It is essential when selecting a broker to make sure that they are licensed & regulated by a credible governmental body. Each licensing authority monitors the working practices of financial companies, ensuring that all regulations are strictly adhered to.
Vanuatu Financial Services Commission (VFSC)
JMI Brokers LTD is a licensed Financial Services Provider from Vanuatu Financial Services Commission and authorized to carry business on Dealing in Securities under registration number 15010
The VFSC regulator completely controls the activities of market participants and ensures compliance with international standards, in particular, the provision of brokerage services by licensed companies. The regulator guarantees transparency of work and confirms that only companies with a high reliability degree can obtain the right to obtain a license for financial activities in the registrar’s jurisdiction.
(VFSC) License Benefits
Financial protection of customer deposits up to $500,000
The bond of 5 million VATU must be deposited with and kept by the VFSC.
The bond has been increased in 2017 from 200.000 VATU to 5 million VATU.
A bank reference letter and a recent bank statement as proof of source of funds to
pay the Capital for each of the ultimate beneficial owner(s).
The VFSC isrequesting a letterfrom the Bank of the applicant confirming the licensee’s
status and liquidity as a confirmation of source of funds. The capital in this context
means paying the bond deposit but also the funds required to set the Financial
business in motion. In case a client cannot provide a bank statement/letter, then it’s
a cause to refuse the application.
A statement outlining the financial standing affairs, current assets, and contingent
liabilities of the company
A license must have adequate insurance cover, including professional indemnity
insurance indemnity for partners and employees, former partners and employees, and
consultants, to serve as a protection for the investor’s funds in the event of financial
loss. The minimum insurance cover for each licensee has been revised in January 2019
and must be:
5.000.000 VT (+/- 50.000 USD) for each claim,
with an aggregate cover of not lessthan 50.000.000 VT (+/- 500.000 USD) and,
a maximum deductible amount of 10.000.000 VT (+/- 100.000 USD)