Required documents and data for Seychelles Securities Dealer License

When dealing with an application, the Authority will not grant a licence unless it is satisfied that the applicant:

Is a company incorporated under the Companies Act or under the laws of Seychelles;
Has at least 2 natural person appointed as directors;
Employs at least one individual who is licensed as a representative;
Has a minimum paid-up capital of US$ 50,000;
Complies with the insurance requirement;
Satisfies the Authority that relevant persons meet a 'fit and proper';
Will be able, if licensed, to comply with any financial resources regulations that may apply to it;
Has specified premises that are suitable for keeping records or other documents;
The Securities Dealer Licence is valid for a period of one year and must be renewed annually.

When considering the fitness and propriety of the applicant the FSA shall have regard to the applicant’s:

financial status;
educational or other qualifications or experience having regard to the nature of the application;
ability to perform the proposed function competently, honestly and fairly;
reputation, character, financial integrity and reliability;
satisfactory completion of any examination requirements prescribed by the Authority.

For individuals:

Notarized KYC documents of each shareholder, beneficial owner and director not older than 3 months in English. If it’s not in English, a certified translation is required;
Two professional reference letters;
Tax compliance certificate;
Resume (CV) for each shareholder, beneficial owner and director;
Information of relevant background and experience of applicants.

For legal entities:

A cover letter signed by the applicant or the agent of the applicant;
Completed application forms;
Certified true copies of the constitutional documents of the applicant;
Personal questionnaire forms completed by each Director, Securities dealer representative applicants, Compliance Officer and key individuals of the application;
Questionnaire form for Shareholders and Beneficial Owners completed by each shareholder and beneficial owner that hold no management position in the proposed Securities Dealer;
Audited Financial Statements of the applicant for the past 2 years except in the case of an applicant who was incorporated within the last 12 months;
The last Audited Financial Statements of the controlling owners of the applicant if the controlling owner is a non-individual;
Proof of source of wealth and source of funds (bank statement showing at least US$ 50 000 in deposit);
Proof of Physical Office and registered address;
The Representative Licence Application Form completed by each prospective representative;
Notice of place at which the Register of Securities is to be kept;
A copy of the insurance quotation (appropriate to the proposed nature and size of the business) of the applicant;
A detailed Business Plan;
Internal Operations Manual;
Client Service Agreement or Terms of Business;
Conflict of Interest Policy;
Compliance Manual;
Anti Money Laundering Manual;
Complaints Handling Manual;
Business Continuity Plan.

If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
Additional documents may be requested by the Regulator at its discretion.

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