Eternity Law International News Regulatory changes on Saint Vincent and Grenadines

Regulatory changes on Saint Vincent and Grenadines

Published:
July 29, 2020

Regulatory changes on Saint Vincent and Grenadines are going to face global changes.

The jurisdiction operating in Saint Vincent and the Grenadines is one of those that everyone wants to mention when talking about forex trading. Moreover, even here, despite the rather impressive scale of the forex industry, global, most likely, changes will take place.

There are rumors that the Financial Services Authority, acting as the local regulator, wants to enforce new rules.

For now, brokers are self-regulated, as on the Marshall Islands. It is easy to guess that it attracts dishonest players and other fraudsters to this area.

They are the reason why the good reputation of the Grenadines and Saint Vincent can be destroyed.

Tal Ron, Chairman of Drihem & Co. and Genia Gurevitz, a company deals with legal issues, confirmed that the FSA is going to introduce new regulations and rules.

Upcoming changes

The FSA is going to introduce mandatory licensing for organizations that provide, or which are going to provide the public with financial services.

This implies that companies that do not have the appropriate license will not be able to continue their activities on the territory of the state.

It is not known yet when the planned changes will come into force, but it is assumed that this should be expected already this year.

Although the Grenadines and Saint Vincent are not an exclusive place for foreign exchange trading, the new regulations and rules will have a positive impact on the development of this area, because they will help reduce the flow of fraudsters and raise level of quality standards, which can attract more players.

“Finance Magnates” have already talked about new regulations being introduced in the Bahamas, which will include credit leveraging limits, a ban on binary options and an increase in commission fees when obtaining a trading license.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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