International Financial Services Commission Belize (IFSC Belize)
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Thread: International Financial Services Commission Belize (IFSC Belize)

  1. #1
    Super Moderator Gulfstream's Avatar
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    International Financial Services Commission Belize (IFSC Belize)

    IFSC Belize


    International Financial Services Commission Belize – is self-regulated organization, which was founded in 1999.

    If Bank system of Belize, including an offshore sector, is regulated with National Bank of Belize, the whole non-banking sector completely falls under the jurisdiction of International Financial Services Commission Belize ( further – The Commission).

    The membership of the Commission includes representatives of public and private sectors. Today the membership of IFSC Belize is as follows:

    Chairman - Mr. Joseph Wade - Financial Secretary
    Deputy Chairman - Mr. Jan S. Gandhi - Director General
    Members:
    1. Mr. Glenford Isagier - Governor of the Central Bank of Belize
    2. Ms. Marilyn Williams - Director of the special finance unit
    3. Mr. Nigel Hawke - Deputy Minister of Justice
    4. Mr. Kent - The Commissioner of Income Tax
    5. Mr. Christopher Coy
    6. Mr. Rodwell Williams
    7. Mr. Ortiz Lizette
    8. Mr. Aldo Salazar

    The main areas of the Commissions’ activity are:
    · enhancement and development of Belize, as the center of international financial services;
    · protection and consolidation of the reputation of Belize, as the offshore financial center;
    · ensuring the control and regulation of international financial services;
    · development of the policy, and also providing the consultation and the assistance to the Government on regulation of financial services;
    · acquisition, storing and timely informing stakeholders about the submission of changes or about new trends in the financial services area.


    This activity is realized by means of:

    · development and implementation of standards and norms, required for the proper regulation of the financial services market;
    · licensing of international financial services providers;
    · supervision of the proper execution of existing norms and standards in the finance field by financial services providers.

    Licensing members of the financial market, firstly, is designated that only companies, which respond international requirements, can provide, exercise and maintain financial services as inside as outside Belize; secondly, to control the activity of the licensee for its compliance with established standards and regulations.

    Regulation of licensed companies is exercised in accordance with developed IFSC Belize Regulations (Code of Conduct) and other normative and legal acts, valid in Belize.


    Licensed of IFSC Belize financial services providers, depending on the nature of the activity , are divided into the following categories (lists):

    · category “A” - International Business Companies
    · category «B» - Companies providing trustee;
    · category «C» - Companies providing services in the area of international insurance;
    · Category «D» - Companies providing services in the area of international collective investment schemes or open-end funds;
    · category «E» - Companies providing management services and international protection of assets;
    · category «F» - Companies providing services in the area of ​​securities trading;
    · category «G» - Companies providing international credit services;
    · category «H» - Companies providing brokerage / consulting / consulting services;
    · category «I» - Companies providing international custody services;
    · category «J» - Companies providing services in the area of trading on Forex;
    · category «K» - Companies providing money transfer services;
    · category «L» - Companies providing brokerage services in the area of money;
    · category «M» - Companies providing currency exchange services;
    · category «N» - Companies providing payment processing services;
    · category «O» - Companies providing international accounting services.

    It should be noted here, that the license is issued to the provider of financial services only on specified type of activity. Thus, for example, the company, which consists in the category “B”, cannot provide services, specified in other categories, if it doesn’t have relevant licenses on it.
    Lists of licensed providers of services are updated regularly, that’s why traders and investors always can check the company, which they deal with, for the existence of the relevant license of IFSC Belize.

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    Super Moderator Gulfstream's Avatar
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    To get the license of International Financial Services Commission Belize, the provider of financial services must:

    1. fill in and send to the addressee the License Application Form with attachment of all necessary documents;

    2. pay registration fee in the amount of 500 US dollars, which won’t be refunded to the applicant, even in the case of license rejection.

    In the case of Commissions’ positive decision, which adjusted the license issuing, the applier pays license fee, depending on the activities’ type of the applier, can amount 2 500 and/or 5 000 US dollars. This license fee is considered to be annual.

    It is also should be noted, that financial services providers, applying to IFSC Belize with license issuing statement, must comply with requirements, asserted the minimum of reserve equity, which, depending on the nature of the activity, can amount from 5 000 to 100 000 US dollars (these requirements are included in the license issuing application). According to the rules of licensing of IFSC Belize, minimum amount of the reserve equity must always stay in bank or the other licensed financial institute of Belize.

    It is worth to be said that the highest license fee (5 000 USD) and requirements to the highest amount of the minimal reserve equity (100 000 USD) are applied to the companies, providing services in the area of trading with financial instruments and securities, and also in the area of trading with the foreign currency.
    By the way, the company RoboTrade is one of such companies, consisting in the IFSC Belize list, as the licensed provider of financial services with the relevant license for it. (the license № IFSC/60/271/TS/14/ "Trading in financial and commodity-based derivative instruments and other securities").

    Obtaining the IFSC Belize license, financial services providers automatically accept the provisions, determined with the regulation of international financial services Commission, also acting in Belize legal acts and undertake to observe it steadily.

    Thus, monthly licensees, not later that the 10th day of the following month, submit reports on theirs activity to the IFSC Belize, basing of which the international services Commission sets up once a year the effectiveness of the licensee activity in the previous year and determines its prospects for the next year.

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    Super Moderator Gulfstream's Avatar
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    IFSC Belize considers not only reports on the activity of the licensees for theirs compliance with prescribed norms and rules, but also receiving to theirs address applications (claims) of customers of these licensees.

    The application with attached documents, attesting the improper execution of the duties by the licensee, is sent with registered letter to the official address of the international financial services Commission of Belize:

    Sir Edney Cain Building, 2nd Floor, Belmopan, Belize, C. A.
    Тел: 501-822-2974, FAX: 501-822-3810

    Representatives of IFSC Belize can be also contacted via “contact us”, which is on the official website of International Financial Services Commission, or via e-mail: info@ifsc.gov.bz or director@ifsc.gov.bz

    Considering the application, General director makes one of the following decisions:

    · rejects the applicants’ claim
    · initiates the disciplinary proceeding and appoints the hearing

    Whatever decision is made by General director, he informs applier and licensee about it, whom such application was sent for.

    Nevertheless, if the disciplinary proceeding was initiated, the Commission, in the case of establishing the guilty of licensee, applies to him one or more disciplinary punishment:

    1. a strict rebuke
    2. a suspension of the license for a period not longer than 6th months;
    3. a revocation of the license;
    4. an imposition of a penalty, not exceeding 5 000 US dollars.

    All materials/documents of the disciplinary proceeding are considered confidentially and the content of such materials/documents doesn’t disclose to third parties.
    If previously reviewed regulators, such as CRFIN and UCRFIN, have on the official website special section – “Black list”, which adduces unfair participants of the financial services market, also companies, containing the signs of financial pyramids, then the official website of IFSC Belize has special section – “Notices”, which is published not only the information about unfair providers of financial services, but the information about whom of financial market participants were suspended/annulled the license of IFSC Belize.
    You can learn more details about the activity of the international financial services

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    Well the traders in the forex market should be aware of the fact that most brokers wants them to trade and using scalping methods because scalping brings much more money to the brokers than long term trading. So in terms of that a trader should know that.

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    Registered user layigold's Avatar
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    Thanks for this update because it actually opens our eyes and understanding to salient point that we do not know before. Through all your threads , I have been able to know the body that licenses and regulates the affairs , mode and manner of operation of some of these brokers and one must do his home work well before choosing the one to settle with. I do not think I will have anything with a broker that is not registered and regulated

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    [lang=ar]the traders in the forex market should be aware of the fact that most brokers wants them to trade and using scalping methods because scalping brings much more money to the brokers than long term trading. So in terms of that a trader should know that.[/lang]

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    this regulation has different opinions from the traders as some say that is good regulation and some traders say it is not good and strong regulation, but i think the broker of good reputation will not depend on any regulations and it is honest with the clients regardless of its regulation, so the trader should first look for a good broker of good reputation.

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  8. #8
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    there are many brokers are registered under this organization and many of them have good reputations and honest with the traders, it is good regulation and many brokers want to join it to have some popularity in the market, if the trader has any complain then he should send them with the papers that approve what he said to solve his problem fast and help him

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    IFSC is a regulation authority who regulate brokers we have need to check if a broker says that they are registered from IFSC.simply we have need to go there official website and put the number which provides broker for regulation when you put the number and search if broker really registered from them than every info about company will appear on screen and you can check.

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    Thanks for this update because it actually opens our eyes and understanding to salient point that we do not know before. Through all your threads , I have been able to know the body that licenses and regulates the affairs , mode and manner of operation of some of these brokers and one must do his home work well before choosing the one to settle with. I do not think I will have anything with a broker that is not registered and regulated

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