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Financial Services Supervision Division
The Financial Services Supervision Division (FSSD) of the Central Bank of Seychelles (CBS) is the prudential regulator of banks, bureaux de change, insurance companies and intermediaries. Furthermore, Central Bank has been formally appointed as the regulatory authority of Seychelles Credit Union (SCU) and delegated the supervision Housing Finance Company (HFC) and Development Bank of Seychelles (DBS).
Of the banks, six can transact with both residents and non-residents in any currency whilst one can only transact with non-residents in foreign currencies. The Central Bank derives its supervisory and regulatory powers from the Central Bank of Seychelles Act, 2004, the Financial Institutions Act, 2004 and the Insurance Act 2008.
As of January 2010 SIBA has assumed the responsibility of regulating and supervising the Mutual and Hedge Funds and Securities Exchange, which was previously vested with the CBS.
The primary objective of the division is to promote soundnes of the financial system as this is one of CBS objectives. This is achieved through licensing, on-site and off-site supervision in line with international best practices.
For the banking industry, these are achieved through on-site and off-site supervision using the internationally accepted rating systems (CAMELS for banks and PEARLS for microfinance institutions).
 Off-site: Encompasses the monitoring of individual institution's condition as well as the financial system as a whole through the submission of returns, with the idea of providing early identification of any problem so that corrective action can be effected.