Functions

In short the main function of the VFSC is to operate an effective and efficient Registry.In addition, it has been tasked to regulate and supervise the non-deposit taking financial services industry of Vanuatu. This function would include promoting the industry overseas and protecting its reputation from undesirable business persons.

VFSC is responsible for administering the following pieces of legislation:

• • Bankruptcy Act (UK) 1914
  • Charitable Associations (Incorporation) Act [CAP. 140]
  • Companies Act [CAP. 191]
  • Credit Unions Act [CAP 256]
  • Foundations Act No.38 of 2009
  • Incorporated Cell Companies Act No. 25 of 2009
  • International Companies Act [CAP 222]
  • Mutual Funds Act No.37 of 2005
  • Offshore Limited Partnerships Act no. 39 0f 2009
  • Personal Property Securities Act No. 17 of 2008
  • Prevention of Fraud (Investments) Act [CAP. 70]
  • Protected Cell Companies Act No. 37 of 2005
  • Registration of Business Names Act [CAP 211]
  • Registration of UK Patents Act [CAP. 80]
  • Registration of UK Trade marks Act [CAP. 81]
  • Stamp Duties Act [CAP. 68]
  • Trade Union Act [CAP. 161]
  • Trust Companies Act [CAP. 69]
  • Unit Trusts Act No.36 of 2005

The Duties of the Commission, as contained in Section 7 of the Vanuatu Financial Services Commission Act No 35 of 1993 are:

• • To seek, through the provision of effective services for the supervision of financial business to protect the public in Vanuatu and elsewhere against financial loss arising out of dishonesty, incompetence or malpractice on the part of persons engaged in financial business in or from within Vanuatu;
  • To protect and enhance the reputation of Vanuatu as a centre for the carrying on of financial business and to develop Vanuatu as such a centre;
  • To be responsible for the general administration of and for the collection of fees;
  • To act internationally as the national authority or representative of Vanuatu in respect of matters relating to the supervision and regulation of financial business;
  • To provide advice and assistance to the Government and in particular to prepare and submit to the Government reports and make recommendations on the regulation of financial business and on legislation relating to financial business or to persons, companies and other undertakings engaged in financial business in or from within Vanuatu;
  • To assist and advise the Government on matters relating to any Act or Regulation directly or indirectly relevant to financial business.

The Commission is guided by two fundamental principles:

1. 1. That it shall provide a service of the highest professional standard by building a high quality service that is competent; accountable; ethical; impartial; and responsive to the needs of its clients.
   2. It has a duty to act as a good employer.

Hits: 603

Last Updated on Friday, 08 July 2011 10:20