While it is not one of the more “prestigious” regulatory agencies out there, Mauritius’ FSC is certainly not a new kid on the block in any respect when it comes to the regulation and licensing of financial activities.
Founded back in 2001, the MFSC was handed its regulatory powers by the 2007 Financial Services Act. Also integral parts of the legal framework which sets the stage for the authority to exercise its powers, are the 2005 Securities Act, the 2005 Insurance Act and the 2012 Private Pensions Scheme Act.
The primary goal of the MFSC is to promote Mauritius as a top destination for financial service providers – live and online. While doing so, the authority aims to grow into an internationally recognized financial supervisor.
How does the MFSC go about achieving its stated objectives?
First of all, it looks to promote the development of markets and financial institutions on Mauritius, by pushing for transparency, fairness and efficiency.
The suppression of financial crime is also one of the MFSC’s objectives. Through this approach, the authority does not just protect the public, it generates trust in non-banking financial products, spurring investment.
Finally: ensuring the stability of Mauritius’ financial environment is also one of the MFSC’s tasks.
The authority releases annual reports regarding its activity, reports which can be freely accessed at the official site of the regulator.
According to the website, the MFSC also fights corruption as part of its efforts to create an attractive environment for the providers of financial services in the country.
To help carry out its above stated mission, the MFSC has set forth a number of Core Values, which it aims to observe under all circumstances.
Ethical behavior is required of all MFSC employees, as is proclivity towards teamwork and professionalism. Compliance with the rules that govern the activity of the agency is also a must.
The anti-corruption policy to which the MFSC has signed up, is one developed by ICAC. As part of this policy, the organization makes sure that all its employees know about it and that it is applied to every facet of the activity of the regulator.
With temptation running high in this vertical, adequate controls are indeed needed to keep the phenomenon under control.
That said, the agency has implemented clear procedures regarding the handling of suspected cases of corruption.
As the last step in its anti-corruption setup, the organization has made sure that all its stakeholders know about the policy and about the above-mentioned procedures and measures.
On top of all the above, the organization performs regular assessments of corruption risks, while promoting a culture of integrity every step of the way.
The application of the above detailed policy rests on the shoulders of the Anti-Corruption Committee (ACC) which is an internal body tasked with setting priorities, providing advice and communicating every aspect of the anti-corruption policy to managers and staff, on all levels.
The executive arm of the organization is represented by the Financial Services Review Panel and the Enforcement Committee.