FSC Mauritius signs IOSCO Multilateral Memorandum of Understanding on Exchange of Information

The Financial Services Commission, Mauritius (‘FSC’) becomes signatory of the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMoU) Concerning Consultation and Cooperation and the Exchange of Information. The MMoU was signed by the Chief Executive of the FSC, Ms. Clairette Ah-Hen on 16 May 2012 in Beijing.

IOSCO, the international standard setting body for Securities Commissions, adopted the MMoU as the model for international cooperation and establishes standards when making or responding to requests for information. The MMoU sets out an international benchmark for cross-border cooperation which is critical to combating violations of securities and derivatives laws and provides a common understanding amongst its signatories about how they will consult, cooperate and exchange information for securities regulatory enforcement purposes. The MMoU further sets out specific requirements regarding information exchange and ensures that no legal and regulatory framework prevent securities regulators from sharing information with their counterparts in other jurisdictions.

The FSC has, over the past years, initiated amendments to the existing legislative framework to facilitate information exchange (including banking information), technical cooperation, and investigative assistance. The MMoU reinforces the FSC’s cooperation with regulatory and supervisory authorities for preserving and strengthening securities markets.

Following the signature, the FSC Chief Executive Ms Clairette Ah-Hen stated that:

“The signature of the IOSCO MMoU testifies the fact that the FSC meets the international standards expected of a Securities regulator and that Mauritius is a sound, stable, transparent and reputable financial services centre internationally recognised by its counterparts. The FSC has spared no efforts in this direction and will continue to work in favour of effective exchange of information and to uphold the standards set by international bodies. Now that we are on Appendix A, we look forward to greater development of our Securities Exchanges and more international market participants starting operations in Mauritius”