Regulatory Alerts2022-04-06
Code for Fit and Proper and Competency Standards
The Financial Services Authority of Seychelles has issued a legally binding Code establishing mandatory fit and proper standards for directors, officers, compliance officers, and representatives under the Securities Act 2007 and Mutual Fund and Hedge Fund Act 2008. Licensees must submit comprehensive applications demonstrating an individual’s probity, competence, financial status, and relevant qualifications before formal appointment, with the onus placed squarely on the licensee to prove fitness. The Authority evaluates these applications case-by-case and retains the power to suspend or revoke approval if individuals cease to meet the prescribed criteria.
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