Regulatory Updates

The Financial Services Authority hereby gives notice to the general public, pursuant to section 28(2)(c) of the Financial Services Authority Act, 2013 (“FSA Act”), that the above mentioned licence held by Delta Capital Investments Ltd has been revoked pursuant to section 29(1) of the FSA Act, effective May 20^th, 2020.

The Financial Services Authority hereby gives notice to the general public, pursuant to section 28(2)(c) of the Financial Services Authority Act, 2013 (“FSA Act”), that the above mentioned licence held by Invictus Global Insurance PCC Limited has been revoked pursuant to section 29(1) of the FSA Act, effective May 11^th, 2020.

This notice is issued by the Financial Services Authority of Seychelles (“FSA”) drawing attention to the following website: http://exp-option.com/ and the fact that contrary to what is being advertised on this website, the entity known as CMC LTD. is falsely advertising that they are licensed and regulated by the FSA to conduct business as a Securities dealer. Details on the website are as follows:

Website: http://exp-option.com/

CMC LTD. does not hold a valid license of any type from the FSA Seychelles. The entity is not regulated by the FSA Seychelles, nor has it been in the past.

The FSA Seychelles urges investors and members of the public to exercise extreme caution in respect of CMC LTD.

The Financial Services Authority

This notice is issued by the Financial Services Authority of Seychelles (“FSA”) drawing attention to the following website: www.excoinvest.com and the fact that contrary to what is being advertised on this website, the entity known as Exco Invest Securities (Seychelles) Ltd, trading as Exco Invest, is falsely advertising that they are licensed and regulated by the FSA to conduct business as a Securities dealer. Details on the website are as follows:

Website: www.excoinvest.com

License number: SD038

Registration number: 8425493-1

Type of licence: Securities Dealer

Exco Invest Securities (Seychelles) Ltd does not hold a valid license of any type from the FSA Seychelles. The entity is not regulated by the FSA Seychelles, nor has it been in the past.

The FSA Seychelles urges investors and members of the public to exercise extreme caution in respect of Exco Invest Securities (Seychelles) Ltd.

The Financial Services Authority

Surrender of Estera Corporate Services (Seychelles) Limited’s International Corporate Services Licence

The Financial Services Authority, hereby informs the public, that Estera Corporate Services (Seychelles) Limited (“Estera”), having its registered address at Stevenson Delhomme Suites, Le Chantier, P.O. Box 882, Victoria, Mahé, Seychelles has surrendered its International Corporate Services License pursuant to Section 30 (1) of the Financial Services Authority Act, 2013 (‘‘FSA Act’’) effective on January 31^st, 2019.

The Financial Services Authority (“FSA”) would like to draw the attention of all its licensees under the Insurance Act, 2008(“the Act”), pertaining to various requests made by several insurance companies regarding the eligibility of part-time or full time employees within their organization to act as a sub-agents of the insurer.

The Financial Services Authority (“FSA”) would like to draw the attention of all its licensees under the International Trade Zone Act, 1995(“ITZ Act”)on theirtax liabilities under Income and Non-Monetary Benefit Tax(“INMBT”)Act on emoluments and non-monetary benefits being offered toemployees of ITZ licensees.

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.

The FSA hereby informs potential investors, licensees and the general public that the company Sandberg Financial LLC is not an IBC incorporated under the International Business Companies Act, 2016 and does not feature on the FSA’s Register of IBCs.

The FSA strongly advises the public to exercise extreme caution when dealing with this company.

The Financial Services Authority

In line with the recent developments and announcements made by the Seychelles Department of Health concerning the extension of duration of the Orders issued by the Public Health Commissioner, including but not limited to, the Infectious Disease (Prohibition of Outdoor Movement) Order to May 4^th, 2020 the Financial Services Authority (“FSA”) has revised the strengthened measures put in place with regards to its day-to-day operations, specifically with respect to its office opening hours. 

Kindly be informed that as from Monday May 4^th, 2020 the FSA will be resuming its normal opening hours where its offices will be open following the closure enforced as a result of the Orders issued by the Public Health Commissioner.

In order to protect public health during the COVID-19 pandemic, the Seychelles Government has announced considerable restrictions on the movement of people to prevent the spread of the virus as well as minimizing the impact on business activities required for our country’s economy. The announcements have highlighted that only entities necessary to provide “essential services” are permitted to operate.

Therefore, the Seychelles Government has designated that services such as insurance companies and intermediaries are deemed essential in the context of the COVID-19 pandemic to help protect our country by ensuring the well-being of the population.