OCT 2014: FSC signed MoU with Angolans

October 2014, the Mauritius financial services commission signed a MoU with the Comissão do Mercado de Capitais, Angola.

The deal underlines the importance of increasing international activity in the financial market.

The MoU also deals with the corresponding need for mutual cooperation and consultation among financial regulators.

This is to ensure compliance with, and enforcement of, their financial laws and regulations.

Since then, Mauritius is facing a tough situation with an Angolan investor, Alvaro Sobrinho.

Tongues are waggling about how he came to Mauritius.

It is clear he came thanks to this little-known deal.

But what happened in between, is scarcely within the ‘enforcement of, their financial laws and regulations.”

The Angolan factor in Mauritius politics and economy may have started with the MoU that opened the doors to Sobrinho.

That was two months before the MSM-ML-PMSD grabbed power from the grips of the Labour-MMM government.

The MoU says the Comissão do Mercado de Capitais, Angola and the FSC Mauritius entered into a ‘bilateral’ deal.

The deal concerns consultation, cooperation and exchange of information with the CMC Angola on 29 September 2014.

That was during the 39th International Organization of Securities Commissions (IOSCO) Annual Conference in Rio De Janeiro, Brazil.

The bilateral MoU between the FSC Mauritius and CMC Angola establishes a common framework of cooperation between the two regulatory authorities.

The idea is to promote mutual assistance and to facilitate an exchange of information.

The MoU was signed by Ms Clairette Ah-Hen, Chief Executive of the FSC Mauritius.

She stated that: “The signature of this MoU reiterates the FSC’s commitment to ensuring effective cross-border cooperation.”

It is clear the ideas was also for information sharing with its African counterparts.

“We believe that this MOU will support the development of the capital markets sector in Angola,” she said.

Do we know how much did Mauritius contribute to the development of Angola’s capital markets sector?

To date, the FSC Mauritius has signed 26 bilateral MoUs: 6 with local counterparts and 20 with international counterparts.

Out which 13 with African regulators.