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Seychelles's New FSA To Regulate Offshore Financial Sector

Thursday, March 6, 2014

On March 1, 2014, under The Financial Services Authority Act 2013, the Seychelles International Business Authority (SIBA) changed its name to the Financial Services Authority (FSA), and became the regulator for offshore non-bank financial services in the Seychelles.

While the SIBA, in the past, was also a service provider and facilitated international business, the FSA represents an evolution in international financial services in Seychelles, in that the new institution will concentrate solely on regulatory matters. It will be responsible for the licensing, supervision, and development of the non-bank financial services industry, including the registration and regulation of international finance companies, foundations, limited partnerships, and trusts in the Seychelles.

The authority's Chief Executive Wendy Pierre confirmed that the FSA has the capacity and the commitment to fulfill its mission, which is to provide a sound regulatory system in compliance with international laws and practices.

She pointed out that, while the non-bank financial services industry has meant increased knowledge and expertise in the Seychelles in professional services, such as legal, banking and accountancy, she now also looked for the development of the Seychelles' financial sector into new areas, including Islamic finance.

The FSA has also launched its new website, and has signed of memoranda of understanding with what were described as three of its most important stakeholders – the Central Bank of Seychelles, the Fair Trading Commission and the Seychelles Investment Board.