FSA Enhanced measured vis‐à‐vis the COVID‐19 Situation – Temporary Closure of FSA Offices

In light of the evolving situation concerning the COVID‐19 pandemic in the Seychelles and considering the health and wellbeing of the its staff, licensees, stakeholders and their families as a whole, the Financial Services Authority (“FSA”) has deemed it necessary to adopt certain strengthened measures vis‐à‐vis its day to day operations until further notice.

In accordance with new measures put in place by the Department of Health, in an effort to restrict access and movement of the persons to and from the FSA’s offices, the FSA offices at Bois de Rose and Providence will remain closed as of Thursday 9, 2020 until further notice. The FSA will advise as soon as possible with respect to modified work practices such as document drop‐off, delivery and a revised opening hours’ timetable.

The FSA strongly recommends that at this juncture all licensees and stakeholders similarly adopt enhanced/ escalated measures in line with recommendations recently issues by the Department of Health with respect to the restriction of the movement of people and social distancing. In this regard we reiterate recommendations made in past FSA communications that licensees make use of electronic resources in communications to the FSA and other bodies so as to help in the containment of the present situation.

Be advised that the FSA will be providing updates via its website and email as and when these are possible.


Financial Services Authority

Update on the COVID‐19 Situation – Resumption of normal office hours

In line with the recent developments and announcements made by the Seychelles Department of Health concerning the extension of duration of the Orders issued by the Public Health Commissioner, including but not limited to, the Infectious Disease (Prohibition of Outdoor Movement) Order to May 4th, 2020 the Financial Services Authority (“FSA”) has revised the strengthened measures put in place with regards to its day‐to‐day operations, specifically with respect to its office opening hours.

Kindly be informed that as from Monday May 4th, 2020 the FSA will be resuming its normal opening hours where its offices will be open following the closure enforced as a result of the Orders issued by the Public Health Commissioner.

Be advised that whilst FSA will be resuming its normal opening hours and maintaining its commitment to meet its normal service standards to licensees and other stakeholders, it would like to remind all parties that the recommendations as issued by the relevant Authorities particularly the maintenance of physical distancing amongst others are still relevant and of paramount importance as the fight against the pandemic continues.

As highlighted by its previous communications related to the pandemic, the FSA is still encouraging the use of digital modes of communication for the conduct of certain transactions such as the submission of documents and the settling of payments. The FSA will continue to monitor the situation and will provide updates via its website and email as and when these available.


Financial Services Authority

FSA Statement regarding COVID‐19 for the Insurance Sector

In order to protect public health during the COVID‐19 pandemic, the Seychelles Government has announced considerable restrictions on the movement of people to prevent the spread of the virus as well as minimizing the impact on business activities required for our country’s economy. The announcements have highlighted that only entities necessary to provide “essential services” are permitted to operate.

FSA Statement regarding COVID‐19

The Financial Services Authority (“FSA”) is continuously monitoring the COVID‐19 outbreak and its effects on its operations as well as on the operations of the different licensees, market participants and sectors under its purview. It is important to note whilst the situation concerning the global pandemic continues to evolve at a rapid pace, the health and wellbeing of our staff, licensees and stakeholders and their families remain an absolute priority for the FSA.

Keeping of Accounting Records by International Business Companies

The Registrar of International Business Companies (“Registrar”) as part of its mandate to ensure compliance with the International Business Companies Act 2016 as amended (“IBC Act”) would like to advise all international corporate service providers that it would be commencing a testing program in relation with section 174 of the IBC Act, which relates to keeping of accounting information. This is to also ensure that such records are accessible by competent Authorities upon request.

FSA & SRC sign Memorandum of Understanding

The Financial Services Authority (FSA) and Seychelles Revenue Commission (SRC) have taken a step further to increase greater collaboration and coordination in the discharge of their regulatory and supervisory functions between both parties by signing a new Memorandum of Understanding (MoU).

The MoU has been built based on the mutual concern that both authorities have in relation to nonbanking financial services in Seychelles and this will enable them to consult regularly regarding their supervisory requirements and issues of relevance to the interest of both authorities.

The MoU also sets forth the intent of both parties to establish a framework to the full extent on cooperation permitted by regulations and rules under each authorities’ mandate, principally for: -

   i. the exchange of information pertaining to tax, accounting records and ownership of licensees;

   ii. the exchange of information and data in line with the monitoring substantial activity as per the OECD’s requirements for licensees that falls under the Securities Act and Mutual Fund and Hedge Fund Act;

   iii. the exchange of information and data in relation to European Union’s requirements for monitoring of economic substance that would be coming to force in the near future;

In a nutshell, all the above would ensure compliance by collaborating and to conduct risk-based supervision through onsite inspections and exchange relevant information and findings.

The MoU was signed by the FSA’s Chief Executive Officer, Dr. Steve Fanny and SRC’s Commissioner General, Mrs Veronique Herminie.

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National Anti-Money Laundering and Countering the Financing of Terrorism Committee holds second meeting

National Anti-Money Laundering and Countering the Financing of Terrorism Committee holds second meeting

Tuesday 12th March 2019: The National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee, has started work towards its objective of strengthening the Seychelles’ AML/CFT  framework.

Location

Bois De Rose Avenue, P.O. Box 991

Victoria, Mahe, Seychelles

Contact Details

Business Hours