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.
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:
- Anti-Money Laundering And Counter-Terrorism Financing Act No. 13 of 2014
- Business Names Act (CAP 211) and Amendments
- Companies (Insolvency and Receivership) Act No. 3 of 2013
- Companies Act No. 25 of 2012
- Company and Trust Services Providers Act No.8 of 2010
- Charitable Associations (Incorporation) Act [CAP 140] and Amendments
- Credit Unions Act [CAP 256] and Amendments
- Dealers In Securities (Licensing) Act [CAP 70] and Amendments
- Electronic Transactions Act No.24 of 2000 and Amendments
- E-Business Act No.25 of 2000 and Amendments
- Financial Institutions Act No.2 of 1999 and Amendments
- Foundation Act No.38 of 2009
- International Banking Act No.4 of 2002 and Amendments
- International Companies Act [CAP 222] and Amendments
- Insolvency (Cross-border) Act No.4 of 2013
- Mutual Funds Act No.38 of 2005
- Offshore Limited Partnerships Act No.39 of 2009
- Partnership Act [CAP 92]
- Personal Property Securities Act No 17 of 2008
- Protected Cells Companies Act No.37 of 2005 and Amendments
- Trade Unions Act [CAP 161]
- 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:
- 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.
- It has a duty to act as a good employer.