Message of the Chief Executive: ‘Reconciling Regulation with market development needs’

Reconciling Regulation with market development needs

Distinguished Stakeholders,

Welcome to this August 2017 FSC Newsletter.

Through this Newsletter, I am delighted to pen my very first message to you as the Chief Executive of this important regulatory body in Mauritius.

Taking the helm of the integrated regulatory body for non-banking activities of the Mauritius IFC is certainly a huge privilege, but also represents a formidable challenge. We are at a time when our International Financial Centre is being called upon to deal with major international developments directly impacting its future.

And it is axiomatic that the Financial Services Commission would have to re-invent itself. I have already set the wheels in motion to ensure that the Commission becomes a highly credible regulatory institution, notably by embracing a time-phased reorganisation to achieve efficiency and effectiveness at all levels. At the same time, whilst continuing to function as a robust regulator, I will ensure that there is no disconnect with the market realities and the developmental needs of our IFC.

My focus will be on 3 core premises, namely enhancing the application, authorisation and supervision process; diversifying our product offering to service a highly versatile, technologically-advanced and sophisticated international investing community; and ensuring that our professionals, both at the FSC and across the sector, are equipped with the necessary knowledge and expertise to live up to the vision set for the Mauritius IFC.

Working in close collaboration with all stakeholders, the FSC will become the main enabler for the transition of the Mauritius IFC into its next phase of development. In this respect, we have already started unlocking several ‘pending’ areas of the sector. This includes the new FSC circular letter released in mid-July with respect to the Asset and Fund Managers’ Certificate, following consultations with industry practitioners. We will equally shortly be unlocking issues related to ‘Global Legal Advisory Services Licenses’ as well.

Going forward, the FSC will remain attentive to suggestions of stakeholders. As part of this process, a number of carefully thought thematic working groups will shortly be instituted at the level of the Commission, comprising a mix of private and public-sector operators. These working groups will initially focus on identifying strategic needs of the Mauritius financial services sector, which would feed in the new Blueprint being spearheaded by the Ministry of Financial Services, Good Governance and Institutional Reforms.

On the international arena, the FSC will play a more active and visible role, partaking and driving research, strategy and development whilst ensuring the good repute of our IFC. I am delighted to share with you that since I took office, discussions have already started with our regulatory counterparts in key markets for equivalence status, recognition and collaboration across key fields, including FinTech development and regulation. The Commission will also play a more proactive role in the fields of forensic investigations and anti-money laundering practices.

I am equally pleased to announce that as part of a series of forthcoming thematic conferences, the Commission will host, in October this year, experts from over 80 jurisdictions, including the G20, for a Workshop to reflect and address policy issues with respect to the international private pensions industry - a promising, yet, under-explored segment for our IFC.

With these words, I wish you all a pleasant reading.

Harvesh Seegolam

Chief Executive