SVG FSA Requires Forex Brokers to Submit Certified Copy of Requisite Licences Until March 10

The regulatory agency of the Saint Vincent and the Grenadines (SVG), the Financial Services Authority (FSA) issued a formal notice to all Registered Agents and Trustees of the new requirements in place for SVG-registered Business Companies (BCs) and Limited Liability Companies (LLCs) currently engaged in and seeking to engage in forex business activity.

Companies wishing to engage in Forex business must provide a certified copy of requisite licences/approval from the jurisdiction(s)/authorities where their business activities will be conducted upon the submission of an application to be incorporated or formed in SVG. An application will be rejected if no such evidence is provided.

A transitional period of forty-five days until March 10 2023 will be granted to existing companies, within which to provide the FSA with a certified copy of requisite licences from the jurisdiction(s)/authorities in which their business activities are being conducted. No filing fees will be incurred for these filings.

According to the regulator, the adoption of the policy decision is owing to the sharp increase in the frequency and number of complaints and allegations of fraud against SVG-registered BCs and LLCs which are engaged in forex trading or brokerage and the potential detrimental effects on the reputation of St. Vincent and the Grenadines as an International Financial Centre.