Financial Services Authority Seychelles – What Is It?
Have you wondered what the Financial Services Authority Seychelles is and what they represent? Why is it important to know more information about that organization, especially if you are dealing with non-bank financial services?
Regardless of your level of expertise in your business, it is vital that you familiarize yourself with all the essential organizations and regulatory bodies, as well as the strategies and tools that can assist you in achieving tremendous success in your career.
Regarding the Financial Services Authority Seychelles, you’d want to get all the detailed regulator information possible. If that’s the case with you, we have prepared a presentation of this vital regulatory body you must know. Let’s begin with its basics, shall we?
What is the Financial Services Authority Seychelles all about?
The Financial Services Authority Seychelles represents a regulatory body, completely autonomous, that is accountable for non-banking financial services in the archipelagic country Seychelles. The main reason for its establishment is to regulate and protect civilian interests in Seychelles.
This regulatory body started in 2013 under a different name, the “Financial Services Authority Act”. The Authority is in charge of the following activities regarding the conducting of the non-bank financial services sectors in this country:
In addition to all these activities regarding these services, it’s also responsible for compliance requirements. All these activities represent:
- Capital Market and Collective Investment Schemes
- Fiduciary Services
The FSA site enables a legal framework for the particular industry. In addition to that, people can find the latest financial services news.
Responsibilities of the Financial Services Authority of Seychelles
The Financial Services Authority Seychelles is responsible for the additional responsibilities and activities:
- Gambling activities such as interactive gambling, casinos, and slots.
- Trade Zone Activities
- Credit Sales Activities
- Hire purchase
- International Business Companies Registration
- Foundations registrations
- Limited Partnerships and Trust.
Why is the Financial Services Authority Seychelles mandated?
The main reason for the mandate of the FSA under the famous Financial Services Act in 2013 was to inurn along with others to:
- Observe, be in charge of, and regulate various licenses with this Act, the financial services legislation, and the other vital financial business services in Seychelles.
- Initiate action against individuals who are continuing with unauthorized work within the country.
- Operate the registry legislation comparatively.
- Take necessary steps and measures for informing and educating the public about the FSA’s activities in the country.
It’s interesting to note that Seychelles as a country, like numerous other countries, is respected and greatly regulated and has been a jurisdiction of peace and caring, effective development.
Vision, Mission, and Core Values of the FSA
The main mission of the Financial Services Authority Seychelles is to transform and grow the way that non-bank financial services function in this country. It does so via a regulatory, supervisory, and healthy framework that will protect consumers, stakeholders’ investments and the jurisdiction’s reputation.
The vision involves a powerful, progressive, practical regulator focused on protecting an essential non-bank financial services jurisdiction. In addition to the vision and mission, there are a couple of FSA’s core values that you must remember:
- Collective contributions.
A brief history of the FSA
The forerunner of the Financial Services Authority Seychelles was the so-called SIBA, or the Seychelles International Business Authority Act. It was established in 1994 with the main goal of coordinating, supervising, monitoring and conducting all types of international businesses in the country.
These business activities aimed to promote the country Seychelles as a fantastic place for business activities. Since there was a need for a greater promotion that required more visibility and transparency, the SIBA Act got replaced with the present Financial Services Authority of Seychelles. It began working on the 1st of March 2014.
Fantastic reputation and modern regulatory framework
Today, more than twenty-five years after the FSA’s establishment, the Seychelles Financial Services Authority endeavors to keep the investors’ confidence and trust that is used by keeping a huge and modern regulatory framework in place.
Additionally, it keeps a fantastic reputation as the best possible international business centre. It’s vital to remember that this Authority is still devoted to keeping up with the planned objectives and keeping the resilience of the financial services sector.
How to apply for a license with the FSA?
If you wish to find out what is the most effective way to apply for a license with the Financial Services Authority Seychelles, here are all the mandatory requirements and steps you need to take:
- Go to the official website of the FSA and the page “Apply for a License.”
- Click on the link, and you’ll be redirected to the Application Form.
- Choose the form for the license you want to apply to.
Keep in mind that the application for a license with the FSA will be made to the Financial Services Authority Seychelles in accordance with the relevant app form, other crucial documents, and the mandatory application fee.
Remember that the application guidelines and forms for the various available licenses can be found on the official FSA site: fsaseychelles.sc.
Suppose you want to know more about the Seychelles financial services authority register, their regulatory enforcement, legal framework, disciplinary actions, and more. In that case, you’re also able to look for it at the fsaseychelles.sc, which is the official website of the FSA. Now, let’s take a look at the international cooperation of this regulatory body, shall we?
International Cooperation of the FSA
The international cooperation of the Financial Services Authority of Seychelles is a very interesting subject to numerous individuals and businesses. It’s vital to know that the FSA is a member of the IAIS, i.e., the International Association of Insurance Supervisors.
In addition, the FSA is a member of the IOSCO, an International Organization of Securities Commission known as “Objectives and Principles Securities Regulation. For additional information about the international cooperation of the FSA, visit their official website.
What are the main regulatory entities of the FSA?
The main regulatory entities of the Financial Services Authority of Seychelles are the following ones:
- Capital Markets
- International Trade Zone
- Hire Purchase and Credit Sales.
The Board of Directors and the Leadership Team of the FSA
As someone interested in this interesting and effective regulatory body related to non-banking financial services, it is very important to be convinced of its safety and legitimacy. This can also be determined by getting to know its board of directors and leadership team.ž
The Board of the Financial Services Authority Seychelles is a controlled body of the Authority. It’s authorized, according to Section six of the Authority’s Act, to determine its policy and observe and control its implementation. This board is set according to Section five of the Financial Services Authority Seychelles, president by the chairperson.
On the other hand, the leadership team includes more than 130 active staff members within the 13 diverse sections. This particular team includes the following functions:
- The Chief Executive
- The Deputy Chief Executive
What are the main disciplinary actions of the FSA?
Some of the main disciplinary actions of the Financial Services Authority of Seychelles include some of the following:
- Administrative penalties
- Protection order
- Removal of suspension of fit and proper of an individual.
What power does the Seychelles court have over this?
The Court has the power to issue orders to safeguard the business, property, clients, investors, creditors, or public interest of the person in question. Such orders may include:
- Prohibiting the transfer, disposal, or handling of property owned or controlled by the person concerned or any other person.
- Appoint an administrator to manage the financial services business currently or previously conducted by the person concerned before license revocation or suspension.
- Declaring the company to be wound up or subject to Court supervision under relevant winding-up laws.
- Granting the Authority a search warrant.
- Requiring the person concerned to take necessary action to comply with financial services legislation or refrain from taking any action that violates such legislation.
From the text about this interesting financial regulatory body, it is very important to remember the crucial things. We have highlighted for you, as a conclusion, what you must keep in mind when it comes to Financial Services Authority Seychelles:
- It refers to an independent regulatory body responsible for all kinds of non-banking services.
- FSA regulates and keeps the interests of Seychelles’ individuals. It does so by enabling a sound framework, visibility, accountability, transparency, and maximum safety and professionalism. It also monitors and supervises the licenses.
- In addition to supervising these licenses, the FSA is responsible for licensing, monitoring, regulating and supervising fiduciary services, capital markets, insurance, and collective investment schemes.
- The Seychelles Financial Services Authority regulates and oversees numerous financial activities. Credit sales, international business registrations, gambling, and hire purchase are among them.
- The official website of the FSA has the latest news of the industry and a proven legal framework for it.
- Its core values are collective contributions and vigilance that enable FSA to educate people about its activities in Seychelles.
- It’s one of the safest and most reliable organizations in Seychelles and internationally.