The Financial Services Authority, aka the FSA of Seychelles, is an independent supervisory entity for all the financial services offered in Seychelles. The FSA was founded in 2013, under the Financial Services Authority Act, to overview, regulate, and administer laws and regulations of all the non-bank service providers such as Forex Brokerage Firms, Retirement Funds, Financial Institutions, Fiduciary Services, Capital Market & Collective Investment Schemes, Insurance, Gambling and Money Management Companies. These regulatory measures were taken to make sure that the business code of conduct, having the required capital, fair dealing practices, and so on were observed. Furthermore, FSA sees to it that all the activities regarding registration and establishment of international business companies and associations between parties are according to the international standards. In 1994, the Seychelles International Business Authority Act (SIBA) was set into place for the sole purpose of promoting Seychelles as a fine international financial center. However, times were changing and this regulator needed some sprucing up in order to reach its highest potential, an attempt which as of March 1, 2014, led to the establishment of the FSA to provide more transparency and accountability as a regulator. The idea of keeping up with modern times did not stop there and FSA has been trying to improve its role in the market scene to boost the confidence of investors, traders, and brokers alike in Seychelles. In this way, due to the company’s significant presence, its reputation would far precede its borders and be known around the world as it is the case today. It is further hoped that the organization can pave the ground for the growth and improvement of the financial sector in Seychelles by taking into account both national and international strategies and standards. In an attempt to eradicate the cross-border financial crime, fraud, and any sort of illegality, FSA has reached beyond its borders by cooperating with internationally known organizations such as the International Association of Insurance Supervisors (IAIS) and the International Organization of Securities Commissions (IOSCO). The FSA will soon be a member of the IAIS and the IOSCO Multilateral Memoranda of Understanding (MMOUs) as well. The regulatory authority (FSA) also abides by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes, and the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). Last but not least, the FSA is a longstanding member of the Committee of Insurance, Securities and non-banking financial authorities (CISNA) as well as the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
It goes without saying that FSA would, without a shred of negligence, fulfill its duties in terms of supervising all the licensees and members in accordance with the laws and regulations. These responsibilities also include enforcing registry legislation, and developing germane systems for better and more improved execution of the laws as a financial authority. To that end, FSA feels responsible for informing the public of its measures that could affect the financial services business in any way, shape, or form such as standing up to those who see themselves above the laws and have a tendency to break them.
