The St. Vincent and the Grenadines Financial Services Authority (the “Authority”) wishes to advise that all Registered Agents should inform clients who own International Business Companies (IBCs), which engage in FOREX trading, commodities trading and brokerage services etc. that they should refrain from making statements on the companies’ websites which suggests that the activity is ‘Regulated, Monitored or Supervised” by the Financial Services Authority. Statements of this nature are a misrepresentation of the Authority’s supervisory powers with respect to IBCs.
As you are aware, the Authority does not approve or sanction the business activities of IBCs upon their incorporation. The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies Act.
We trust that the foregoing will be communicated to your clients as soon as possible.
For further clarification on the requirements for clients desirous of engaging in FOREX trading, commodities trading and brokerage services, please contact us.