In line with the organisation’s strategic realignment to create a modern and well-structured organization, the FSA is pleased to announce the following appointments in its leadership team effective as from Monday 1^st August;

• Paul Robert – Director Policy, Research & Statistics
• Randolf Samson – Director, AML/CFT
• Garry Jupiter – Director, Insurance, Gambling & Pension
• Hazel Lafortune - Director, Fiduciary Supervision
• Taryn Auguste – Director, Legal
• Maryline Joseph – Director, Risk Management and Monitoring & Evaluation
• Lissa Bristol - Director, Corporate Communications
• Esther Boniface – Head of Corporate Affairs
• Vithya Naidoo – Manager Human Resources

The following posts remains unchanged;

• Leo Alexander – Director, Capital Markets, Collective Investment Schemes & Fintech
• Karl Herminie – Director, International Trade Zone & Hire Purchase
• Lisa Lautoy – Director, Registry
• Elizabeth Bodwell – Director, Finance
• Ammu Chetty – Internal Audit Manager
• Jean Claude Thelermont – Director Information System
• Pascal Marie – Director Facilities & Logistic

In carrying out its regulatory and supervisory function, it is imperative for the Authority to adopt new strategies to ensure the effective running of its internal operations.  It is with this principle in mind that the FSA remains committed in its quest to maintain a high level of service standard within the organisation. We will continue to fulfil our responsibility to safeguard the future of the financial services in Seychelles.

Financial Services Authority

The FSA is pleased to announce that new members has been appointed on the Capital Markets & Collective Investment Schemes Working Group Committee (“the Committee”). The committee was set up to further develop the capital markets and collective investment schemes industry in Seychelles and foster collaboration between the regulator and the industry.

The Committee’s main objectives among others, are to consider and assess the introduction of new products to the market, propose policy decisions with respect to product development and training and review and recommend changes to the current regulatory regime that governs the sector. The first meeting of the committee was held on the 22^nd July, 2021.

Chaired by the CEO of the FSA, Mr. Damien Thesee, the Committee is composed of FSA’s technical staff and the following 8 members from the industry:

• Bobby Brantley
• Charbel Raffoul
• Nico Ackermann
• Sudhanshu Agarwal
• Nicole Chang-Sam
• Michelle L. Brantley
• Tira Simeon
• Malika Jivan

The appointed members shall serve on the Committee for a period of 2 years and they shall endeavor to meet at least once every 3 months.

The Authority takes this opportunity to thank the members for accepting its invitation of appointment and extend a warm welcome to them. The Authority counts on all members’ active participation and commitment to assist the Committee to achieve its objectives.

This is a step forward and these initiatives will ensure that the Authority and the industry practitioners remains engaged in an effort to collectively grow this industry. This comes at a time, where the need for diversification of products are essential and evident. Other committees of similar nature will be set up in the coming months for the other products, whereby product development and issues affecting their businesses will be discussed and new strategies can be formed for the betterment of the industry as a whole.

Financial Services Authority

The FSA will be restructured to enable it to adapt with the on-going changes in the regulatory landscape and the envisioned long-term growth of the organisation, and the non-bank financial services sector as well. The re-organisation will aim to improve FSA’s operating efficiency, facilitate decision making and enable better communication both internally and externally.

The restructuring which consist of re-classifications and re-organisation of existing roles and also the creation of new roles and functions, forms part of the organisation’s strategic realignment to create a modern and well-structured organisation. This will result in a more effective arrangement of functions to allow it to attend more effectively to the Authority’s mandate.

The following changes to the organisation will become effective as of 1^st of August 2021.

• Converting the ‘Legal Unit’ and ‘Communications Unit’ into independent Units away from the Policy Unit. This will allow the two units to provide a more coherent support to the overall organisation.

• Restructuring of the Policy and Legal Section into the ‘Policy, Research and Statistics Section’ and catering for two responsibilities in the newly restructured section; a ‘Product Development Unit’ and a ‘Policy and Statistics Unit’. Emphasis is to be given to carrying out extensive research into development of new products that would be relevant to the Seychelles financial services for the industry to potentially adopt. Existing enabling laws are also under review to bring them at par to international standards to meet the respective industry’s current operating environment and enforce supervision.

• The AML/CFT as a stand-alone unit from the Fiduciary Supervision will ensure that the Authority’s supervisory purview can be better administered through sectorial risk assessments and enforcing mitigating measures to address the identified risks in the relevant sectors.

• Creation of a new Risk Management Unit to mitigate potential threats to the financial stability of the authority, operational efficiency, reputation so as to ensure compliance with local and international financial services legislations.

• The Insurance and Pension Supervision have been merged with the Gambling Supervision to enrich and enlarge the responsibilities of these functions, in order to also maximize the resources of the authority.

Following the closure of the China’s representation Office on 1^st July 2021 following a review of the office operations, the restructuring will be followed by the launch of the FSA’s Strategic Plan 2021 – 2025, in the coming months. The new structure is aimed to align the organization with the transformation and vision that is expected to be brought by the new management.

The FSA as the autonomous regulatory body responsible for non-bank financial services in the Seychelles remains committed to meeting strategic objectives while maintaining soundness and resilience of the financial services sector and adhering to international norms and standards.

The organisation structure can be found here.

Financial Services Authority

The newly appointed Chief Executive Officer of the FSA, Mr. Damien Thesée, the Deputy CEO, Ms. Zenabe Daman and other representatives of the FSA held a virtual meeting with the vice-chairperson of the Seychelles International Financial Services Association (SIFSA), Mrs. Tatiana Balabanova on the 13^th May, 2021. The invitation was extended to Mrs. Balabanova to be introduced and to give her the opportunity to raise and discuss, with the new management, the key challenges currently being faced by the CSPs. SIFSA is an independent organization representing voluntary members of Corporate Service Providers and Trustees (CSPs) operating in the Seychelles.

Mr. Thesée expressed the need to transform the authority to ensure it places focus on its primary role as a regulator, whilst also ensuring that the sector continues to thrives. Whilst the Authority has been more reactive previously in regards to its regulatory mandate, it is now important that we ensure we mitigate such risks that is associated with the financial sector.

In addition, the new CEO advised that the Authority is currently engaged in reviewing certain of its financial services products, as well as working on its strategic plan, which it will engage with the Industry to share their contributions.

Some of the pertinent issues raised were in regards to the industry’s effective compliance with the ever-ending changes in the legal landscape such as amendments under the Beneficial Ownership Act and the Anti-Money Laundering and Countering the Financing of Terrorism Act. It was highlighted that members of the industry, especially the smaller CSPs, have expressed major concerns as a result of not having the adequate resources to keep up with the ever-changing requirements. This is especially important now in view that the most efficient system requires IT intervention and there is a lack of human capacity in that area.

Concerns regarding the introduction of new products was raised by Mrs. Balabanova. It was pointed out that, despite having a work plan put in place 3 years back by the FSA Products and Legislation Committee (a committee set up by the FSA comprising of private sector representatives to assist in the development of the financial services industry in the Seychelles), which included the development of new products, the Authority had been preoccupied with other priority matters such as those concerning the OECD standards, EU standard and FATF standard. The Authority acknowledged that although it is of paramount importance to change existing laws it is equally important to develop new products, and therefore agreed to allocate more resources in that regard.

Mrs. Balabanova also stated that the industry welcomes the consultation process set forth by the Authority but that it needs to be improved in terms of putting in place a more formal structure and clear processes to make it more efficient and effective for quality results.

Another area where the industry feels that the Authority can improve its efficiency is in providing timely responses to licensees regarding its position on certain legal matters.

Overall, the matters raised were well received and the new CEO reassured Mrs. Balabanova of the Authority’s continued support and engagement with the industry as they work towards the most effective solutions to meet the industry’s needs.

As part of its function as the Regulator for non-bank financial services, the FSA is committed to maintain contact and develop good relations with industry partners and stakeholders for the effective regulation and development of the sector.

The Financial Services Authority (“FSA”) is mourning the sudden passing of its Chief Executive Officer; Dr. Steve Fanny who tragically left us on Friday 12^th March, 2021.

Primarily, our thoughts and prayers go out to Dr. Fanny’s close family members and children to whom he was a devoted father.

For all the FSA staff, he was an inspirational leader and mentor. Dr. Fanny was extremely passionate about the organisation and all its employees, displaying an unmatched drive for excellence and professional development within the workplace and beyond.

For the Seychelles’ financial services industry as a whole, Dr. Fanny will always be remembered as a larger than life character and a champion of the industry, its practitioners and its ethos.

For the country, Dr. Fanny has been a significant contributor in propelling the Seychelles and the industry to greater heights in his different roles with the FSA (formerly SIBA) as CEO and also Chairman of the FSA Board and with the Ministry of Finance as Principal Secretary amongst his other roles.

The FSA would like to thank everyone for the outpour of well-wishes and sympathy from which we draw comfort in this instance.

Financial Services Authority

Should you wish to send your condolences and sympathies to the FSA family please do so through the following email address, [email protected] where your messages will be viewed by all our staff and the management team.

The Financial Services Authority (FSA) and Seychelles Revenue Commission (SRC) have taken a step further to increase greater collaboration and coordination in the discharge of their regulatory and supervisory functions between both parties by signing a new Memorandum of Understanding (MoU).

The MoU has been built based on the mutual concern that both authorities have in relation to nonbanking financial services in Seychelles and this will enable them to consult regularly regarding their supervisory requirements and issues of relevance to the interest of both authorities.

The MoU also sets forth the intent of both parties to establish a framework to the full extent on cooperation permitted by regulations and rules under each authorities’ mandate, principally for: -

i. the exchange of information pertaining to tax, accounting records and ownership of licensees;

ii. the exchange of information and data in line with the monitoring substantial activity as per the OECD’s requirements for licensees that falls under the Securities Act and Mutual Fund and Hedge Fund Act;

iii. the exchange of information and data in relation to European Union’s requirements for monitoring of economic substance that would be coming to force in the near future;

In a nutshell, all the above would ensure compliance by collaborating and to conduct risk-based supervision through onsite inspections and exchange relevant information and findings.

The MoU was signed by the FSA’s Chief Executive Officer, Dr. Steve Fanny and SRC’s Commissioner General, Mrs Veronique Herminie.