A Protocol to amend the existing Memorandum of Understanding (MoU) regarding the exchange of information between the Financial Services Commission (FSC) and the Bank of Mauritius (BOM) was signed on February 8, at the BoM Tower in Port Louis.
The MoU was originally signed in December 2002 to set out the framework for co-operation between BoM and the FSC in their common pursuit to maintain a safe, efficient and stable financial system in Mauritius.
The amendments will help reinforce the framework for effective exchange of information between the two organisations and will position Mauritius on the same level as other internationally recognised financial centres and reaffirm the two organisations' commitment to collaborate further to safeguard the stability of the domestic financial system.
Moreover it will enable Mauritius to comply with the requirements imposed under the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMoU).
The International Organisation of Securities Commissions is a global organisation and standard setter for Securities Regulation worldwide with around 175 members. Its core objectives are: protecting investors, ensuring that markets are safe, efficient and transparent and reducing systematic risk.
The IOSCO MMoU sets an international benchmark for cross-border co-operation which is critical in combating violations of securities and derivatives laws. The MMoU also spells out the specific requirements and modalities on the type of information to be exchanged within legal abilities.
The FSC has been complying with the IOSCO's principles for the past years in matters of exchange of information with its counterparts but some amendments were deemed necessary within its legal framework to enable Mauritius to fully subscribe to the IOSCO Multilateral Memorandum of Understanding (MMoU).
It will be recalled that the reputation of the Mauritius International Financial Centre lies in compliance with standards set by international standard-setting organisations and international norms relating among others to the disclosure and exchange of information.
MOU with Statistics Mauritius
The FSC also signed yesterday an MOU with Statistics Mauritius regarding the exchange of information and collection and compilation of statistics. The MOU which sets the framework of cooperation between the two organisations will help ensure a better coordination for data dissemination and improve the national statistical system based on international norms.
So far the FSC has signed 20 such MOUs with its counterparts which consist of both local and international authorities.
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