06.05.07
New Authority to oversee non-bank financial services
It is being proposed to establish a body corporate responsible for the administration of laws related to non-bank financial services. The Bill seeking to have a Non-bank Financial Services Authority was published in Official Gazette on April 23, 2007.
In accordance with the Bill, the Authority will initially perform the functions designated in the Mutual Funds Act, 1997; the Insurance Act, 1994 and the Securities Industry Act, 1995. It will consist of:
- the Governor of the Central Bank,
- the principal secretary in the Ministry of Finance,
- the Attorney-General,
- a managing director,
- 3 members from the private sector,
- a member nominated by the Minister for Finance and appointed by the President.
The execution of the policy and the everyday management of the business of the Authority will be responsibilities of the managing director.
The Authority may set up committees in order to advise it on specific matters, as well as establish departments in order to efficiently discharge its functions.
The Authority’s objectives will be the following:
- to monitor, supervise and coordinate the conduct of non-bank financial services;
- to formulate appropriate national policies and advise the government on the regulation of non-bank financial services;
- to promote and develop Seychelles as a centre for the provision of non-bank financial services;
- to protect and enhance the reputation of Seychelles as an international financial services centre.
Within 60 days after the end of a financial year, the Authority shall submit a report on performing its functions during that to the Minister for Finance. The Minister shall have the report be tabled in the National Assembly.