LogoRegulatory Alerts
2024-01-01

Securities (Financial Statements) (Amendment) Regulations 2024

The Seychelles Minister of Finance, on the Securities Authority’s recommendation, amended the 2008 Financial Statements Regulations to raise specific capital thresholds and mandate continuous capital retention in licensed or approved bank accounts. The updated provisions adjust monetary requirements from US$50,000 to US$100,000, US$150,000 to US$200,000, and US$100,000 to US$150,000, while introducing a new subregulation requiring minimum issued and paid-up capital to be permanently held in an approved financial institution. Existing licensees must align with these updated financial and capital maintenance obligations within eighteen months of the regulations' commencement.

Financial Services Authority Seychelles logo

Seychelles

Financial Services Authority Seychelles

Click to view thumbnail

Securities Act st [31 December 2024] 688 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE SI S.I. 117 of 2024 SECURITIES ACT, 2007 Securities (Financial Statements) (Amendment) Regulations, 2024 In exercise of the powers conferred by section 133 of the Securities Act, the Minister responsible for Finance on recommendation of the Securities Authority makes the following regulations — Citation

  1. These regulations may be cited as the Securities (Financial Statements) (Amendment) Regulations, 2024. Amendment of Securities (Financial Statements) Regulations 2008
  2. The Securities (Financial Statements) Regulations is hereby amended as follows — (a) in regulation 20 — (i) by inserting the numeral (1) after the number “20.” thereby creating a new subregulation (1). (ii) by deleting in paragraph (a) of the new subregulation (1) the numerals “US$50,000” and substituting therefor the numerals “US$100,000”; (iii) by deleting in paragraph (c) of the new subregulation (1), the numerals “US$150,000” and substituting therefor the numerals “US$200,000”; (iv) by deleting in paragraph (d) of the new subregulation (1) the numerals “US$100,000” and substituting therefor the numerals “US$150,000”; (v) by deleting in paragraph (e) of the new subregulation

(1), the numerals “US$50,000” and substituting therefor the numerals “US$100,000”. (b) by inserting after the new subregulation (1) the following subregulation — “(2) The minimum issued and paid-up capital specified under sub regulation (1) shall be maintained at all times in a bank account of a bank licensed under the Financial Institutions Act, 2004 or of a jurisdiction recognised and approved by the Securities Authority”. Transition and savings provision 3. A person licensed before the coming into force of these Regulations, shall within eighteen months of their commencement, comply with their provisions. MADE th this 30 day of December, 2024. NAADIR HASSAN MINISTER OF FINANCE, NATIONAL PLANNING AND TRADE ——————— Securities Act st [31 December 2024] 689 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE SI

Share