New License Requirement For Forex Trading And Brokerage Businesses In SVG

In response to numerous complaints and allegations of fraud against SVG-registered BCs and LLCs which are engaged in FOREX trading or brokerage, the Financial Services Authority has published a formal notice regarding a new set of requirements for such SVG-registered companies.

Specifically, these companies must submit a notarized, apostilled, or certified copy of the requisite license or approval from the jurisdiction or competent authority where they carry out their business activity, by Friday, March 10, 2023.

The said notice provides the following requirements with immediate effect:

• Companies that wish to engage in FOREX activity need to provide certified, legitimate copies of any licenses obtained from jurisdictions or authorities where their business activities will be conducted.
• Companies that are already registered in SVG and engage in FOREX activity will have until March 10, 2023, to provide the FSA with certified, legitimate copies of any licenses obtained from jurisdictions or authorities where their business activities are being conducted.
• If your FOREX company does not need licenses to conduct activities in a specified jurisdiction, you can provide the FSA with a confirmation letter issued by the competent authority in that area. This document must indicate that no license is required for such activity on behalf of your entity within this particular location.

In-scope companies that fail to adhere to these requirements will be subject to sanctions against the companies in accordance with the FSA Act.