As at date, we have signed 53 Memoranda of Understanding with international, regional and local counterparts for exchange of information to reinforce collaboration amongst institutions in the fight against crime, money laundering and financing of terrorism. The FSC, two weeks back, became signatory to the Multilateral Memorandum of Understanding of the International Association of Insurance Supervisors - the international standard setting body for the insurance Sector regrouping more than 200 regulators and supervisors in 140 countries. This important step demonstrates our commitment to implementing international supervisory standards.
In September 2013, the FSC signed the International Organisation of Securities Commissions Africa Middle East Regional Committee Memorandum of Understanding (MoU) to further enhance mutual cooperation and exchange information amongst its African counterparts. The FSC signed, in July, the European Securities and Markets Authority MoU to enable Mauritius-licensed funds to continue to market in Europe under the private placement regimes of EU Member States following the introduction of the EU Alternative Investment Fund Managers Directive. This milestone has contributed towards sustaining the Mauritius IFC as an attractive jurisdiction for basing funds.
We firmly believe that the sustained development of the sector relies on an effective collaboration between the FSC and its stakeholders. On the local front, the Commission had regular consultations throughout the year with the industry partners whenever new Rules and Guidelines were issued.
Capacity building for the industry is also crucial to keep licensees aware of the latest development at international level. The FSC held some 20 training sessions and industry updates on important topics such as Anti-Money Laundering/Combating the Financing of Terrorism, International Taxation, Investment Funds throughout the year. In addition, in August, we welcomed four experts from the United States Securities and Exchange Commission who shared their experiences and knowledge of how to deal with unregulated schemes with staff of FSC as well as other local and regional regulators. Jointly with the BOI, the Commission hosted the Private Equity Masterclass for industry stakeholders in September, to provide a better understanding of the operations of private equity and venture capital funds.
The FSC continued with its consumer education programme during 2013 and conducted regular information sessions with representatives of civil society to explain the financial services and warn the public of the risks in investing in unregulated schemes. As per our action plan, the financial literacy campaign is scheduled throughout 2014.
The FSC has put in place the right regulatory framework to sustain the development of the financial services sector. Moreover, with the amendments brought to the Financial Services Act by the Economic and Financial Measures (Miscellaneous Provisions) Act 2013, the powers of the FSC have been reinforced for a better regulation of the sector.
To further develop the sector, the FSC approved fees reduction to increase trade on the Stock Exchange, and issued new Rules to enable the trading and listing of Exchange-Traded Funds for the Stock Exchange of Mauritius. The FSC approved new derivatives contract for Bourse Africa Ltd. We are currently working on how to improve and grow the bonds market. New rules have been issued in respect of the private pensions schemes and a project team is currently working on a captive insurance legislation.
With the ongoing regulatory reforms worldwide and changing norms, the FSC, as regulator of non-banking financial services and global business, is called to meet greater expectations - internationally and locally. The challenge is to strike the right balance between more regulations to meet international requirements and to sustain growth of the sector through the deepening and increasing of the value of our services.
We rely on the ongoing collaboration with all stakeholders to uphold the financial services sector.
Clairette Ah-Hen
Chief Executive
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