GUIDANCE-NOTES-FOR-APPLICATION.pdf

GUIDANCE-NOTES-FOR-APPLICATION.pdf - VANUATU FINANCIAL...

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VANUATU FINANCIAL SERVICES COMMISSION GUIDANCE NOTES FOR PERSONS WISHING TO MAKE AN APPLICATION FOR A FINANCIAL DEALERS LICENCE SUPERVISION DEPARTMENT
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2 1. Statement of objectives This guideline is issued pursuant to Section 19(A) of the Financial Dealers Licensing Act. Vanuatu must maintain its reputation as a well regulated and reputable international financial centre hence, it is imperative that all persons required to be licensed under the Financial Dealers Licensing Act are licensed in accordance with a firm and clearly defined licensing criteria. The Commission recognises that high standard of licensing provides the necessary foundation for effective regulation and supervision. Therefore, it is essential that rigorous criteria must to be applied when processing all applications. The Vanuatu Financial Services Commission (VFSC) expects all licence applicants, representatives and agents to adhere to these Guidelines where applicable, so as to ensure consistency and efficiency in the processing of licence applications. These Guidelines should be read in conjunction with the provisions of the Financial Dealers Act, as well as written directions, notices and other guidelines that the Commission may issue from time to time. 2. The Application It is recommended for an applicant to first submit an application in draft form. The draft application will be beneficial to the applicant to deal with any issues that may arise during the course of the application review by the Commission as it is not uncommon for applicants to find that they may need extra time to sort out any issues raised, before finalising their application. It is possible to avoid having a formal application rejected by resolving any difficult issues before applying formally. The draft application should be on the same form as the formal application but unsigned. Once any issues raised on the draft application are resolved, a formal application with any changes to be made may then be submitted. There are no specific time frame by Law for the Commission to deal with the application process, however the Commission should be able to process an applications within three weeks from the date the final details of the application is received. (a) Application Form The application must be submitted using the prescribed form issued by the Commission and any other additional information should be attached to the application form. Please realise that short answers to questions may not be helpful to the Commission, hence a full explanation of how and why the company is seeking a Financial Dealers business, so please send as much background information as possible.
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3 All questions must be answered. The client needs to provide complete and accurate information in relation to the questions raised in the application form.
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  • One '14
  • Financial audit, Financial Dealers

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