Circular No 5 of 2019 – Amendment in Gainful Occupational Permit Procedures in relation to licensees under the Seychelles Gambling Act

This Circular is being issued to all licensees under the Seychelles Gambling Act, 2014.

In its effort to streamline processes and to improve the service delivery standard in respect to the processing of Gainful Occupational Permit (“GOP”) applications (initial GOP applications of individuals proposed to be employed within the sector and any other applications submitted thereafter), the FSA has consulted the Ministry of Employment, Immigration and Civil Status (“Ministry”) in order to devise a more efficient manner in processing such applications, whereby the following has been agreed by the FSA and the Ministry:

Attachment can be downloaded below


Issued August 30th 2019

This advisory is issued by the Financial Services Authority (“FSA”) pursuant to section 4(1) m of the Financial Services Authority Act, 2013 (“FSA Act”) and is addressed to the general public and to potential investors in respect to the scope of the FSA’s regulatory function.

Circular 3 of 2019 – Complaints in respect to specified entities being subjected to fees agreed between ICSPs and a third party

This circular aims at addressing practices observed in respect to specified entities  being subjected to fees agreed between a licensee under the International Corporate Service Providers Act, 2003 (“ICSP Act”) and  a third party.

As part of its function as the Regulator of non‐bank financial services being provided in or from within Seychelles, the Financial Services Authority (“FSA”) is mandated to protect the interest of the public in accordance with relevant legislations. The FSA’s purview also extends to the review of complaints against licensees to ensure that all licensees are operating in accordance with their obligations under the relevant legislations.

In undertaking its function in that regard, the FSA has observed an increase in complaints relating to specified entities being subjected to fees agreed between a licensee under the ICSP Act and a third party (in a majority of cases being Foreign Regulated Persons as defined by the Anti‐Money Laundering Act, 2006), whereby the specified entity had not been made aware nor agreed to such fees.

At this juncture, the FSA deems it necessary to inform all licensees that in line with the principle of privity of contract, the FSA’s position is that unless licensees are able to demonstrate that specified entities had been made aware and agreed to such fees, it shall not be subjected to same.

Therefore, for clarification purposes, note that licensees under the ICSP Act shall not refuse to provide the consent required per section 169(3) of the International Business Companies Act, 2016 for non‐payment of fees (including but not limited to transfer/exit fees) unless otherwise previously agreed by the licensee and specified entity through a service level agreement or any other documented method.

Attachment can be downloaded below

Surrender of Laveco Ltd’s International Corporate Services Licence

It has been brought to the attention of the Financial Services Authority (“FSA”) that an entity known as Sandberg Financial LLC,with company number 562839, is falsely claiming to be incorporated in Seychelles as an international business company (“IBC”) by providing its clients with a Certificate of Good Standing allegedly issued by the FSA (formerly the Seychelles International Business Authority), as the Registrar of IBCs.

Circular 2 of 2019 – Unannounced Inspections or Spot Check

The Financial Services Authority (“FSA”) would like to draw the attention that all licensees under the Seychelles Gambling Act, 2014 (“the Act”) are subject to unannounced inspections (i.e. spot checks), which is conducted by the inspector(s) appointed by the Financial Services Authority (“FSA”) in accordance with section 39 of the Act.

Attachment can be downloaded below

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