The Vanuatu Financial Services Commission (VFSC) was
formally established in December 1993, after the
Vanuatu Parliament enacted the Vanuatu Financial
Services Commission Act No. 35 of 1993. Previous to
this, we were the Registrar of Companies and the
Official Receivership Department of the Treasury
since 1971 under the then, British Administration
and after independence in July 1980, the Ministry of
Finance and Economic Management.
The VFSC is headed by a Commissioner as its Chief
Executive Officer. The Commissioner reports to a
Board of Directors appointed by the Honourable
Minister of Finance and Economic Management for a
term of 3 years. There are seven members comprising
two ex-officio members, one member with legal
qualification and experience and four others (two of which
must possess financial expertise and experience).
The Board is currently chaired by Mr. Bill Banitamwata, a prominent local lawyer.
VFSC Organization
The Commissioner is
supported by a Deputy Commissioner.
Three departments report to them
including
Registration,Insolvency, Legal Enforcement and
Compliance and Corporate
Services.
Registration Department
The Registration Department is
responsible for incorporation of
companies, charitable associations,
trade unions, business names,
trademarks, patents and the stamping
of instruments. The department
currently has a staff of 9, headed
by a Manager.
Insolvency,
Legal, Enforcement and Compliance Department
This department is responsible
for the Official Receiver
function, legal advice on
matters affecting the VFSC as
well as the follow up of
outstanding annual returns and
fees and any enforcement action
including strike-offs for local
companies without assets. At
present there are 4 staff in ILE
headed by a Manager.
Corporate Services
Department
This department is responsible
for the “housekeeping” functions
within the VFSC. The department
develops sound human resources
systems, policies including
legislations, practices,
organization structures, plans
and reporting arrangements not
only to facilitate improved
individual and organizational
performance but also meet
statutory obligations and ensure
the current and future survival
of the Commission.
The Deputy Commissioner is
acting head of the department.
Another 5 staff members involved
in IT, accounting and internal
administrative support functions
report to the Manager.
Corporate Structure of the Commission
What we do
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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:
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:
a
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; and
b
it has a duty to act as a good employer.
Where we want to be
Message from the Chairman, Mr. Bill
Banitamwata
In the following few pages we
present the broad direction that
will be followed by the Commission
in the short to medium term.
Good planning and organization are
essential to the successful
operation of any organization.
Here, we have set out the Vision,
Mission, desired Key Outcomes of the
Commission as well as our values and
behavior, and our corporate
objectives. Our challenge is to
develop and implement the
appropriate strategies to achieve
these goals.
We at the Commission know the
benefits that a well managed and
growing financial services sector
can bring to Vanuatu and we are all
committed to its implementation.
Vanuatu Financial Services Commission's Vision
To make Vanuatu’s Finance Centre
internationally recognised as well regulated
and a preferred jurisdiction in which to do
business.
Vanuatu Financial Services Commission's Mission
To effectively and efficiently regulate and
supervise Vanuatu’s Finance industry in
accordance with government legislation and
international standards so that Vanuatu is
recognised as having an internationally
reputable and commercially attractive
Finance Centre.
An internationally reputable and
commercially attractive Finance Centre
Vanuatu’s Finance Centre is recognised
internationally as being well regulated by
us and as being commercially attractive and
a preferred jurisdiction in which to do
business.
A legislative framework that encourages best
practice and innovation
Vanuatu’s legislation for regulating the
Finance Sector reflects international best
practice and encourages the introduction of
modern financing arrangements.
A constructive working relationship between
the Commission and the Finance Centre.
We have a constructive working relationship
with the Finance Centre that is reflected in
the way we consult the Centre on necessary
changes and the way we fairly and
efficiently regulate the Centre.
A fair and reasonable contribution to
government revenues
The Finance Centre is recognised as making a
fair and reasonable contribution to
government revenues through the fees and
charges that we collect.
Vanuatu Financial Services Commission's Values and Behaviours
We have a strong
respect for lawful authority.
We are honest in
all of our dealings.
We respect and
value others’ views, even though we
may not share them.
We are
considerate of others and polite
towards them.
We make decisions
without bias and based on
legislative and other government
requirements.
We treat each
other fairly and do not discriminate
on the basis of gender, religion,
nationality, island, disability, age
or language.
We are hard
working, committed and dedicated.
We seek to work
together as a team, valuing the
importance of the work that we all
do.
We are
accountable for our own performance
and strive to meet performance
expectations.
We are
professional in our approach and
seek to improve our knowledge and
understanding of our work.
To
work as a team to improve our outcomes
This involves recognising and valuing the
different roles of everyone in the
Commission and working together to achieve
the best possible results.
To
provide a high level of customer service
This involves meeting our clients’ needs and
being fair to all customers.
To
develop and make the best use of our staff
We want to have qualified and skilled staff,
with the appropriate expertise/technical
knowledge and to develop our staff where
there are gaps in our skills.
We want to have adequate levels of staffing
(human resources) in each of our main
functional areas.
To
quickly improve the legislation governing
the scope, regulation and supervision of the
finance centre
Our aim is to have good, complete and
up-to-date legislation and for our
administrative jurisdiction to be recognised
for this.
To
make the best use of technology to improve
services
We aim to have on-line operations and to
adopt technology that will facilitate and
encourage on-line servicing of clients.
To
improve the level of industry compliance
We aim to implement strategies that will
ensure a high level of industry compliance.
To
improve promotion internationally of the
finance centre
We will put in place mechanisms for
effective promotion of the finance centre at
an international level.
Who we are
To
work as a team to improve our outcomes