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AfricaMoney | August 24, 2017

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FSC consults Mauritius non-banking financial service sector on code of conduct

FSC consults Mauritius non-banking financial service sector on code of conduct

The code sets 9 Principles of Business Conduct which the Commission expects from all its licensees, where it may be supplemented with specific requirements for particular licensees as and when the need arises. (Image: Mara Properties)

After the launch of the Fair Market Conduct Programme in 2013, Mauritius’ premier non-banking financial services regulator, the Financial Services Commission (FSC), is now proposing to issue a Code of Business Conduct for all its licensees.

The guiding principle of the code is that the licensees of the FSC Mauritius must ensure that they run their businesses in the best interests of consumers, and that they uphold the integrity of the financial services industry.

The code sets 9 Principles of Business Conduct which the Commission expects from all its licensees, where it may be supplemented with specific requirements for particular licensees as and when the need arises.

In line with this project, the FSC Mauritius is consulting stakeholders on the proposed Code of Business Conduct. In this context, FSC is actively soliciting comments from its licensees, which can be send either by mail on businessconduct@fscmauritius.org or by post at the FSC House, 54 Cybercity, Ebene, Republic of Mauritius, 72201, by latest 29 December 2014.

In other developments in the non-banking financial services sector, the FSC Mauritius has issued a warning communiqué against GCM International Inc (GCM), which is falsely purporting to be regulated by the FSC Mauritius and to hold a Category 1 Global Business Licence issued by the FSC Mauritius under the name of GCM International Inc.

The FSC Mauritius has used the communique to inform the public that GCM is not, and has not at any time, been licensed by the FSC.

Therefore, FSC Mauritius has urged the public to exercise caution in respect of GCM. For its part, GCM claims to have the right to manage financial assets, carry on brokerage activity, make deals and conduct transactions in currency, stock and futures markets.

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