The Financial Services Commission of Mauritius has become a signatory of the International Organization of Securities Commissions' Multilateral Memorandum of Understanding (IOSCO MMoU), which sets out international standards on cooperation and information exchange for the robust regulation of securities and future markets internationally.
The MMoU was signed by the Chief Executive of the FSC, Clairette Ah-Hen on May 16, 2012 in Beijing.
IOSCO, the international standard setting body for securities commissions, adopted the MMoU in 2002, setting a benchmark for international cooperation. The pact established standards for the effective exchange of information between regulatory peers, described as critical to combating violations of securities and derivatives laws. The MMoU provides a common understanding amongst its signatories about how they will consult, cooperate and exchange information for securities regulatory enforcement purposes.
IOSCO MMoU signatories must in particular ensure that no legal or regulatory framework in their nation's domestic regime prevents information exchange in this area.
The FSC said that in order to meet the requirements under the MMoU it has, over the past years, initiated amendments to its existing legislative framework to facilitate information exchange (including banking information), technical cooperation, and investigative assistance. In signing the agreement, the FSC noted that the MMoU reinforces the territory's commitment to cooperate with regulatory and supervisory authorities for preserving and strengthening securities markets.
Ah-Hen stated: “The signature of the IOSCO MMoU testifies the fact that the FSC meets the international standards expected of a securities regulator and that Mauritius is a sound, stable, transparent and reputable financial services centre internationally recognized by its counterparts. The FSC has spared no efforts in this direction and will continue to work in favour of effective exchange of information and to uphold the standards set by international bodies. We look forward to greater development of our securities exchanges and more international market participants starting operations in Mauritius.”
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The MMoU was signed by the Chief Executive of the FSC, Clairette Ah-Hen on May 16, 2012 in Beijing.
IOSCO, the international standard setting body for securities commissions, adopted the MMoU in 2002, setting a benchmark for international cooperation. The pact established standards for the effective exchange of information between regulatory peers, described as critical to combating violations of securities and derivatives laws. The MMoU provides a common understanding amongst its signatories about how they will consult, cooperate and exchange information for securities regulatory enforcement purposes.
IOSCO MMoU signatories must in particular ensure that no legal or regulatory framework in their nation's domestic regime prevents information exchange in this area.
The FSC said that in order to meet the requirements under the MMoU it has, over the past years, initiated amendments to its existing legislative framework to facilitate information exchange (including banking information), technical cooperation, and investigative assistance. In signing the agreement, the FSC noted that the MMoU reinforces the territory's commitment to cooperate with regulatory and supervisory authorities for preserving and strengthening securities markets.
Ah-Hen stated: “The signature of the IOSCO MMoU testifies the fact that the FSC meets the international standards expected of a securities regulator and that Mauritius is a sound, stable, transparent and reputable financial services centre internationally recognized by its counterparts. The FSC has spared no efforts in this direction and will continue to work in favour of effective exchange of information and to uphold the standards set by international bodies. We look forward to greater development of our securities exchanges and more international market participants starting operations in Mauritius.”
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.