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The Mauritius Yellow Pages News - Mauritius To Set Up Financial Commission |
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Mauritius News in French and English |
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| Mauritius To Set Up Financial Commission | ||||||
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Posted to the web March 07, 2001 |
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February 28, 2001 - Port Louis, Mauritius, Indian Ocean |
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Mauritius Economic Planning and Development
minister Sushil Kushiram Wednesday announced the setting up of a financial
services commission (FSC) with oversight on the stock exchange, offshore
business activities and insurance sectors of the country's economy.
"The Commission would also supervise non-regulated or partly regulated non-banking activities such as fund management, pension schemes and management, collective investment schemes, investment advisory services and leasing", Kushiram said. According to the minister, an advisory council would also be set up to give overall direction to the development of financial services and to serve as a platform for discussion of ideas based on international trends. Equally envisaged was an agency that would be responsible for the promotion, marketing and training aspects of financial services. "An assessment would be carried out after two years and in the light of its findings, the FSC would be integrated with the Bank of Mauritius into a single unified regulatory framework for the whole financial services sector of the island", Kushiram emphasized. The creation of the council came in the wake of expert advice against operating two distinct sectors, one for business in Mauritius and the other for business out of the country. "The proposal is to put forward the concept of global business as a first step towards the integration of the onshore and offshore sectors," the minister said. Kushiram intimated that a new companies bill and a trust bill would consequently be tabled before Parliament when it convenes in March. |
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