Financial Regulation Enforcement Agencies in Seychelles Step Up Efforts to Ensure Transparency and Stability

The Seychelles Financial Services Authority (FSA) has celebrated over 25 years of existence since its establishment under the Financial Services Authority Act, 2013. As an autonomous regulatory body, the FSA is responsible for overseeing non-bank financial services in the archipelago, including:

Fiduciary services
Capital market and collective investment schemes
Insurance
International trade zone activities
Gambling
Hire purchase and credit sales
Registration of international business companies, foundations, limited partnerships, and trusts

A Brief History

The FSA’s predecessor, the Seychelles International Business Authority Act (SIBA), was enacted in 1994 with the goal of monitoring and supervising international business activities. However, the need for greater transparency and visibility led to its repeal and replacement by the Financial Services Authority Act, 2013, which took effect on March 1, 2014.

Objectives and Mandate

The FSA has since strived to maintain a robust and modern regulatory framework, while also promoting Seychelles as a premier international business center. With over 25 years of experience, the FSA remains committed to meeting strategic objectives, ensuring soundness and resilience in the financial services sector, and adhering to international norms and standards.

The FSA’s mandate is to:

Supervise, monitor, and regulate licensees in accordance with the Financial Services Act, 2013, and other relevant legislation
Administer registry legislation
Develop legal and regulatory mechanisms
Educate the public on its functions and financial services business
Take action against unauthorized financial services providers
Adopt measures to inform and educate the general public

Headquarters and Contact Information

The FSA’s headquarters are located at:

Bois De Rose Avenue, P.O. Box 991, Victoria, Mahe, Seychelles

Conclusion

The FSA is committed to ensuring transparency and stability in the Seychelles financial services sector, and its efforts have earned it an excellent reputation as a premier international business center.