03.09.14

SIBA renamed as FSA to Regulate Offshore Financial Sector

Posted in Business and Economy, Offshore Services, Seychelles offshore jurisdiction, SIBA at 2:13 pm by Robert Klien

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 non-bank offshore financial services in the Seychelles.

In the past, the SIBA was also a service provider and facilitated international business, but the FSA represents an evolution in international financial services in Seychelles. It is the new institution that will concentrate 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 FSA has also launched its new website, as well as signed of memoranda of understanding with 3 of its most important stakeholders – the Central Bank of Seychelles, the Fair Trading Commission and the Seychelles Investment Board.

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