 A Comprehensive Financial Services Authority Bill |
The ministry of Finance is planning to
introduce a comprehensive Financial Services Authority Bill which will bring under one
framework The Stock Exchange
Commission, the Mauritius Offshore Business Activities Authorityand the services under the Comptroller of Insurance. It is also expected that a collective
Investment Scheme Bill will be discussed and the views and observations of the financial
sector will be taken in consideration.
| Recently the Minister of
Finance Dr Vasant Bunwaree said: « Our financial services sector will continue
to contribute significantly to the growth momentum of the economy. Government has placed
the expansion of the sector at the centre of the country’s development and growth
strategies. We are committed to the continuous modernisation and diversification of the
financial services sector. Indeed, the sector has continued to develop across a wide
spectrum of activities and has now engaged in the provision of more sophisticated products
and instruments. Appropriate legislation and institutional capacity have been formulated
over the years and these have so far well served the financial services sector. However,
as the sector gains in maturity and sophistication, we need to review the current
framework governing the non-banking financial services sector so as to keep pace with
developments here and elsewhere. We also need to make sure that Mauritius as an emerging
financial centre continues to maintain a clean and credible image on the international
scene. The draft on the Financial Services Authority Bill has reached a very advanced
stage and is in the process of being finalised. As for the anti-Money Laundering
legislation, it will be presented in the National Assembly». |
