Mauritius Becomes Signatory of IOSCO Agreement

The Financial Services Commission, Mauritius (FSC) has become a signatory of the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMoU) on matters relating to Consultation and Cooperation and the Exchange of Information.

The MMoU which was signed today in Beijing by the Chief Executive of the FSC, Ms. Clairette Ah-Hen, sets out an international benchmark for cross-border cooperation which is critical to combating violations of securities and derivatives laws. The IOSCO MMoU testifies the fact that FSC meets the international standards regarding securities regulator and that Mauritius remains a sound, stable, transparent and reputable financial services centre internationally as recognised by its counterparts, she said.

According to Ms. Clairette Ah-Hen, the FSC has spared no efforts in this direction and will continue to work in favour of effective exchange of information and uphold the standards set by international bodies. The Commission will be looking forward to greater development of its Securities Exchanges and will encourage more international market operators to do business in Mauritius, she added.

In addition to providing a common understanding amongst its signatories on ways to cooperate and exchange information for securities regulatory enforcement purposes, the MMoU outlines specific requirements regarding information exchange. It further 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 will therefore reinforce the FSC's cooperation with regulatory and supervisory authorities for preserving and strengthening securities markets.

IOSCO which is the international standards setting body for Securities Commissions adopted the MMoU as the model for international cooperation. It establishes standards when making or responding to requests for information.