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.

The FSA Seychelles meets with senior management staff of the Dubai FSA

The FSA Seychelles meets with senior management staff of the Dubai FSA

Senior staff from the FSA Seychelles met with the senior management of the Dubai FSA (DFSA) at the Dubai International Financial Centre on Sunday 24th October, 2021. The DFSA, which is the independent regulator of the Financial Services in Dubai was represented by Mrs. Sara Galadari, Head of International Relations, Mr. Justin Baldacchino, Managing Director Supervision, Mr. Peter Smith, Managing Director Head of Strategy, Policy and Risk and other senior staff.

The Chief Executive Officer, Mr. Damien Thesée headed the delegation, which comprised of the FSA’s Deputy CEO, management staff from the Policy, Research and Statistics, the AML-CFT, Capital Markets and Collective Investment Schemes, ITZ, and the Corporate Communications Unit. The team who is currently in Dubai to conduct a business conference on the 28th October, in collaboration with the Seychelles Investment Board (SIB), is also attending several fact finding meetings with other regulatory counterparts, as part of an ongoing effort to foster and maintain the relationship between other regulatory bodies. 

The meeting with the DFSA provided an opportunity to leverage on the expertise between the two Authorities on common challenges such as AML-CFT, supervision, international best practices, and the lack of talent within the sector. Regulatory framework, risk based approach, request and exchange of information were also discussed. 

The teams will now explore the possibilities to sign a Memorandum of Understanding (MoU) between the two Authorities particularly in regards to the exchange of information and possibility for FSA Seychelles to be provided with secondment opportunities so as to build on capacity building and development.

The team will continue with other courtesy visits to other regulatory authorities during the week.

 Financial Services Authority

FSA presents New Strategic Plan

The FSA hosted a virtual meeting on Tuesday morning to present and launch its new Strategic Plan 2021-2025. The invitation was extended to members of the industry and the Seychelles Chamber of Commerce and Industry.

The CEO of the FSA, Mr. Damien Thesee welcomed the attendees and stated that the purpose of the new strategic plan is to realign the FSA’s vision, mission and strategic deliverables for the next five years with a clear focus on:

  • Effective and efficient delivery of the FSA’s national and international mandate;
  • Operating in strict compliance to international rules and standards;
  • Earning the reputation of a reputable and exemplary NBFS jurisdictions;
  • Acquisition of the desired capabilities and infrastructure; and
  • Being a significant financial contributor to the Seychelles economy.

The presentation which was delivered by 3 staff members of the FSA, Mr. Eric Dsouza from the Policy, Research & Statistics Section, Ms. Arlette Hoareau from the Legal Unit and Ms. Amanda Rene from the Fiduciary Supervision Section. An overview of a SWOT analysis conducted on the Authority highlighting the major challenges being faced including FSA’s strategic risks assessment.

At the end of the presentation, participants were given the chance to give their comments and inputs on the new strategic plan and interact with the CEO. Any further comments are to be provided to the Director of Corporate Communications, Ms. Lissa Bristol on the following email address: lissa@fsaseychelles.sc. The FSA intends to conduct another session soon with the industry for those who could not attend.

Following the presentation of the strategic plan with the industry and other stakeholders, the plan will be updated and finalized before submission to the Government for approval in September.

Financial Services Authority

Amendments to Financial Services Legislations

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Appointment in Post of Leadership Team

In line with the organisation’s strategic realignment to create a modern and well-structured organization, the FSA is pleased to announce the following appointments in its leadership team effective as from Monday 1st August;

  • Paul Robert – Director Policy, Research & Statistics
  • Randolf Samson – Director, AML/CFT
  • Garry Jupiter – Director, Insurance, Gambling & Pension
  • Hazel Lafortune - Director, Fiduciary Supervision
  • Taryn Auguste – Director, Legal
  • Maryline Joseph – Director, Risk Management and Monitoring & Evaluation
  • Lissa Bristol - Director, Corporate Communications
  • Esther Boniface – Head of Corporate Affairs
  • Vithya Naidoo – Manager Human Resources

The following posts remains unchanged;

  • Leo Alexander – Director, Capital Markets, Collective Investment Schemes & Fintech
  • Karl Herminie – Director, International Trade Zone & Hire Purchase
  • Lisa Lautoy – Director, Registry
  • Elizabeth Bodwell – Director, Finance
  • Ammu Chetty – Internal Audit Manager
  • Jean Claude Thelermont – Director Information System
  • Pascal Marie – Director Facilities & Logistic

In carrying out its regulatory and supervisory function, it is imperative for the Authority to adopt new strategies to ensure the effective running of its internal operations.  It is with this principle in mind that the FSA remains committed in its quest to maintain a high level of service standard within the organisation. We will continue to fulfil our responsibility to safeguard the future of the financial services in Seychelles.

Financial Services Authority

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Bois De Rose Avenue, P.O. Box 991

Victoria, Mahe, Seychelles

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