The Fiduciary Supervision Section(FSS) is responsible for the regulation and supervision of entities licensed under the International Corporate Service Providers Act, 2003, International Trusts Act, 1994, Act, 2008, Foundations Act, 2009, International Business Companies Act, 2016, Companies Special Licence Act, 2003 and the Protected Cell Companies Act, 2003 . The mandate of the FSS is to promote a robust regulatory framework by establishing and maintaining adequate systems and controls to ensure compliance with regulatory requirements, policies, practices and procedures in order to safeguard public interest, foster investors’ confidence and to ensure an effective implementation of enforcement action.
Structure of the FSS
The FSS comprises of three units:
- Authorisation Cluster– which receives, assesses the eligibility and determines the outcome of applications. The Authorisation Cluster acts as a gatekeeper, ensuring that only applicants that meet the regulatory standards of the FSA are authorised to carry out regulated business. This is to ensure the protection of consumers and to maintain the good repute of the Seychelles as an international financial services centre;
- Supervision Cluster – which implements both desk-based (off-site) and on-site supervision for the on-going monitoring of regulated entities under the Financial Services Authority Act, 2013, Foundations Act, 2009, International Trusts Act, 1994, International Business Companies Act, 2016 and International Corporate Service Providers Act, 2003 and takes the necessary enforcement actions against entities in the event of regulatory breaches; and
- Risk & Compliance Cluster – which develops and maintains internal procedures and workflows to ensure the efficiency of the section, and industry compliance requirements and guidelines relating to the laws administered by the Section. The Risk & Compliance Cluster is segregated into two units being the Compliance Unit (”CU”) and Financial Analysis Unit (“FAU”). The Risk and Compliance Unit provides support to all clusters within the FSS section and undertakes cluster audits to evaluate the compliance of each cluster’s practices with the approved laws, procedures, and guidelines. The CU is also responsible for complaints handling from both licensees and other third parties. The Financial Analysis Unit’s (“FAU”) key function is to review and analyse the Audited Financial Statements for all licenses licensed under the ICSP Act and Companies Special Licence as a specified entity.