An awareness session on the Settlement Framework of the Financial Services Commission (FSC) for members of the industry was held, on Tuesday morning, in Ebène.
The session had an audience comprised essentially of Management Companies and a virtual audience of around 300 licensees of the Commission. The main orator of this event was Mr Dhanesswurnath Thakoor, the Chief Executive of the FSC who 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 overarching goal of the Awareness Session was to apprise the licensees of the Commission of avenues under the Settlement Framework to resolve certain cases, in which enforcement actions are contemplated by way of mutual agreement between the Commission and the licensee for breach.
To recall, the FSC issued its Settlement Framework on 11 December 2020. The Settlement Framework sets out a means through which timely and proportionate enforcement outcomes can be achieved in appropriate cases. This Framework delivers on a vital commitment of the Commission to adopt Settlement as part of its enforcement process. Settlement enables key messages to be delivered to the industry and investors in a timely manner.
As per the Settlement Framework, the FSC recognises the great benefit in differentiating between the licensees who acknowledge their own compliance early and those who do not. 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 interests.
Other topics covered included: the criteria to be considered, Penalty Reduction Scheme, and termination of the Agreement.
Point to be noted, more Awareness Sessions will be organised soon.
