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Seychelles Government To Launch Non-Bank Regulatory Authority

by Lorys Charalambous, Tax-News.com, Cyrus

14 November 2005


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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