monitoring Board.

International Organisation of Securities Commission - Africa Middle East Regional Committee

Established in 1992, AMERC is one of the four regional committees of the IOSCO which regroups the Capital Markets community within Africa and the Middle East under the same platform. The AMERC is the umbrella body of capital market regulators in the Region facilitating the exchange information on issues of common interest amongst members; promoting identification and discussion on specific issues of interest common to member countries; improving communication among members; and encouraging countries within the region to develop their capital markets.

The AMERC comprises twenty ordinary members (Algeria, Bahrain, Egypt, Ghana, Jordan, Kenya, Malawi, Mauritius, Morocco, Nigeria, Oman, Saudi Arabia, South Africa, Syria, Tanzania, Tunisia, Uganda, United Arab Emirates, West African Monetary Union, and Zambia) and two associate members.

The FSC hosted the 26th IOSCO Africa Middle East Regional Committee Meeting from 09 to 11 February 2011. The AMERC Meeting was followed by a Conference on "Regulatory Cooperation and New Challenges" and an IOSCO workshop on "Handling Investor Complaints in Emerging Markets and Investor Education". The 26th IOSCO AMERC Meeting was an opportunity for member countries to reflect on the 18 years of cooperation within AMERC and the challenges faced by Securities Regulators in the wake of the financial crisis. The event also marked the celebration of AMERC's Silver Jubilee Meeting and its commitment to reinforce regional cooperation.

SADC Committee for Insurance, Securities and Non-Bank Financial Authorities

CISNA was established in 1998 and forms part of the Trade, Industry, Finance and Investment Directorate within the SADC. It reports to the SADC Committee of Ministers of Finance and Investment through the Committee for Senior Treasury Officials. It comprises the non-banking financial institution authorities, namely, capital markets, collective investment schemes, insurance companies, retirement funds and providers of intermediary services in the SADC.

Annex 10 of the Finance and Investment Protocol (FIP) on Cooperation on Non-Banking Financial Institutions and Services sets out the framework for the establishment of CISNA, the regional committee for regulatory bodies for the non-banking sector.

CISNA's Vision is "to facilitate the development and implementation of a harmonised, risk based regulatory framework for member states in SADC that enables market growth and development, reduces the potential for systemic risk, informs and protects consumers, mobilises capital flows and contributes to prosperity in the region."

CISNA's Mission is "to achieve its vision through a process of co-operation, exchange of information and engagement between regional regulators."