Africa-Press – Mauritius. An awareness session on the Settlement Framework of the Financial Services Commission (FSC) for members of the industry was held, this morning, in Ebène.
On the occasion, the Chief Executive of the FSC, Mr Dhanesswurnath Thakoor, made a presentation on the Settlement Framework to apprise licensees of the FSC of avenues to resolve certain cases in which enforcement actions are contemplated by way of mutual agreement between the FSC and licensee for breaches committed.
The CEO indicated that the awareness session is being held following a number of observations that were made in the process of settlement where there were at least two different views in respect to licensees.
It was noted that a confusion exists as regards settlement and enforcement committees, and in some cases licensees were not aware of their rights to avail of the Settlement Committee, he stated.
During his presentation, Mr Thakoor recalled that the Framework has been issued in December 2020 adding that the FSC recognises the benefit in differentiating between the licensees who acknowledge their own non-compliance early and those who do not. The CEO emphasised that early settlement will allow for reductions in administrative penalties and dwelt on the settlement process flow.
He added that the determination as to whether a case is suitable to be resolved through settlement will be made on a case-by-case basis by the Commission so as to ensure that enforcement outcomes are consistent, proportionate, effective, and in the public interest.
Settlement discussions, he pointed out, are possible at any stage before the issuance of the Decision Notice by the Enforcement Committee and therefore settlement discussions may take place in parallel with any investigation, inquiry or referral to the Enforcement Committee which has already started. Other topics covered included: the criteria to be considered, Penalty Reduction Scheme, and termination of the Agreement.
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