The Financial Services Commission

Mauritius    |    China    |    Switzerland    |    Dubai    |    Cyprus

An institution dedicated to the supervision of the financial services sector.
BASEL FINANCIAL. INC. is authorized and regulated by the Financial Services Commission (FSC). License No: C108006935
www.fscmauritius.org

About the Financial Services Commission

The Financial Services Commission (FSC) was established as the regulator for the financial services sector under the Financial Services Development Act 2001. The FSC is the integrated regulator for the industry and its remit encompasses those of the former regulatory bodies for securities (Stock Exchange Commission “SEC”) and insurance (Insurance Division of the Ministry of Economic Development, Financial Services and Corporate Affairs).

The Commission consequently licenses, regulates and supervises financial institutions in Mauritius.

The financial sector includes institutions involved in Securities, Insurance & Pensions, Capital Market operations, Leasing & Credit Finance.

The FSC is also committed to the sustained development of Mauritius as a sound, stable and competitive international financial services center. Consequently, the Commission promotes the development, fairness, efficiency and transparency of non-bank financial institutions and capital markets in Mauritius whilst ensuring the protection of investors’ interests.

FSC main role is to protect the integrity and stability of the financial services sector and by doing so protects the interest of investors, creditors and provides one of the highest levels of financial security around the world.

To achieve this:

• FSC oversee all participants in the financial industry including the stock exchange, the depository and settlement system, market intermediaries, collective investment schemes, insurance companies.

• FSC monitor and supervise them to reduce the risks of non compliance with laws and regulations and to ensure financial strength.

FSC Monitor

• FSC monitor all statutory filings submitted by licensed companies to ascertain that
  they comply with licensing and on-going obligations particularly that of
  financial soundness. We examine financial statements and annual reports to
  verify disclosures made by companies and foster compliance.

• When minor deficiencies are detected, a compliance letter is issued identifying
   the problems that need to be rectified and the situation is monitored until compliance
   is achieved. More serious violations are referred for enforcement actions and,
   where circumstances of the case require, revocation of license.

• FSC review rules and propose new mechanisms to check for market malpractices.
  This includes monitoring stock markets for market manipulation, insider trading,
   money laundering practices and products mis-sellings by market intermediaries.

FSC Regulate

• FSC regulate the industry by establishing rules to adapt our regulatory structures to
  new circumstances.
• FSC issue Guidelines in-line with international standards and regulations. FSC foster
  good governance and establish in consultation with the industry, Codes of best
  practice and conduct.

FSC Enforce Law

• Matters which are referred to after investigation are taken up by the Enforcement Unit.
• While minor breaches of the law are dealt with by the Enforcement staff, more
   serious breaches are  brought to Court after the Commission has secured the
   necessary evidence through formal enquiries,  examining records, and other methods
   the Commission may deem appropriate that there has been
   breach of legal requirements.

Thus providing the highest levels of financial security within the highest levels of financial regulatory standards;