The Financial Services Commission (FSC) and the Cyprus Securities and Exchange Commission (CySEC) signed yesterday in Nicosia, Cyprus, a Memorandum of Understanding (MoU) which will establish a framework for mutual assistance and facilitate the exchange of information between the two authorities.
The MoU was signed by the Chairperson of CySEC, Ms Demetra Kalogerou, and the Chief Executive of the FSC, Mauritius, Ms Clairette Ah-Hen. The aim is to promote the integrity, efficiency and financial soundness of Authorised Entities by improving the effective regulation, enhancing the supervision of cross-border transactions, and creating an environment conducive to the prevention of fraudulent and other prohibited practices in both Cyprus and Mauritius.
By virtue of the MoU each Authority will look for opportunities to enhance knowledge in areas of enforcement and supervision of the financial market and take necessary steps to strengthen, encourage and promote cooperation and mutual assistance in areas such as research and development, training and staff development
In her address Ms Clairette Ah-Hen pointed out that the FSC is always willing to consolidate Mauritius’ relationship with its counterparts. She outlined that Cyprus and Mauritius share a lot of similarities and both the authorities are keen to collaborate in the fields of enforcement and supervision as well as capacity building.
The FSC has, so far signed 27 such MOUs with its counterparts both local and international authorities.
CySEC is the financial regulatory agency of the Republic of Cyprus and a member of the European Union (EU) since 2004. It is called upon to perform a very important role, more specifically, to contribute constructively in the re-shaping of legislation aimed at strengthening the integrity of the EU financial sector. Besides ensuring the proper and sound functioning of the financial institutions and markets, CySEC has the responsibility to strengthen the regulatory and supervisory framework of the EU financial sector.
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