The Financial Services Commission of Mauritius (FSC Mauritius) and the Financial Services Authority of the Seychelles (FSA) have announced the signing of a Memorandum of Understanding (MoU) at the beginning of March.
According to the official press release, both regulatory bodies will provide joint support and information exchange.
Taking into account the increasing commitment of both FSC Mauritius and FSA Seychelles in international financial markets, the need for cooperation and mutual consultations seems to be extremely important. Jennifer Morel from the FSA and Dharam Dev Manraj from the FSC claim that this will ensure enforcement of and compliance with the regulations and laws of each of the entities.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
Joining the MoU will also facilitate the information flow between the regulatory bodies, enabling much faster action, mutual assistance and abiding the respective regulations of the jurisdiction of the authorities.
FSC Mauritius was founded in 2001 and the purpose of the watchdog is to become an internationally recognized financial supervisor, supporting the small island as a competitive economic service center. FSA Seychelles was created much later, in 2013, on the basis of the Financial Services Authority Act. The main aim of the institution is the licensing, supervision, support and development of the financial companies in the Seychelles.
In the foreign exchange and binary options industries, regulatory authorities located in exotic jurisdictions are becoming increasingly popular. They offer brokerages a simplified process for obtaining a license and require smaller authorization fees.