LVFTZ Financial Markets And Services Agency (FMSA)
FMSA is the Regulator for the Zone's International Financial Services Industry. Modeled after International Financial Center Regulators such as the FSA of London, the Malta FSA and the Mauritius Financial Services Regulator.
The FMSA is an integrated regulator responsible licensing Insurance, Banking and Securities firms domiciling in the zone.
The FMSA's broad task is to achieve a marketplace that is run in an efficient, orderly and incorruptible manner while ensuring that consumers are properly informed and appropriately protected. Ultimately, the FMSA is all about maintaining confidence in the financial marketplace of the Zone for the benefit of all. The FMSA shall be a partnership between the zone and private entities and East African Government regulators to regulate the International Financial Services Industry in the Free Trade Zone.
Maintaining confidence in the financial system of the Zone shall be achieved through the supervision of market infrastructure providers; conducting market surveillance; and transaction monitoring.
Promoting awareness and understanding of the financial system, the aim is to help those that are attracted to doing business with the firms located in the Zone to gain the knowledge, aptitude and skills they need to become informed consumers, so that they can manage their financial affairs more effectively.
Securing the right degree of protection for consumers by close examination at entry aims to allow only those firms and individuals satisfying the necessary criteria (including honesty, competence and financial soundness) to engage in regulated business activity.
Once registered and thereby authorized to do business within the Free Trade Zone, the FMSA shall hold firms and individuals accountable to maintain the particular standards established in the Ordinances and Implementing Regulations of the Zone. The FMSA shall monitor the degree to which firms and individuals are meeting these standards. In the event of infractions either discovered via the FMSA monitoring process or as a result of a report The FMSA shall investigate and, if appropriate, discipline or prosecute those responsible for conducting financial business outside the rules mandated in the applicable Ordinances of the Zone. The FMSA may assess penalties for infractions and can order restoration of funds to consumers.
Diligently working towards eliminating the possibility of crime, the FMSA shall focus on three primary types of financial crime: money laundering (herein defined as taking money derived from illegal activities and investing it in legitimate enterprises or accounts; fraud and dishonesty; and criminal market misconduct such as insider dealing.