The Dubai Financial Services Authority (DFSA) and the Financial Services Commission of Mauritius (FSC Mauritius) had entered into a memorandum of understanding (MoU) on capacity building, as well as other collaborations.
The MoU also sets forth the intent of both authorities to enhance mutual cooperation towards promoting and developing cross-border activities. The agreement was signed in Dubai recently by DFSA chief executive Ian Johnston and FSC Mauritius chairperson Dharam Dev Manraj. This latest MoU is the second signed by the FSC in the last two months; following an agreement with India’s national stock exchange (NSE), which was signed on September this year. The agreement is expected to enable the FSC to enhance its surveillance methods and increase collaboration in technology and education between the FSC and NSE.
The Financial Services Commission (FSC) is a regulatory authority responsible for the regulation, supervision and inspection of all financial services other than banking and global business in Mauritius. It was established in 2001 and it provides licenses, regulates, monitors and also manages the conduct all the business activities in this particular sector. The FSC operates under the aegis of the Ministry of Finance and Economic Development within an internationally recognized legal framework which includes the Financial Services Act, the Securities Act and the Insurance Act, it licenses, regulates, monitors and supervises the conduct of business activities in the non-banking financial services sector.
According to the Financial Act 2007, the FSC must ensure the good management and the effective conduct of the financial services and also the global business sectors. The FSC has to develop policies in order to enable the fairness, transparency and efficiency of the financial and capital markets. Furthermore, the FSC is involved as well in ensuring the soundness and stability of the financial system and allocate new objectives, policies and also priorities.
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