Regulatory Updates

It has come to the attention of the Financial Services Authority (“FSA”) of a website by the name of “Company Formation Seychelles” (www.companyformationseychelles.com) that is advertising the Seychelles’ trust and company services in connection with a former licensee, Valsen Fiduciaries (Seychelles) Limited (“Valsen”).

The FSA wishes to remind the public that all of the licences previously held by Valsen as issued by the FSA, namely the international corporate services, international trustee services and foundation services, have been revoked effective January 8th, 2020.

The FSA strongly urges the public to exercise caution in respect to the services advertised on third party websites, unaccredited or certified by the FSA.

The Financial Services Authority

The Financial Services Authority (“the Authority”), would like to notify the general public of its acceptance of notice for outsourcing of compliance from individuals who intend to become an approved service provider for licensees under the Securities Act, 2007 and Mutual Fund and Hedge Fund Act, 2008.

This notice coincides with the publication of the “Code on Outsourcing of Compliance Function” whereby the Authority wishes to encourage the submission of applications from individuals who are prepared to conduct this function as a third party.

Any individual who wishes to be approved to undertake this function may forward their notice to the Authority. If approval is granted, the service provider’s information will be listed on the website to ease the identification of already approved service providers by licensees.

The notification form (Appendix 1 of the Code) must be submitted along with the Personal Questionnaire Form, completed by the proposed service provider. This is an effort to increase access to qualified individuals to undertake the compliance function of licensees.

The Financial Services Authority

The Financial Services Authority (“FSA”) hereby gives notice to the general public, pursuant to section 120 (1)(a) of the Insurance Act, 2008 (Act 11 of 2008), that the above mentioned licensee, SRS Insurance Company Limited on the 31st August 2020, has surrendered its licence pursuant to section 109 of the Insurance Act and has therefore ceased to be a licensee with the FSA.

Financial Services Authority
Bois De Rose Avenue
P.O Box 991
Victoria, Mahe, Seychelles

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 Aldabra Consulting Services Limited has been revoked pursuant to section 29(1) of the FSA Act, effective May 21^st, 2020.

Therefore, note that effective May 21^st, 2020, Aldabra Consulting Services Limited no longer holds the above mentioned licence.

Financial Services Authority
Bois De Rose Avenue
P.O Box 991
Victoria, Mahe
Seychelles

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 licences held by Valsen Fiduciaries (Seychelles) Limited have been revoked pursuant to section 29(1) of the FSA Act, effective January 8^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 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.