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 Honorable Minister of Finance and Economic Management for a term of 5 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. Lenox Vuti.
The Commissioner is supported by a Deputy Commissioner. Four departments report to them including Corporate Services, Legal Enforcement & Insolvency, Supervision and Registration.
Corporate Services Department
The Department exists to enhance the Commission’s capacity and supports the other departments within the Commission. It is responsible for the “housekeeping” functions within the VFSC and also develops sound human resources management 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 8 staff members involved in Information & Communication Technology, Stamping of instruments, Finance and internal administrative support reports to the Manager.
Legal Enforcement and Insolvency 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 2 staffs in ILE headed by a Manager.
This Supervision department is responsible for the prudential supervision of authorised entities licensed by the various acts controlled by VFSC. As a key player in the global financial services industry, VFSC is obligated to abide by established International standards of regulations and supervision in the functioning of its financial services industry. Adherence to those standards is essentially viewed as the minimum obligation in preserving Vanuatu’s financial services industry, strengthening its law enforcement machinery and promoting its international cooperation regime. At present there are 6 staffs in Supervision department headed by a Manager.
The Registration Department is responsible for incorporation of companies, charitable associations, trade unions and business names. The department currently has 6 staffs, headed by a Manager.