New Financial Services Legislations amendments – Seychelles The President of the Republic of Seychelles, Mr. Wavel Ramkalawan vetted the new financial services legislation amendments following the approval of the National Assembly. The amendments have been gazetted on the 6th of August 2021. The proposed amendments pertain to the International Corporate Service Providers (ICSP) Act that governs businesses that are known as Corporate Services […]
Consultation Paper on – The Regulatory Framework for Structured Investment-Linked Insurance Business in Mauritius (SILIB)
Introduction – Structured Investment-Linked Insurance Business As announced in the National Budget 2020-2021, the Financial Services Commission Mauritius (FSC) will introduce a regulatory framework for Insurance Wrappers, which will henceforth be referred to as Structured Investment-Linked Insurance Business (SILIB) in order to enhance the competitiveness of the financial services sector. The FSC is proposing to introduce the SILIB within […]
Tender: Procurement of Insurance Services for Motor Vehicles and Assets for the Anti-Doping Agency of Kenya
The Anti-Doping Agency of Kenya (ADAK) is inviting sealed tenders from eligible candidates for the Provision of General Insurance Services for Motor Vehicles and Assets for an initial period of one year, renewable annually up to a maximum of three years subject to the Satisfactory Performance and at the discretion of the ADAK. This tender is open to all interested […]
Auction of 91-Day, 182-Day and 364-Day Treasury Bills
Auction of 91-Day, 182-Day and 364-Day Treasury Bills The Central Bank of Kenya is putting 91-Day, 182-day and 364-Day treasury bills on auction this Thursday 29th July with the value dated set on next Monday 2nd August. The previous average interest rates of the bills were 6.477%, 6.955%, and 7.432%, respectively. What are Treasury Bills Treasury Bills are secure, short-term investments on […]
Auction of New Benchmark Three-Year Government of Mauritius Treasury Notes.
Under the section 5 of the Public Debt Management Act 2008, and section 57 of the Bank of Mauritius Act 2004, the Bank of Mauritius is happy to advertise the publishing of a New Benchmark Three-Year Government of Mauritius Treasury Notes that will be maturing on 27 July 2024 through an auction, which is to be held […]
Severe Reminder To General Insurance Intermediaries by the FCA
The Financial Conduct Authority (FCA), which has identified regular shortcomings concerning general insurance intermediaries’ client money arrangements, is reminding companies of their responsibilities and the implications of non-compliance. “Firms holding client money are accountable for ensuring they understand the related regulatory requirements,” wrote the regulator in a new ‘Dear CEO’ letter to general insurance intermediaries. “Principle 10 of the FCA’s Principles for Business states […]
Auction of new benchmark five-year Government of Mauritius Bonds 2021
According to the issuance plan dated April 22nd, 2021 and under section 5 of the Public Debt Management Act 2008 and section 57 of the Bank of Mauritius Act 2004, the Bank of Mauritius (BoM) is pleased to advertise the issue of a New Benchmark Five-Year Government of Mauritius Bonds. They will mature on May […]
Estate Planning in 2021: What you need to know – effective solutions.
With the uncertainty we face during the COVID-19 pandemic, the need for effective estate planning has become more apparent. Furthermore, the prospect of important changes to the federal transfer tax regime makes 2021 the ideal time for attorneys to help their clients focus on updating old estate planning documents, create new ones to ensure assets […]
Introduction of a Regulatory Framework to Facilitate Foreign Currency Borrowings by Licensed Finance Companies 2021
The Monetary Board of the Central Bank of Sri Lanka (CBSL) issued directions on foreign currency borrowings by Licensed Finance Companies (LFCs) on 9th April 2021 with a view to provide flexibility for LFCs to obtain low-cost funding from foreign sources to support their business expansions. The objectives of these directions are to stabilize any […]
FinTech in Seychelles 2021: Innovations to make the country an international hub
There are numerous initiatives underway in Seychelles to foster innovation in FinTech, including digital assets and services. The Central Bank of Seychelles (CBS) has embraced the rapid pace of Fintech, while ensuring it is properly regulated and subsequently help payment service providers to leverage technological innovations in the financial sector to maximize economic growth. The […]