In short
the main function of the VFSC is to regulate and
supervise the whole non-banking 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:
Additionally the Commission has the following
duties:
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.
