FSA holds second meeting with corporate service providers |28 June 2018

The Seychelles Financial Services Authority (SFA), the regulator for non-bank financial services in the country, yesterday held its second meeting with corporate service providers to further discuss a more collaborative relationship.

Yesterday’s work, held at the Seychelles Trading Company’s (STC) conference room at Bois de Rose was launched by the authority’s chief executive, Dr Steve Fanny, in the presence of FSA board chairman Suketu Patel, deputy chief executive Zenab Daman, along with representatives from the Fiduciary Services Sector which includes International Corporate Service Providers, International Trustee Service Providers and Foundation Service Providers.

Among the various topics on yesterday’s agenda were updates of Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), Organisation for Economic Co-operation and Development (OECD) and Base Erosion and Profit Shifting (BEPS).

The delegates also discussed perception issues of the jurisdiction, the setting up of a technical committee and also Financial Technologies (FinTech) initiative of the industry and new products.

They also received updates on a meeting held earlier during the year between the FSA and the Seychelles Banking Association.

Set up under the Financial Services Authority Act, 2013, the Authority is responsible for the licensing, supervision and development of the non-bank financial services industry of the Seychelles. The Authority is also responsible for the registration of International Business Companies, Foundations, Limited Partnerships and International Trusts in Seychelles.

FSA’s mission is predominantly to monitor, supervise and regulate services providers involved in non-banking financial services, which include corporate service providers, trust companies, foundation services providers and other regulated entities falling under the remit of other non-banking financial services legislation.