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  1. Regulators
  2. /
  3. FSA
The Seychelles Financial Services Authority  official logo
Offshore

FSAThe Seychelles Financial Services Authority

The Financial Services Authority (FSA) of Seychelles licenses and supervises non-bank financial services carried on in or from within Seychelles, including the Securities Dealer licence most retail brokers advertise. That licence costs US$1,500 to apply for and requires minimum paid-up capital of US$50,000. The Securities Act 2007 puts the compensation fund duty on securities exchanges, for loss from the insolvency or winding up of a dealer, and states no per-client cap for dealer clients. A client must give the firm 21 business days to answer a complaint before escalating to the FSA, which then has 30 business days to determine it.

  • AboutReading now
  • Overview metrics
  • Advanced metrics
  • Performance
  • About & how to use
    • How to verify a licence
    • How to complain
    • Jurisdiction & scope
    • What is protected
    • Using this regulator
    • Good to know
  • Key insights & tips
    • The FSA lists every capital markets licensee by company and trade name
    • Licensed and under-assessment firms sit on the same VASP page
    • Segregation and indemnity insurance, not a fixed payout
    • 21 business days with the firm, then 30 with the FSA
    • Permitted activities are only those written into the licence
    • US$50,000 paid-up capital and two fit and proper directors
    • Non-bank financial services in or from within Seychelles
    • US$1,500 to apply for a securities dealer licence
    • 3 more
  • Documents examined
  • Licensed brokers
Report progress
Total sections8
Read1
AboutOverview metricsAdvanced metricsPerformanceAbout & how to use

About this information

The details on this page about The Seychelles Financial Services Authority were compiled from the regulator’s own official documents, its website and other public sources, and are presented as neutral, factual guidance.

If you believe something here is inaccurate, or you spot a critical problem, please let us know via Contact us.

Country
Seychelles
Jurisdiction
Government Reg.
Established in
2013
License search is not available for this regulator

Performance Metrics

Regulator Performance Overview

40
Overall Rating
143
Licensed Brokers
Low
Transparency Index
Tier 3
Global Tier
IOSCO Member

Overview

Key Performance Indicators

Total Rating

240

Total cumulative score across all categories
Average Rating

40

Average score across all performance metrics
Years Active

13

Years of regulatory operation
Active Licenses

143

Currently active licenses
Regulated Instruments

2

Types of financial instruments
Geographical Coverage

1

Countries under jurisdiction

Client Protection Details

Client Fund Insurance

Insurance coverage protecting client deposits and funds

✓
Status:none
Coverage: none

Account Managed Separately

Requirement for client funds to be held separately from company funds

✗
Status:

Operational Metrics

compliance
Transparency Level

Low

market
Market Position

Tier 3

Compliance Status

IOSCO Membership
Member of International Organization of Securities Commissions
✓ Compliant
FATF Membership
Financial Action Task Force compliance
✗ Not Available

Advanced Metrics

Licensing Information

License Types
Types of licenses available from this regulator

Securities Dealer – Principal & Agency

Cost to Obtain
Estimated costs for obtaining a license

USD 10000-20000

Regulatory Performance Scores

Detailed assessment of regulatory capabilities and effectiveness

Below Average
40SCORE
Overall Rating
0
Excellent
0
Excellence Rate
60
Highest Score

Regulatory Support Features

Negative Balance Protection
Not Supported
Investment Professional
Not Supported
Account Managed Separately
Not Supported

Core Performance Metrics

Detailed breakdown of the 6 key regulatory performance indicators

License Value

Value and prestige of licenses issued by this regulator

40
out of 100
Needs Improvement
Regulatory

Effectiveness of regulatory framework and enforcement

60
out of 100

Performance Summary

This regulator shows below average performance with an overall score of 40.

Strongest performance in Regulatory

Transparency Level: low

Global Tier: tier3

IOSCO Member
40
Overall
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About and how to use The Seychelles Financial Services Authority

The Financial Services Authority (FSA) of Seychelles licenses and supervises non-bank financial services carried on in or from within Seychelles, including the Securities Dealer licence most retail brokers advertise. That licence costs US$1,500 to apply for and requires minimum paid-up capital of US$50,000. The Securities Act 2007 puts the compensation fund duty on securities exchanges, for loss from the insolvency or winding up of a dealer, and states no per-client cap for dealer clients. A client must give the firm 21 business days to answer a complaint before escalating to the FSA, which then has 30 business days to determine it.

How to verify a licence

1. Open the FSA Capital Markets register at https://fsaseychelles.sc/regulated-entities/capital-markets. 2. Choose the tab matching what the firm claims to be: Securities Exchange, Securities Facility, Clearing Agency, Securities Dealer, Securities Dealer Representative, Investment Advisor Representative or Investment Advisor. Most retail brokers sit under Securities Dealer. 3. Find the firm by licensed company name, then check the trade name shown with it, since many dealers trade under a brand that differs from the company name. Each entry gives company name, trade name where used, Seychelles address, telephone, email and website. 4. Compare the website in the entry with the site you are using. 5. For a crypto platform use https://fsaseychelles.sc/vasp/licensed-vasps and read the tab labels: the page lists licensed providers by category and, separately, applications still in the assessment stage. 6. Check https://fsaseychelles.sc/media-corner/regulatory-updates for a notice about the firm, a surrender, or a terminated accreditation. 7. Registers kept by the Authority are also open to public inspection at its offices in ordinary office hours on payment of the fees in Schedule 2 of the Securities (Forms and Fees) Regulations, 2008.

How to complain

Complain to the firm first. Under regulation 9(1) of the Financial Consumer Protection (Complaint Handling) Regulations, 2024 the firm must respond as soon as possible and in any event within 21 business days from the date of lodging, extendable to 90 business days for grossly complicated complaints if the firm says so in writing. The firm must acknowledge in writing within 2 business days with a reference number and a named contact. Only after the 21 business days may the matter go to the FSA, using the form at https://fsaseychelles.sc/complaint-handling with proof the complaint was first lodged with the firm. Complaints must be in English, Creole or French, with certified translations for other languages. The FSA must investigate and determine within 30 business days, and will not investigate frivolous, vexatious or anonymous complaints or one still with the firm. A licensee or person aggrieved by an FSA decision has a separate appeal to the FSA Appeals Board within 90 days.

Jurisdiction and scope

The FSA supervises non-bank financial services business carried on in or from within Seychelles: fiduciary services, capital markets and collective investment schemes, insurance, the International Trade Zone, gambling, hire purchase and credit sales, and virtual asset services under the Virtual Asset Service Providers Act, 2024, alongside the company and trust registries. A Securities Dealer licence authorises only the activities written into it, and the FSA may limit the type of securities dealt in, state whether the dealer may hold client assets, and require membership of a recognised overseas securities exchange. Incorporation as an International Business Company in Seychelles is not an authorisation to offer financial services, a distinction the FSA repeats in its public notices.

What is protected

Client protection under the Securities Act, 2007 runs through segregation and insurance rather than a client compensation cap. Section 64(h) requires a licensee to protect client assets by way of segregation and identification, and section 72 lets regulations require client money to be paid into a segregated client bank account whose title contains the word client. Section 73 requires every licensee other than an accredited representative to maintain an insurance policy indemnifying it against liability arising from acts or omissions in its securities business. The compensation fund requirement in section 8(3) applies to a company applying for a securities exchange licence, for the protection of dealers and their clients who suffer loss from the insolvency or winding up of a securities dealer. No per-client compensation amount for dealer clients appears in the documents read. In notices about websites it has not authorised, the FSA states it shall not be liable should persons continue to deal with them.

Using this regulator

Match the broker to the register by company name and trade name, then compare the website in the entry with the site you trade on. Ask for a copy of the licence and read the conditions on it, because permitted activities and whether the firm may hold client assets are set licence by licence. Ask which bank holds the segregated client account. Keep every statement, confirmation and email, since escalation to the FSA requires proof of the complaint first lodged with the firm plus supporting documents. Watch the dates: complain in writing, count 21 business days, then escalate. For a crypto platform, check whether the name appears as licensed or as an application under assessment, because the two mean different things.

Good to know

The Securities (Conduct of Business) Regulations, 2008 published on the FSA site returned no extractable text, so the detailed client money rules made under section 72 could not be quoted and the segregation duty is cited from the Act itself. The two annual report pages and four archived copies (p_d05, p_d10, p_d11, p_d12) were outside the context budget and were not read. The archived copies of the complaint handling page and the Appeals Board page extracted as compressed bytes rather than readable text, so those pages could not be compared clause by clause. No official document read states a transparency rating, so that field is left out. Capital Markets register entries do not display licence numbers, so a number quoted by a firm cannot be checked directly on that page; matching is by company name and trade name.

Key insights and tips

Check a broker on the FSA Capital Markets register

Key

Most retail brokers with a Seychelles licence sit under Securities Dealer and trade under a brand name, so confirm the firm by matching both the company name and the trade name, then check that the website in the entry is the site you are using.

The FSA publishes its capital markets licensees at fsaseychelles.sc/regulated-entities/capital-markets under seven tabs: Securities Exchange, Securities Facility, Clearing Agency, Securities Dealer, Securities Dealer Representative, Investment Advisor Representative and Investment Advisor. Each entry gives the licensed company name, the trade name where one is used, the Seychelles address, telephone, email and website.

The Authority maintains separate registers for each type of Securities Dealer licensed under the Act. The registers are open to public inspection during ordinary office hours upon payment of the relevant fees set out in Schedule 2 of the Securities (Forms and Fees) Regulations, 2008.
Clause 15.2 in Securities Dealer Guidelines, p.11Read the source
To note, the FSA publishes upon its website all persons authorised or licensed to offer non-bank financial services, including virtual asset services, as well as the registration of Initial Coin Offerings (“ICO”) or Non-Fungible Tokens (“NFT”).

Official documents examined

  • Licensing requirementsApplying for a License
    Fetched Aug 23, 2026View source
  • Complaints procedureComplaint Handling
    Fetched Aug 23, 2026View source
  • Consumer noticeConsumer Protection
    Fetched Aug 23, 2026View source
  • Enforcement policyAppeals Board
    Fetched Aug 23, 2026View source
Not Supported

Negative Balance Protection

Protection against negative account balances in trading

✗
Status:Not Supported

Investment Professional Support

Access to qualified investment professionals and advisory services

✗
Status:Not Available
regulatory
Regulatory Approach

Government-regulated

Coverage
Prohibited Countries

North Korea - UN-sanctioned countries

Fund Insurance
Client fund protection schemes available
✓ Compliant
Account Managed Separately
Mandatory client account segregation
✗ Not Available

Geographic Coverage

Primary Jurisdiction
Main regulatory jurisdiction and headquarters

Seychelles

Coverage Area
Geographic areas where this regulator has jurisdiction

Most countries worldwide (exceptions apply)

Prohibited Countries
Countries where regulatory activities are prohibited

North Korea - UN-sanctioned countries

Regulatory Features

Business Models Permitted
Types of business models allowed under this regulator

Retail Agency (STP); Market Maker (Principal); Provide Liquidity (PoP)

Public License Lookup
Availability of public license verification system

Online portal available

Complaint Mechanism
Process for filing complaints against regulated entities

FSA Enquiries

Trading Information

Highest Leverage
Maximum leverage ratio permitted by this regulator

1:1000

Regulated Financial Instruments
Financial instruments authorized for trading under this regulatory framework

2 instruments

Available Instruments:
StocksFund
Trading Limits
Restrictions and limits imposed on trading activities

Contact regulator for details

International Memberships

IOSCO Membership

International Organization of Securities Commissions

Member

Member of the global body that brings together the world's securities regulators

Benefits:

Access to international regulatory standards, cooperation frameworks, and best practices

FATF Membership

Financial Action Task Force

Not a Member

Member of the inter-governmental body that sets standards for combating money laundering

0
Above Average
Average
Institutional

Institutional strength and organizational capability

40
out of 100
Needs Improvement
Risk Management

Risk assessment and management protocols

60
out of 100
Average
Investment Protection

Investor protection measures and safeguards

40
out of 100
Needs Improvement
Client Fund Insurance Rating

Client fund protection and insurance coverage

0
out of 100
Needs Improvement
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About The Seychelles Financial Services Authority

The Seychelles Financial Services Authority (FSA) is an independent regulatory authority responsible for regulating and overseeing the international non-bank financial services sector in Seychelles.

The FSA was established by the Financial Services Authority Act 2013, and is primarily responsible for licensing, monitoring, and supervising financial services providers, ensuring compliance with the local laws and international standards.

The Authority regulates several areas, including fiduciary services, capital markets, collective investment schemes, insurance, gambling (including casinos, slot machines, and interactive gaming), and international trade zones.

The Authority also issues and administers international business companies (IBCs), foundations, limited partnerships, and international trusts, which makes Seychelles a favorable jurisdiction for global business.

Official Description

Contact Information

website icon

Main Site

https://fsaseychelles.sc/
live chat icon

Live chat

https://fsaseychelles.sc/complaint-handl...
phone icon

Phone

248 4380800
at icon

Email

complaints@fsaseychelles.sc

Instruments and Trading Limits

Regulated financial instruments

Stocks, Fund

Quoted in Warning: Unauthorised activity under the Virtual Asset Service Providers Act, 2024
Read the source
  • public register
  • license verification
  • securities dealer

Compensation fund duty sits with securities exchanges

Key

A trader with a Seychelles securities dealer should not assume a fixed payout if the broker fails. The fund provision attaches to the licensing of an exchange, so cover depends on that exchange's arrangements rather than on a stated cap.

Section 8(3) of the Securities Act, 2007 requires a company applying for a securities exchange licence to make arrangements for a compensation fund for the protection of securities dealers and clients of securities dealers who may suffer loss as a result of the insolvency or winding up of a securities dealer. No per-client compensation amount for clients of a securities dealer appears in the Act.

Any company desiring to be licensed as a Securities Exchange pursuant to this Act shall make arrangements acceptable to the Securities Exchange for a compensation fund for the protection of securities dealers and clients of security dealers who may suffer loss as a result of the insolvency or winding up of a securities dealer.
Clause 8(3) in Consolidated Securities Act, 2007 to 18th December 2024, p.14Read the source
  • compensation
  • insolvency
  • securities exchange

Give the firm 21 business days before escalating to the FSA

Key

21 working daysComplaint Handling Regulations 2024, regulation 9(1)

An escalation sent to the FSA before the 21 business days have run, or without proof the firm was asked first, does not meet the stated conditions for the Authority to investigate. Date the first letter to the broker and keep it.

Regulation 9(1) of the Financial Consumer Protection (Complaint Handling) Regulations, 2024 requires a financial services provider to respond within 21 business days from the date of lodging. The FSA complaint page states complainants shall allow the provider those 21 business days for a determination before escalating to the Authority, with proof of the earlier submission.

A financial services provider shall provide a response to the complainant as soon as possible, but in any event within 21 business days from the date of lodging the complaint with the financial services provider.
Clause 9(1) in Financial Consumer Protection (Complaint Handling) Regulations, 2024, p.5Read the source
As per section 9 of the Financial Consumer Protection (Complaint Handling) Regulations, complainants shall allow the financial services provider 21 business days from the date of lodging a complaint for a determination before escalating their complaint to the Authority.
Quoted in Complaint HandlingRead the source
  • retail clients
  • complaint deadline

Minimum paid-up capital is 50,000 US dollars

Key

USD 50000Securities Dealer Guidelines, section 7

US$50,000 of paid-up capital is the financial cushion behind a Seychelles securities dealer licence. Set it against the balance you plan to hold with the firm.

The FSA will not grant a Securities Dealer licence unless the applicant has minimum paid-up capital of US$50,000, is a company incorporated under the Companies Act or the laws of a recognised jurisdiction, has at least two fit and proper natural person directors, employs at least one licensed representative, complies with the insurance requirement in section 73, and has a physical place of business in the jurisdiction.

Has a minimum paid-up capital of US$ 50,000
Clause 7(d) in Securities Dealer Guidelines, p.7Read the source
has at least 2 (two) natural person appointed as fit and proper directors;
Clause 7(b) in Securities Dealer Guidelines, p.7Read the source
  • licensing requirements
  • fit and proper
  • capital requirement

Licensed VASPs page also lists applications under assessment

Key

A crypto platform named on the assessment tab is not yet licensed. Reading which tab a name sits under tells a trader whether the FSA has granted authorisation or is still deciding.

The FSA Licensed VASPs page carries tabs for Wallet Service Provider, Virtual Asset Broking, Virtual Asset Exchange and Investment Provider, plus a separate tab headed Virtual Asset Service Providers Assessment. The page states those entities have submitted a complete application and are permitted to continue operating until the Authority determines the application.

The below list of entities has successfully submitted a complete application to the Authority and is now in the assessment stage. They are permitted to continue operate until such time the Authority makes a determination as to the status of the application.
Quoted in Licensed VASPsRead the source
  • public register
  • virtual assets
  • pending application

Licensees must segregate and identify client assets

Key

Segregation is the main protection a trader has if a Seychelles broker fails, so it is worth asking the firm which bank holds the segregated client account and getting the answer in writing.

Section 64(h) of the Securities Act, 2007 requires a licensee to protect by way of segregation and identification those client assets for which it is responsible. Section 72 empowers regulations requiring client money to be paid forthwith into a segregated client bank account whose title contains the word client.

protect by way of segregation and identification, those client assets for which the licensee is responsible;
Clause 64(h) in Consolidated Securities Act, 2007 to 18th December 2024, p.52Read the source
require clients' money to be paid forthwith into a segregated client bank account the title of which contains the word “client”;
Clause 72(2)(b) in Consolidated Securities Act, 2007 to 18th December 2024, p.56Read the source
  • retail clients
  • client money
  • segregation

Verifying a firmThe FSA lists every capital markets licensee by company and trade name

Seven register tabs cover the capital markets licences, and most retail brokers appear under Securities Dealer. Entries carry the company name, the trade name, the Seychelles address and the website, so a trader confirms a firm by matching the name pair and the website. The Regulatory Updates page carries notices about companies that claim an FSA licence they do not hold.

Read Regulatory Updates for notices on claimed licences

Useful

A licence number in a website footer proves nothing on its own. The register plus the Regulatory Updates page together show whether an FSA claim stands up, and that Seychelles incorporation is not authorisation to offer financial services.

The FSA publishes notices in its Regulatory Updates section naming websites and companies that claim its authorisation. An August 2026 notice records a website referring to a company that claimed FSA regulation under a licence number, and states the entity is not known and holds no valid licence. Other notices name companies on the International Business Companies register that hold no authorisation under the Virtual Asset Service Providers Act, 2024.

Please be advised that the entity is not known, does not hold a valid license nor is it regulated by the FSA in any capacity and the website is not linked to any entity licensed or regulated by the FSA in any capacity.
Quoted in Public alert: MirrorTradelocker Ltd and unauthorized use of websiteRead the source
The company is registered on the register for International Business Companies but does not hold any authorization for the offering of virtual asset related services and securities business as is provided for within the Virtual Asset Services Providers Act, 2024 and the Securities Act, 2007 (as amended).
Quoted in Warning: Unauthorised Activity under the Virtual Asset Service Providers Act, 2024 and Securities Act, 2007 (as amended).Read the source
  • license verification
  • unauthorised business
  • public notices

Reading the registerLicensed and under-assessment firms sit on the same VASP page

The Licensed VASPs page has four licence-category tabs plus a separate assessment tab, and the entities on that tab are permitted to trade only until the FSA determines their applications. Licence surrenders and terminated accreditations are published by name with an effective date, so the register alone does not always show the latest position.

Surrenders and terminations are published by name

Context

A broker can leave the register by surrendering its licence rather than through enforcement, and only the notice gives the effective date. Checking Regulatory Updates shows whether the licence a firm advertises is still live.

The FSA gives public notice under section 4(1)(m) of the Financial Services Authority Act, 2013 when a licence is surrendered or an accreditation terminated, naming the firm or individual, the licence number and the effective date. A licensee may surrender at any time by prior written notice setting out the reasons, the effective date and the measures taken to discharge liabilities and transfer client business.

the Securities Dealer Licence of Aerarium Limited and that of the Securities Dealer Representative Licence of Mr. Georgios Karoullas have been surrendered as per the requirements of Section 30(1) of the FSA Act, effective July 17th, 2026.
Quoted in Surrendering of Securities Dealer Licence of Aerarium Limited (SD036) and Securities Dealer Representative Licence of Mr. Georgios Karoullas (SDR048)Read the source
A licensee may, at any time, surrender its licence by giving prior notice in writing to the Authority.
Quoted in Regulatory EnforcementsRead the source
  • public register
  • licence status
  • surrender

What is coveredSegregation and indemnity insurance, not a fixed payout

Every licensee other than an accredited representative must maintain indemnity insurance under section 73, and the FSA remit extends to protecting clients inside and outside Seychelles against loss from dishonesty, incompetence, malpractice or insolvency. Once the FSA publishes a notice about a website, it states that it shall not be liable if a person keeps dealing with it.

Every licensee must hold an indemnity insurance policy

Useful

Where no compensation cap is stated for dealer clients, this insurance is one route through which a claim against the firm can be met. A trader can ask who the insurer is and what the policy covers.

Section 73 of the Securities Act, 2007 requires every licensee, other than an accredited representative, to effect and maintain an appropriate policy of insurance on terms determined by the Authority, indemnifying it against liability incurred as a result of any act or omission by it or its officers or employees in the conduct of its securities business.

Every licensee, other than an accredited representative, shall, to the satisfaction of or on terms prescribed by the Securities Authority, effect and maintain an appropriate policy of insurance on such terms and conditions as may be determined by the Securities Authority for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
Clause 73 in Consolidated Securities Act, 2007 to 18th December 2024, p.57Read the source
  • retail clients
  • protection scope
  • insurance

A wind-down plan must be approved before a licensee closes

Useful

It shows what a supervised exit looks like: an approved plan, a fixed end date, no new clients, and the FSA inviting clients who cannot get a satisfactory response from the firm to contact it.

In its July 2026 notice on the closure of the virtual asset business of HDR Global Trading Limited trading as BitMEX, the FSA states the company submitted a winding down plan approved by the Authority, including the return of client assets and funds, and must complete the process by the intended closure date of 23 September 2026.

The Company has submitted a winding down plan, approved by the Authority, to ensure the orderly cessation of its operations, including the return of client assets and funds. The Company is required to complete the process of ceasing exchange operations by no later than the intended closure date of the 23rd September 2026, and to continue engaging with users to ensure the return of all client-held virtual assets.
Clause 4 in Public Notice: HDR Global Trading Limited Trading as BitMEX Exchange Winding UpRead the source
  • client assets
  • protection scope
  • wind down

The FSA remit covers loss from insolvency and malpractice

Context

This is the mandate a trader relies on when escalating to the FSA, and it extends to clients outside Seychelles dealing with a Seychelles licensee.

The FSA consumer protection page states the Authority has the responsibility to safeguard and protect the public, including investors, clients and potential clients of persons engaged in financial services business in Seychelles, whether within or outside Seychelles, against financial loss arising out of dishonesty, incompetence, malpractice or insolvency.

In addition, the FSA has the responsibility to safeguard and protect the public; this includes investors, clients, as well as potential clients of persons engaged in financial services business in Seychelles, whether within or outside Seychelles, against financial loss arising out of dishonesty, incompetence, malpractice or insolvency of persons engaged in financial services business in or from within Seychelles.
Quoted in Consumer ProtectionRead the source
  • protection scope
  • consumer protection

Complaining21 business days with the firm, then 30 with the FSA

The firm must acknowledge a complaint within 2 business days and respond within 21 business days, extendable to 90 for grossly complicated cases if confirmed in writing. Only then can a trader escalate to the FSA, which must determine the matter within 30 business days. Complaints go in English, Creole or French, with proof of the earlier submission attached.

The FSA determines an escalated complaint in 30 business days

Useful

30 working daysComplaint Handling Regulations 2024, regulation 18(1)

This sets the timetable a trader can hold the FSA to after escalating, and names the point at which to ask for a written new deadline.

Regulation 18(1) requires the competent authority to investigate and make a determination on a complaint within 30 business days of receiving it. If it cannot meet that timeframe it must inform the complainant beforehand and give a new timeline, and for grossly complicated issues the response may extend beyond 60 business days with written reasons.

A Competent Authority shall, within 30 business days from the date of receiving a complaint, investigate and make a determination on such complaint.
Clause 18(1) in Financial Consumer Protection (Complaint Handling) Regulations, 2024, p.11Read the source
  • complaint deadline
  • escalation

Complicated complaints can run to 90 business days

Useful

90 working daysComplaint Handling Regulations 2024, regulations 8(1) and 9(2)

If a broker asks for more time, the extension counts only when it comes in writing with a stated date. No written acknowledgement within 2 business days is itself worth recording.

Regulation 9(2) allows the 21 business day response time to extend to 90 business days for grossly complicated complaints, and in that case the firm must inform the complainant in writing with the timeframe for a response. Regulation 8(1) requires written acknowledgement within 2 business days with a reference number and a named contact.

For grossly complicated complaints, the timeframe may be extended to 90 business days and in such cases, the financial services provider shall inform the complainant in writing, and the timeframe by which a response shall be provided to the complainant.
Clause 9(2) in Financial Consumer Protection (Complaint Handling) Regulations, 2024, p.5Read the source
A financial services provider shall, within 2 business days, acknowledge the receipt of a complaint in writing
Clause 8(1) in Financial Consumer Protection (Complaint Handling) Regulations, 2024, p.5Read the source

Complaints are accepted in English, Creole or French

Useful

A trader whose chat logs and statements are in another language needs certified translations before the file is complete, which is worth arranging while the 21 business days run.

The FSA complaint page states complaints must be made in English, Creole or French, and that information or documents in other languages require a certified English, Creole or French translation. Each upload area on the form takes a maximum of 128MB.

Complaints must be made in “English, Creole or French” any information or documents provided in other languages, are required to have certified English, Creole, or French translation.
Quoted in Complaint HandlingRead the source
  • complaint route
  • evidence

What the licence allowsPermitted activities are only those written into the licence

The FSA may limit the types of securities a dealer handles, state whether it may hold client assets at all, and require membership of a recognised overseas exchange. A restricted licence can cap the number of clients or set a minimum investment per client, so two firms with the same licence class can be permitted to do different things.

The licence permits only the activities written into it

Key

Two firms holding the same class of Seychelles licence can be permitted to do different things, and whether a firm may hold client assets is a condition on its own licence. Ask for the licence document and read the conditions on it.

Under the Securities Dealer Guidelines, activities permitted under a Securities Dealer licence are only those contained within the licence. The FSA may limit the nature and scope of the business, including the type of securities dealt with, and may specify whether or not the dealer may hold client assets, or require membership of a recognised overseas securities exchange.

Activities permitted under the Securities Dealer Licence are only those that are contained within the license and are limited to only such business as stated. The Securities Dealer must comply with the conditions contained in its licence.
Clause 7.3 in Securities Dealer Guidelines, p.8Read the source
(b) Specifying whether or not the Securities Dealer may hold client’s assets
Clause 7.3(b) in Securities Dealer Guidelines, p.8Read the source
  • scope of authorisation
  • licence conditions
  • client assets

A restricted dealer licence can cap clients and minimum investment

Useful

A restricted licence is not a general retail permission. If a firm holds one, its terms decide whether it may take a client like you at all, and at what minimum size.

On assessing an application the FSA may grant a Restricted Securities Dealer Licence by limiting the number of clients the licensee may serve, limiting it to clients named in the licence or a schedule, or setting the minimum value of an individual client's investment.

Upon assessment of the application, the Authority may grant a Restricted Securities Dealer Licence by: (a) Limiting the number of clients to whom the licensee may provide services, or (b) Limiting the licensee to providing services only to the clients named in the licence or a schedule thereto, or (c) Setting the minimum value of an individual client’s investment.
Clause 7.1 in Securities Dealer Guidelines, p.8Read the source
  • scope of authorisation
  • restricted licence

Getting authorisedUS$50,000 paid-up capital and two fit and proper directors

A Securities Dealer licence needs US$50,000 minimum paid-up capital, two fit and proper natural person directors, at least one licensed representative, indemnity insurance and a physical office in Seychelles. The FSA aims to process a complete application in 30 working days, the licence lasts one year, and dealing without one can attract a US$200,000 fine for a company.

Dealing without a licence carries a 200,000 dollar company fine

Useful

USD 200000Securities Dealer Guidelines, section 3

This is the penalty behind the FSA notices about firms claiming a Seychelles licence they do not hold, and it explains why the Authority publishes those notices by name.

Carrying on the business of a securities dealer or exempt overseas securities dealer without a licence or exemption is an offence. On summary conviction an individual faces a fine of US$100,000 or the equivalent in Seychelles Rupees or two years imprisonment or both, and a company faces a fine of US$200,000 or the equivalent.

(a) In the case of an individual to a fine of US$100,000 or the equivalent in Seychelles Rupees or to imprisonment for two years or both (b) In the case of a company, to a fine of US$200,000 or the equivalent in Seychelles Rupees.
Clause 3 in Securities Dealer Guidelines, p.4Read the source
  • licensing requirements
  • penalties
  • unauthorised business

The FSA aims to process an application in 30 working days

Context

30 working daysSecurities Dealer Guidelines, sections 6 and 9

It sets a realistic timescale behind a firm that says its Seychelles licence is pending, and shows the licence is an annual permission rather than a permanent one.

The FSA service standard for processing a Securities Dealer application, from receipt of a completed application, is thirty working days. A Securities Dealer licence or exemption is valid for one year and must be renewed annually.

The Authority’s current Service Standards for processing the application for a Securities Dealer, from receipt of a completed application for consideration by the Authority, is thirty (30) working days.
Clause 6 in Securities Dealer Guidelines, p.7Read the source
The Securities Dealer Licence or Exemption granted under the Act is valid for a period of one year and must be renewed annually.
Clause 9 in Securities Dealer Guidelines, p.9Read the source

Territory and reachNon-bank financial services in or from within Seychelles

The FSA Act, 2013 mandate covers non-bank financial services business carried on in or from within Seychelles, which is what brings an offshore-facing broker inside the regime. Banking supervision sits elsewhere, and being registered as an International Business Company is not an authorisation to offer financial services.

The FSA covers non-bank services in or from Seychelles

Context

An FSA licence is a non-bank authorisation, so the firm is not a supervised bank and client money sits with a bank supervised elsewhere. The words in or from within Seychelles are what bring an offshore-facing broker inside the regime.

The FSA is mandated under the Financial Services Authority Act, 2013 to supervise, regulate and monitor compliance with non-bank financial services business carried on in or from within Seychelles. Its own description lists fiduciary services, capital markets and collective investment schemes, insurance, the International Trade Zone, gambling, hire purchase and credit sales, and the registration of International Business Companies, Foundations, Limited Partnerships and Trusts.

The Financial Services Authority (FSA) is mandated under the Financial Services Authority Act 2013, to supervise, regulate and monitor compliance with the non-bank financial services business carried on in or from within Seychelles which serves to ensure the integrity, effectiveness and development of the sector and assist in the prevention or detection of financial crime, including money laundering, financing of terrorism, misconduct, misuse of information, fraud and dishonesty.
Quoted in Regulatory EnforcementsRead the source
The Seychelles Financial Services Authority is the autonomous regulatory body responsible for the non-bank financial services in the Seychelles. Established under the Financial Services Authority Act, 2013, the Authority is responsible to license, regulate, enforce regulatory and compliance requirements, monitor and supervise the conduct of business in the non-bank financial services sector in Seychelles.
QuotedRead the source
  • scope of authorisation
  • jurisdiction

Licence costUS$1,500 to apply for a securities dealer licence

The fee schedule sets US$1,500 for a Securities Dealer application and US$500 for a representative. The annual licence fee is stated as US$3,000 in the fee schedule dated 5th July 2022 and as US$2,500 in the Securities Dealer Guidelines dated 10th September 2024, so an applicant should confirm the current figure with the FSA.

A securities dealer licence costs 1,500 US dollars to apply

Useful

USD 1500Licensing and Registration Fees, Appendix C

This is what it costs a firm to lodge an application, and it is small next to the US$50,000 paid-up capital requirement, so the capital test is the more telling number.

Appendix C of the FSA Licensing and Registration Fees schedule sets the application fee for a Securities Dealer at US$1,500 and for a Securities Dealer's Representative at US$500. The Securities Dealer Guidelines repeat both figures in the list of documents that must accompany an application.

Securities Dealer US$1,500 US$3,000
Clause Appendix C in Licensing and Registration Fees, p.6Read the source
(i) Securities Dealer Licence Application Fee of US$ 1,500 (ii) Securities Dealer Representative Licence Application Fee of US$ 500
Clause 4.1(c) in Securities Dealer Guidelines, p.4Read the source
  • licence fee
  • cost to obtain
  • securities dealer

Annual securities dealer fee: two published figures

Useful

USD 3000Licensing and Registration Fees, Appendix C, and Securities Dealer Guidelines, section 7.1

An applicant should confirm the current annual figure with the FSA directly, since the two published documents state it differently and the guidelines carry the later date.

The Licensing and Registration Fees schedule dated 5th July 2022 sets the annual licence fee for a Securities Dealer at US$3,000. The Securities Dealer Guidelines dated 10th September 2024 state the licence fee payable for a Securities Dealer is US$2,500. Late renewal adds one twelfth of the annual fee for each month it remains unpaid.

Product Application Fee Annual Licence Fee
Clause Appendix C in Licensing and Registration Fees, p.6Read the source
Should the application be successful, the Authority will issue the licence (with any conditions) upon payment of the relevant annual licence fee. The licence fee payable for Securities Dealer is US$ 2,500.
Clause 7.1 in Securities Dealer Guidelines, p.8Read the source

International standingIOSCO associate member with MMoU signature in progress

The FSA describes itself as an IAIS member and an IOSCO associate member, and says it is in the process of becoming a signatory to both Multilateral Memoranda of Understanding. Cross-border regulator cooperation runs largely through those instruments, so the stage matters to a trader outside Seychelles.

IOSCO associate member, MMoU signature in progress

Context

Cross-border cooperation between regulators runs largely through the IOSCO MMoU, so this tells a trader how far a home regulator can currently rely on formal channels with the FSA.

The FSA states it is a member of the International Association of Insurance Supervisors and an associate member of the International Organisation of Securities Commission's Objectives and Principles of Securities Regulation, and that it is engaged in the process of becoming a signatory to both the IAIS and IOSCO Multilateral Memoranda of Understanding on cooperation and the exchange of information.

As a result, the FSA is member of the International Association of Insurance Supervisors (“IAIS”) in respect of insurance business and is an associate member of the International Organisation of Securities Commission’s (“IOSCO”) Objectives and Principles of Securities Regulation. The FSA is currently engaged in the process of becoming signatory to both the IAIS and the IOSCO Multilateral Memoranda of Understanding (“MMOUs”) in respect of cooperation and the exchange of Information.
QuotedRead the source
  • iosco
  • membership standing
  • international cooperation

Licence or exemptionAn exempt overseas securities dealer holds no FSA licence

The Securities Act allows an exemption from licensing for a recognised overseas dealer that is a member of a Seychelles or recognised overseas exchange and holds a current authorisation elsewhere. A firm on that footing is supervised primarily by its home regulator, which is worth knowing before opening an account.

Exempt overseas dealers hold an exemption, not a licence

Useful

A firm can deal in securities in Seychelles on an exemption rather than a licence. Knowing which it holds tells a trader which regulator is actually supervising its conduct.

The Securities Act allows an exemption from the licensing requirement where the applicant is a recognised overseas securities dealer holding current membership to deal on a Seychelles securities exchange, referred to as an Exempt Overseas Securities Dealer. To qualify the applicant must be a member of a recognised overseas or Seychelles securities exchange and hold a current licence or authorisation in a recognised jurisdiction.

The Act also makes provision for an exemption from the licensing requirement in cases where the applicant is a recognised Overseas Securities Dealer and holds current membership to deal on a Seychelles Securities Exchange (referred to as “Exempt Overseas Securities Dealer”).
Clause 2.2 in Securities Dealer Guidelines, p.4Read the source
  • scope of authorisation
  • definitions
  • exemption

AppealsAn FSA decision can be appealed within 90 days

The FSA Appeals Board, five members independent of the Authority, hears appeals by a licensee or a person aggrieved by an FSA decision within 90 days of the decision. For a trader it explains why a decision about a broker can still be revisited months after it is published.

Appeals against FSA decisions run to a 90 day limit

Useful

90 daysAppeals Board page

This is a separate route from the consumer complaint process. It matters to a trader mainly as the reason an FSA decision about a broker can still change months after it is announced.

The FSA Appeals Board is established under the Financial Services Authority Act and gives a licensee or a person aggrieved by a decision of the Authority a right of appeal within 90 days of the decision being made. The Board has five members independent of the Authority, two of them legal practitioners.

The FSA Appeals Board is established under the Financial Services Authority Act and provides a right of appeal by a licensee or person aggrieved by a decision of the Authority within 90 days of the decision being made.
Quoted in Appeals BoardRead the source
  • complaint route
  • appeals
  • Enforcement policyDisciplinary Actions
    Fetched Aug 23, 2026View source
  • Enforcement policyRegulatory Enforcements
    Fetched Aug 23, 2026View source
  • Licensing requirementsApplication Forms
    Version 2026Fetched Aug 23, 2026View source
  • GuidanceCirculars
    Fetched Aug 23, 2026View source
  • GuidanceGuidelines
    Fetched Aug 23, 2026View source
  • Official documentLegislations
    Fetched Aug 23, 2026View source
  • Annual reportannual report
    Fetched Aug 23, 2026View source
  • Annual reportAnnual Report
    Fetched Aug 23, 2026View source
  • Official documentFSA Employment Application Form
    Fetched Aug 23, 2026View source
  • Official documentProcurement Policy
    Fetched Aug 23, 2026View source
  • Consumer noticePublic Notice: HDR Global Trading Limited Trading as BitMEX Exchange Winding Up
    Version 23 July 2026Fetched Aug 23, 2026View source
  • Consumer noticePublic alert: MirrorTradelocker Ltd and unauthorized use of website
    Version 12 August 2026Fetched Aug 23, 2026View source
  • Consumer noticePublic alert: OPTIMA MARKETS and unauthorized use of website
    Version 10 June 2026Fetched Aug 23, 2026View source
  • Consumer noticeSurrendering of Securities Dealer Licence of Aerarium Limited (SD036) and Securities Dealer Representative Licence of Mr. Georgios Karoullas (SDR048)
    Version 21 July 2026Fetched Aug 23, 2026View source
  • Consumer noticeTermination of the accreditation of the Securities Dealer's Representative Licence of Mr. Jia Kung Liu (SDR248)
    Version 28 July 2026Fetched Aug 23, 2026View source
  • Consumer noticeWarning: Unauthorised Activity under the Virtual Asset Service Providers Act, 2024 and Securities Act, 2007 (as amended).
    Version 06 August 2026Fetched Aug 23, 2026View source
  • Consumer noticeWarning: Unauthorised activity under the Virtual Asset Service Providers Act, 2024
    Version 05 July 2026Fetched Aug 23, 2026View source
  • Consumer noticeWarning: Unauthorised activity under the Virtual Asset Service Providers Act, 2024
    Version 29 July 2026Fetched Aug 23, 2026View source
  • Fee scheduleLicensing and Registration Fees
    Version 5th July 2022Fetched Aug 23, 2026View source
  • Licensing requirementsSecurities Dealer Guidelines
    Version 10th September 2024Fetched Aug 23, 2026View source
  • Complaints procedureFinancial Consumer Protection (Complaint Handling) Regulations, 2024
    Version S.I. 110 of 2024Fetched Aug 23, 2026View source
  • RulebookConsolidated Securities Act, 2007 to 18th December 2024
    Version Consolidated to 18th December 2024Fetched Aug 23, 2026View source
  • Public registerCapital Markets
    Fetched Aug 23, 2026View source
  • Public registerLicensed VASPs
    Fetched Aug 23, 2026View source
  • Last reviewed Aug 23, 2026

    • complaint deadline
    • acknowledgement
  • licensing requirements
  • service standard
  • renewal
  • licence fee
  • cost to obtain
  • annual fee
  • Licensed Brokers

    Brokers authorized and regulated by this authority

    176 Licensed Brokers
    View All Licensed Brokers
    MC900 logo

    MC900

    Magic Compass

    77.5
    Regulated
    Cyprus
    CySEC
    Performance Metrics (2 factors)
    Regulation
    82
    License
    73
    InteractiveBrokers logo

    InteractiveBrokers

    Interactive Brokers Hong Kong Limited

    72.5
    Regulated
    Hong Kong
    Est. 1996
    MISA
    Performance Metrics (3 factors)
    Regulation
    92
    License
    93
    IG logo

    IG

    IG Group Limited

    69.5
    Regulated
    United Kingdom
    Est. 1974
    ASIC
    Performance Metrics (4 factors)
    Regulation
    94
    License
    88
    triomarkets logo

    triomarkets

    Triomarkets Capital Ltd

    69.4
    Suspicious Clone
    Mauritius
    Est. 2014
    CySEC
    Performance Metrics (3 factors)
    Regulation
    88
    License
    70
    FOREX.com logo

    FOREX.com

    GAIN Global Markets, Inc.

    68.3
    Regulated
    United States
    Est. 2006
    ASIC
    Performance Metrics (4 factors)
    Regulation
    93
    License
    94
    eToro logo

    eToro

    eToro (UK) Ltd

    67.8
    Regulated
    United Kingdom
    Est. 2012
    ASIC
    Performance Metrics (4 factors)
    Regulation
    86
    License
    82
    Alchemy Markets logo

    Alchemy Markets

    Alchemy International Ltd

    66.2
    Offshore
    Seychelles
    Est. 2017
    MFSA
    Performance Metrics (3 factors)
    Regulation
    72
    License
    76
    Skilling logo

    Skilling

    Skilling Ltd

    65.7
    Regulated
    Cyprus
    Est. 2016
    CySEC
    Performance Metrics (3 factors)
    Regulation
    72
    License
    75
    OANDA logo

    OANDA

    OANDA Corporation

    64.9
    Regulated
    United States
    Est. 2011
    ASIC
    Performance Metrics (4 factors)
    Regulation
    93
    License
    93
    EC markets logo

    EC markets

    EC Markets Limited

    64.5
    Regulated
    United Kingdom
    Est. 2014
    FCA
    Performance Metrics (4 factors)
    Regulation
    76
    License
    89
    PLUSSFX logo

    PLUSSFX

    Pluss FX (Seychelles) Limited

    64.4
    Suspicious Clone
    Seychelles
    Est. 2024
    FCA
    Performance Metrics (2 factors)
    Regulation
    63
    License
    66
    ZFX logo

    ZFX

    Zeal Capital Market (Seychelles) Limited

    64.3
    Suspicious Clone
    Seychelles
    Est. 2016
    FCA
    Performance Metrics (4 factors)
    Regulation
    63
    License
    77
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    32
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    1:400
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    Regulated in:
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    Software
    51
    Account Type
    45
    1:400
    2 Platforms
    Regulated in:
    Australia flagAustraliaUnited Kingdom flagUnited KingdomJapan flagJapan+7 more licenses
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    Software
    50
    Spread
    N/A
    1:500
    1 Platform
    Regulated in:
    Cyprus flagCyprusMauritius flagMauritiusUnited States flagUnited States+5 more licenses
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    Software
    50
    Account Type
    36
    1:200
    1 Platform
    Regulated in:
    Australia flagAustraliaUnited Kingdom flagUnited KingdomJapan flagJapan+4 more licenses
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    Software
    50
    Account Type
    53
    1:30
    1 Platform
    Regulated in:
    Australia flagAustraliaCyprus flagCyprusUnited Kingdom flagUnited Kingdom+3 more licenses
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    Software
    51
    Spread
    N/A
    1:30
    2 Platforms
    Regulated in:
    Malta flagMaltaSeychelles flagSeychellesUnited Kingdom flagUnited Kingdom
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    Software
    50
    Spread
    N/A
    1:200
    1 Platform
    Regulated in:
    Cyprus flagCyprusUnited Kingdom flagUnited KingdomSeychelles flagSeychelles
    View Details
    Software
    50
    Account Type
    24
    1:50
    1 Platform
    Regulated in:
    Australia flagAustraliaUnited Kingdom flagUnited KingdomJapan flagJapan+4 more licenses
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    Software
    51
    Account Type
    42
    1:500
    2 Platforms
    Regulated in:
    United Kingdom flagUnited KingdomAustralia flagAustraliaNew Zealand flagNew Zealand+2 more licenses
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    N/A
    1:1000
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    Regulated in:
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    Software
    50
    Account Type
    67
    1:2000
    1 Platform
    Regulated in:
    United Kingdom flagUnited KingdomSeychelles flagSeychelles
    View Details