Possession or use of non-public information

To all licensees of the Financial Services Authority

The Financial Services Authority (“FSA”) is mandated to protect the public interest or interest of clients, creditors or investors in relation to financial services business in Seychelles as provided for under the Financial Services Authority Act, 2013 (“the Act”).

Please be informed that the possession and/or use, by an FSA licensee, of non-public information, confidential or not, in relation to the business of a competitor or another licensee in the same industry, obtained directly or indirectly, from or through, a person presently or in the past connected to that competitor or that other licensee in the same industry, is considered by the Authority to be a business practice that is detrimental to the public interest, or to the interest of clients, creditors or investors.

In accordance with Section 27 of the Act, the Authority may take enforcement action where it appears that a licensee is carrying on business in a manner detrimental to the public interest or interest of clients, creditors or investors.

The FSA expects that FSA licensees conduct business with integrity and without prejudice to the public interest, interest of clients, creditors or investors.

 Circular No.2 of 2015 (92KB)

Financial Services Authority

Bois De Rose Avenue

Victoria

P.O Box 991

Seychelles

July 31st, 2015

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