Seychelles Government To Launch Non-Bank Regulatory Authority
The government of the Seychelles has announced the establishment of the Non-Bank
Financial Services Authority (NBFSA), an organisation intended to support the
liberalisation of the Seychelles economy and increase transparency in financial
transactions. According to a statement by the Department of Public Administration in the
Vice-President’s Office, the setting up of the NBFSA is to be overseen
by Conrad Benoiton who is credited with steering through the creation of the
Seychelles International Business Authority (SIBA), the government's inward
investment promotion body. Areas falling under the remit of the new body will include the insurance and
mutual fund sectors, and the stock exchange. The Central Bank will continue to concentrate on price stability, regulation
of banks and other functions falling under the Financial Institutions Act. “Government is divesting from parastatal activities and a process is
being put in place for the sale of shares to individuals and companies,"
explained the statement. "In the climate of greater transparency and liberalization, there is therefore
an urgency to have a financial services body to be fully involved with the regulation
of trading of shares,” it added. .
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