List of Brokers with VFSC Regulation
The Vanuatu Financial Services Commission is the main regulatory body in Vanuatu responsible for the regulation and oversight of financial businesses there. Although the VFSC registration fee is relatively cheap, the regulator is known for its very strict checks on registrants.
VFSC has a number of visions and missions to ensure regulatory compliance, such as publishing fraud notices and warning potential investors and traders about malpractice. The VFSC can also address regulatory violations with fines of up to 125 million VUV (approximately $1.125 million) to revoke the licenses of companies that fail to comply with their rules.
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What does FSC regulated mean?
Being regulated by FSC (Financial Services Commission) of Mauritius means operating under the standards of a Mauritian financial regulator. Established in 2001, the agency was mandated under the Mauritius Financial services act of 2007.
What are FSC rules?
To obtain a forex broker license in Mauritius, the firm must establish an offline presence on the island. Following inspections and due diligence, license to operate and conduct the online forex trading activities will then be granted.
The FSC Mauritius does not impose high corporate tax and minimum capital requirement. It allows forex brokers to offer competitive trading conditions such as low starting deposit and higher leverage.
What is the main purpose of FSC?
To keep a steady balance between regulatory measures and business development in all of its aspects. FSC makes sure that all activities of its members are above board and the code of conduct is observed in their business dealings in terms of fairness, efficiency, and transparency.
Other responsibilities include preventing fraud and money laundering by enforcing an Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework in conjunction with international standards, monitoring members' financial status, the legitimacy of their activities, encouraging the public interest and confidence in the financial system, and keeping the reputation of Mauritius as an international financial center.
What are the powers of FSC?
The FSC has the power over financial institutions, forex brokerage companies, capital markets, and even individual traders in Mauritius. The agency is tasked to ensure that all operating sides are fair, efficient, and transparent in their dealings for the sake of Mauritius' economy's stability and prosperity.
FSC protects its members against any malpractice that step outside the parameters of the law. Under the Anti-Corruption Commitment by the ICAC, the institution is always ready to take the necessary precautions such as educating the employees, providing awareness to the public, regular evaluations, and constant monitoring to prevent corruption in the financial sector.
If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.