Human Resources Section
The Human Resources Section (HR Section) is responsible for the human aspects of the organisation. Employee performance is vital to the organisation. The key functions of the Section are summarised as follows:
(a) Recruitment and Selection: Ensuring that the most skillful and competent individuals are selected for the job. The recruitment process generates a pool of capable individuals to apply for employment at the FSA.
(b) Capability Development and Learning and Development Strategy: Placing importance on people and their capacity to perform at high levels in rapidly changing working environments and contexts. It ensures that the organisation has in place the right strategy to support learning and development of employees.
(c) Performance Management and Development System: Focuses on operating the system designed to assist with performance management.
(d) Career Development and Succession Planning: Looking at the availability of career development and planning for such. It ensures that FSA is attracting new talent and expanding the capabilities of existing employees to fill in business-critical positions.
- Reward Management: The formulation and implementation of strategies and policies that aim to reward employees fairly, equitably and consistently.
(f) Health, Safety and Wellbeing: Identifying workplace hazards, investigating complaints, recording accidents, undertaking inspection of all FSA premises and making recommendations to the management on where improvement is required and organising activities that will help increase awareness about health and safety in the workplace.
(g) Operational Human Resource: Provides services to business operations and technical sections. It includes the implementation of employee benefits, employee relationship management, management of day-to-day issues, counseling and handling of databases.
Administration Section supports the FSA in delivering on its mandates by ensuring the efficient use of resources and providing necessary logistical support to improve our services and facilities and preserve our integrity in line with our strategies and values. It is important that we continually evolve in our ways of doing things for the benefit of our internal and external customers, all the while remaining compliant to legislations and regulations as well as internal policies. Our main areas of delivery are Purchasing and Procurement through the purchase and procuring goods and services at various level for the FSA, logistics and transport by the management, coordination and allocation of vehicles, venues for meetings and events. Furthermore, we provide maintenance and Technical support through the management of the various FSA infrastructures and assets and provide housekeeping through the provision of cleaning services of FSA Administrative locations.
The Registry Section administers the legislations under which the FSA’s Chief Executive Officer or the FSA is mandated to act as the Registrar. The Section administers the following legislations;
- The International Business Companies Act, 2016
- The Foundations Act, 2009
- The International Trusts Act, 1994
- The Limited Partnerships Act, 2003
The Section is responsible for maintaining the registers for the different entities and International Trusts in accordance with the provisions of the relevant legislations. The main duties and responsibilities of the Registry Section is the registration of specified entities in accordance with the relevant legislations. The section is also responsible for post-registration transactions. These include payment of the annual fees, amendments to the constitutional documents, dissolutions, mergers, filing of register of directors, Certificates of Good Standing and Official Searches
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 License 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.
Policy and Legal Section
The Policy and Legal Section plays an integral role in the organization. It is focused around the development of the FSA’s regulatory and legislative framework in line with international standards and best practice, while ensuring the continued growth of a robust non-bank financial services industry. In line with its functions, the section also provides support to the other technical sections of the FSA as well as liaising with other stakeholders involved in the regulation and development of the financial services legislation including the private and the public sector.
The Policy & Legal Section comprises of two units:
Policy Unit – The policy ambit of the FSA is responsible for providing policy-oriented research and analysis on a wide range of issues relating to the financial services sector and translating these policies into legislation, codes and guidelines. The Unit is proactively involved in the monitoring of international regulatory developments as well as ensuring that the FSA remains compliant with these various international standards by shaping appropriate policies. Product development is also one of the core functions of the Unit to ensure the continued development of the sector. A key element in this process is the engagement of various stakeholders to ensure that policy decisions are as inclusive as possible. The Legal team within the Section is responsible for handling any legal matters of relevance to the Organisation. This includes the drafting or reviewing of all contracts that the FSA undertakes, Memorandum of Understandings between the FSA and third parties, as well as new laws and regulations which may have an effect on the industry.
The FSA Finance Section is responsible for management of cash balances and for the overall financing of the operations of the FSA. The basic objective of the Finance Section is to keep records of financial transactions of the FSA in an accurate, transparent and time-bound manner. The Section provides leadership in financial management and accountability for the FSA.
The key functions of the Section include preparation and management of the annual budget, collection and accounting of revenue, payment, disbursements and recording of expenditure, financial reporting to all stakeholders, which include senior management, the FSA Board, PEMC and other governmental agencies.
At the end of each financial year, to ensure transparency and fairness, the FSA’s annual financial statements are prepared and submitted to the Office of the Auditor General, who conducts the annual audit review and subsequent certification of its annual financial statements.
The Finance Section is divided into two main functions (a) Financial Reporting and Salaries & Benefits Processing and (b) Financial Operations.
Information System Section
As of April 2017, the Information Technology Section changed its name to Information Systems Section (IS Section). The responsibility of the Section remains more or less the same, where its mandate would be technological support to the different sections within the FSA through the establishment of international standards and to safeguard the Information Technology infrastructure of the FSA by taking a proactive approach. In addition, it was felt that it is necessary that other elements are brought into the section such as auditing and information security.
Insurance and Pension Supervision Section
Under the Insurance Act (2008), the FSA licenses insurance domestic and non-domestic companies as well as insurance service providers (Insurance Broker, Insurance Agent (company /individual),Insurance Sub-Agents , Insurance Managers and Professional Insurance Representatives to conduct insurance business activities.
The FSA’s Insurance Act (2008), Regulations and Codes are aligned with the International Association of Insurance Supervisors (IAIS) standards and principles and focuses on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems and the protection of policyholders.
The insurance industry plays a vital role in the economic development of the Seychelles. As well as underwriting insurance products, the local insurance companies have also diversified their investment portfolios by venturing into other business sectors such as real estate. Besides the insurers, there are also the licensed brokers and registered agents and sub-agents that makes up the players within the insurance industry.
The Seychelles Financial Authority (FSA) has been mandated to administer the Seychelles Gambling Act, 2014. The Gambling Supervision Section is responsible for the licensing and regulating of slot machine, casino and interactive gambling business of the gambling industry. The purpose of the act is to ensure that the operations of the listed gambling businesses in the Seychelles:
- is being carried out according to international standard and best practices,
- to protect the children and other vulnerable person,
- is conducted in a fair and open way, and
- reduce the risk of being exposed to illegal, unlawful or criminal activity.
The FSA is also promoting responsible gambling practices within the gambling industry. The GSS is putting forward a responsible gambling awareness program. The aim of the program is to educate the public about the potential risks of gambling, how to gamble responsibly and how to find help in regards to gambling problems.
Internal Audit Section
The Internal Audit Unit of the FSA was established in the year 2015, in accordance with Section 10 of the FSA Act, as a key component of the FSA’s governance framework. The Internal Audit Unit is mandated by an Internal Audit Charter, which was approved by the FSA’s Board.
The mission of the Internal Audit Unit is to assist the Board and management to protect the assets, reputation and sustainability of the FSA, and to add value and improve its operations by assisting the Board in discharging of its oversight, management and operating responsibilities. The Head of Internal Audit functionally report to the Audit Committee of the FSA, which is a sub-committee of the Board.
Capital Markets and Collective Investment Schemes Supervision Section (CM&CISSS)
The Capital Markets & Collective Investment Schemes Supervision Section (CM&CISSS) is responsible for the regulation and supervision of entities licensed under the Securities Act, 2007, and the Mutual Fund and Hedge Fund Act, 2008. As such, the CM&CISSS regulates both the securities markets in the Seychelles and collective investments schemes business in or from the Seychelles. The CM&CISSS also actively explores the boundaries of regulation in a bid to develop the market, improve efficiency and to effectively protect financial consumers.
The primary objectives of the FSA as the Securities Authority are:
- the protection of investors;
- ensuring that markets are fair, efficient and transparent;
- the protection of the good repute of the Seychelles as an international financial service center; and
- working with other regulatory agencies to ensure mitigation of systemic risk.
ITZ and HP Section
The Seychelles International Trade Zone came into force on the 1st July 1995, upon the enactment of the Seychelles International Trade Zone Act, 1995 (“ITZ Act”).
The Act empowers the Financial Services Authority (“FSA”) to license, regulate and supervise all operations of the designated Zones in Seychelles as mandated by the ITZ Act and the Financial Services Authority Act, 2013.
The ITZ Section is structured into two units, being the “ITZ Licensing Unit” and “Supervision Unit” that is responsible for the licensing and supervision of all ITZ licensed companies operating in Seychelles. The Licensing Unit evaluates all new applications and issues ITZ licenses, whilst the Supervision Unit ensures that licensee complies with the ITZ Legislations and any Legislations in the Seychelles.
Additionally, the section also regulates employment matters within the ITZ and facilitates the processing of immigration matters. The process of employment grievances lodged by employees and/or employers of ITZ licensed companies are conducted as per the International Trade Zone (Employment) Regulations, 1997.
To conclude, the ITZ is also a member of the World Free Zones Organization (WFZO) which is a non-for-profit body that provides one authoritative and collective voice representing the interests of free zones around the globe.