FSA - Financial Regulator

The regulator

Updated Sep 7, 2026

About FSA

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.

Tier 3

Brokers on the record: 177
Compensation cap: None
Retail leverage cap: 1:1000
Cost of a licence: USD 10,000–20,000

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.

Development and Background

The FSA traces its origins back to 1994, with the establishment of the Seychelles International Business Authority (SIBA).

Initially, SIBA had a finite role to monitor, supervise, and promote international business from Seychelles.

However, as the financial sector evolved and demand for greater transparency and accountability emerged, the SIBA Act was repealed and replaced with the Financial Services Authority Act, 2013.

This transition was a significant step towards building a modern, practical, and robust regulatory framework intended to promote investor confidence and better the reputation of Seychelles as an international financial services jurisdiction.

To this day, these principles remain in place at the FSA, which has proceeded with over 25 years of financial sector regulation.

Mandate and Objectives

The FSA operates under the Financial Services Authority Act, 2013, and has a mandate to:

• License, monitor, and regulate entities operating in or from the non-bank financial sector in Seychelles.

• Administer registries for IBCs, foundations, partnerships, and trusts.

• Develop legal and supervisory frameworks for the regulation of the financial sector to improve efficiencies and effectiveness.

• Educate and inform the public about financial services and the role of the FSA to ensure a safe and secure place for business.

• Take enforcement action against unlicensed operators conducting financial services business without permission.

These objectives underscore the FSA's commitment to fostering a stable, transparent, and resilient financial system in Seychelles, thereby demonstrating international best practices.

Main Functions

The FSA has several primary functions for measuring trust and efficiency in the financial markets of Seychelles:

• Licensing and Regulation

FSA issues the licenses for service providers in fiduciary services, capital markets, investment funds, and all levels of insurance that are regulated and licensed by the FSA.

• Market Oversight and Supervision

The FSA maintains oversight of day-to-day operations to ensure compliance with legal and regulatory obligations, while ensuring a high standard of professional conduct is maintained.

• Policy and Framework Development

The Authority continually assesses its regulatory framework to keep pace with the evolving financial landscape, meeting the demands of international partners and investors.

• Consumer and Investor Awareness

The FSA recognizes the varying levels of awareness among investors and businesses and assures them by educating and providing information to assist with understanding, enabling them to make informed decisions.

• Compliance and Enforcement

The FSA investigates misconduct and, as necessary, takes action against providers or individuals deemed to be operating unlawfully, maintaining Seychelles' reputation as a secure and well-regulated jurisdiction.

Seychelles as a Financial Services Global Hub

The Seychelles has established itself as a preferred backdrop for international business and investment, primarily due to the modern regulatory approach by the FSA.

The Authority works to balance delivering growth to the business community while protecting credibility and compliance, ensuring that Seychelles remains an attractive, credible, and competitive jurisdiction on the World stage.

The FSA ensures that Seychelles continues to be viewed as a credible centre for providing financial services by upholding internationally accepted norms and standards in regulatory oversight and policy implementation, and delivering secure,risk-aware, and fair services and innovation.

On the record

Established: 2013
Country: Seychelles
Oversight: Government body
Membership: IOSCO member
Transparency: Low
Public register: Open the register
Website: fsaseychelles.sc
Phone: 248 4380800
Email: complaints@fsaseychelles.sc
Online contact: fsaseychelles.sc

Protection check

What a licence from FSA protects

No compensation scheme is recorded for firms licensed by FSA; a dispute a firm will not settle can go to FSA Enquiries.

3 facts on record

No compensation scheme
Complaints routeFSA Enquiries
Maximum leverage1:1000

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.

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.

Open the register Official website

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.

Licensing terms

Getting licensed by FSA

A licence from FSA costs USD 10,000–20,000 to obtain on the record and covers 2 instrument types.

USD 10,000–20,000

Licence types: Securities Dealer – Principal & Agency
Business models allowed: Retail Agency (STP); Market Maker (Principal); Provide Liquidity (PoP)
Cost to obtain: USD 10000-20000
Coverage: Most countries worldwide (exceptions apply)
Not served: North Korea - UN-sanctioned countries

2 instruments regulated

Stocks
Fund

Requirements, as FSA publishes them

Requirements for Obtaining a License under CySEC

1. Application Process

Obtaining a license from the Cyprus Securities and Exchange Commission (CySEC) requires businesses to follow a structured process. This process ensures that applicants meet all regulatory and operational requirements.

Steps to Apply for a License

Company Registration in Cyprus:

The applicant must register as a legal entity in the Republic of Cyprus.

Submission of an Official Application to CySEC:

Complete the official application forms and submit all required supporting documents.

Payment of Application Fees:

The relevant application fee must be paid at the time of submission. Fees may vary depending on the nature and scope of services.

Assessment and Review:

CySEC conducts a thorough review of the application and may request additional information or clarification if needed.

Issuance of License:

Upon successful assessment, CySEC grants the license, allowing the applicant to provide regulated financial services.

2. Documentation and Key Requirements

Applicants must submit the following documents to support their license application:

Business Plan:

A comprehensive business plan outlining the company’s:
Objectives and strategies
Proposed financial services and activities
Organizational structure and key operational processes

Historic Financial Statements:

If the company has been previously operational, it must provide:
Balance Sheet
Income Statement
Cash Flow Statement

Proof of Capital Requirements:

Evidence demonstrating sufficient financial resources to launch and sustain the proposed activities. Minimum capital requirements will depend on the type of license sought.

Organizational Structure and Governance:

Details of the company’s board of directors, senior management, and key personnel.
Directors and executives must have the necessary qualifications, experience, and integrity to meet CySEC’s "fit and proper" criteria.

Risk Management and Compliance Framework:

An outline of the company’s risk management policies, internal control systems, and compliance procedures.
Companies must demonstrate their ability to maintain proper regulatory compliance.

Operational Policies:

Documentation of procedures related to anti-money laundering (AML), client protection, and data security.

MiFID Authorization (For Retail Brokers):

Retail brokers must obtain MiFID (Markets in Financial Instruments Directive) authorization to offer services within the EU.

3. Key Considerations

CySEC evaluates applications based on:

Financial Soundness:

Ensuring the applicant has adequate financial resources and capital to operate effectively.

Competence and Expertise:

Assessing the experience, qualifications, and reputation of the company’s management team.

Compliance Capability:

Verifying the applicant’s systems and processes for regulatory compliance, risk management, and client protection.

Transparency and Integrity:

Ensuring transparency in operations, ethical business practices, and robust reporting mechanisms.

4. License Validity

Once granted, the CySEC license remains permanently valid unless:

It is revoked due to regulatory breaches.
It is suspended for compliance failures.
The company voluntarily relinquishes its license.

5. Processing Time

The standard processing time for a CySEC license ranges between 6 to 12 months, depending on the complexity of the application and the completeness of submitted documentation.

By adhering to these requirements and ensuring all documentation is meticulously prepared, applicants can successfully secure a CySEC license. This license grants businesses the authority to operate in a regulated financial environment while building trust and credibility in both local and international markets.

From the documents

Reviewed Aug 23, 2026

What FSA's own documents say

24 facts read from 28 official documents published by FSA, each quoted and linked to its source.

24 facts

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.

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 facts

KeyVerifying a licence

Check a broker on the FSA Capital Markets register

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”).

Quoted in Warning: Unauthorised activity under the Virtual Asset Service Providers Act, 2024Read the source

Where in the document: Securities Dealer Guidelines, section 15.2, and Capital Markets register

public register
license verification
securities dealer

KeyCompensation scheme

Compensation fund duty sits with securities exchanges

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

Where in the document: Securities Act 2007, section 8(3)

compensation
insolvency
securities exchange

KeyHow to complain

Give the firm 21 business days before escalating to the FSA

21 working days

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

Where in the document: Complaint Handling Regulations 2024, regulation 9(1)

retail clients
complaint deadline

KeyLicensing requirements

Minimum paid-up capital is 50,000 US dollars

USD 50,000

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

Where in the document: Securities Dealer Guidelines, section 7

licensing requirements
fit and proper
capital requirement

KeyPublic register

Licensed VASPs page also lists applications under assessment

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

Where in the document: Licensed VASPs page, Virtual Asset Service Providers Assessment

public register
virtual assets
pending application

KeyClient-money rules

Licensees must segregate and identify client assets

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

Where in the document: Securities Act 2007, sections 64(h) and 72(2)(b)

retail clients
client money
segregation

More facts, by topic

The FSA lists every capital markets licensee by company and trade nameSeven 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.1 fact

UsefulVerifying a licence

Read Regulatory Updates for notices on claimed licences

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

Where in the document: Regulatory Updates notices, June to August 2026

license verification
unauthorised business
public notices

Licensed and under-assessment firms sit on the same VASP pageThe 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.1 fact

ContextPublic register

Surrenders and terminations are published by name

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

Where in the document: Regulatory Updates notice, 21 July 2026, and Regulatory Enforcements page

public register
licence status
surrender

Segregation and indemnity insurance, not a fixed payoutEvery 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.3 facts

UsefulWhat is protected

Every licensee must hold an indemnity insurance policy

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

Where in the document: Securities Act 2007, section 73

retail clients
protection scope
insurance

UsefulWhat is protected

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

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

Where in the document: Public Notice on BitMEX winding up, paragraph 4

client assets
protection scope
wind down

ContextWhat is protected

The FSA remit covers loss from insolvency and malpractice

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

Where in the document: Consumer Protection page

protection scope
consumer protection

21 business days with the firm, then 30 with the FSAThe 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.3 facts

UsefulHow to complain

The FSA determines an escalated complaint in 30 business days

30 working days

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

Where in the document: Complaint Handling Regulations 2024, regulation 18(1)

complaint deadline
escalation

UsefulHow to complain

Complicated complaints can run to 90 business days

90 working days

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

Where in the document: Complaint Handling Regulations 2024, regulations 8(1) and 9(2)

complaint deadline
acknowledgement

UsefulHow to complain

Complaints are accepted in English, Creole or French

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

Where in the document: Complaint Handling page, mandatory conditions

complaint route
evidence

Permitted activities are only those written into the licenceThe 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.2 facts

KeyScope of authorisation

The licence permits only the activities written into it

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

Where in the document: Securities Dealer Guidelines, section 7.3

scope of authorisation
licence conditions
client assets

UsefulScope of authorisation

A restricted dealer licence can cap clients and minimum investment

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

Where in the document: Securities Dealer Guidelines, section 7.1

scope of authorisation
restricted licence

US$50,000 paid-up capital and two fit and proper directorsA 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.2 facts

UsefulLicensing requirements

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

USD 200,000

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

Where in the document: Securities Dealer Guidelines, section 3

licensing requirements
penalties
unauthorised business

ContextLicensing requirements

The FSA aims to process an application in 30 working days

30 working days

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

Where in the document: Securities Dealer Guidelines, sections 6 and 9

licensing requirements
service standard
renewal

Non-bank financial services in or from within SeychellesThe 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.1 fact

ContextJurisdiction and limits

The FSA covers non-bank services in or from Seychelles

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

Where in the document: Regulatory Enforcements page and Who we are page

scope of authorisation
jurisdiction

US$1,500 to apply for a securities dealer licenceThe 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.2 facts

UsefulCost to get licensed

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

USD 1,500

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

Where in the document: Licensing and Registration Fees, Appendix C

licence fee
cost to obtain
securities dealer

UsefulCost to get licensed

Annual securities dealer fee: two published figures

USD 3,000

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

Where in the document: Licensing and Registration Fees, Appendix C, and Securities Dealer Guidelines, section 7.1

licence fee
cost to obtain
annual fee

IOSCO associate member with MMoU signature in progressThe 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.1 fact

ContextMembership and standing

IOSCO associate member, MMoU signature in progress

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

Where in the document: International Cooperation page

iosco
membership standing
international cooperation

An exempt overseas securities dealer holds no FSA licenceThe 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.1 fact

UsefulKey definitions

Exempt overseas dealers hold an exemption, not a licence

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

Where in the document: Securities Dealer Guidelines, sections 2.2 and 8

scope of authorisation
definitions
exemption

An FSA decision can be appealed within 90 daysThe 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.1 fact

UsefulOther useful facts

Appeals against FSA decisions run to a 90 day limit

90 days

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

Where in the document: Appeals Board page

complaint route
appeals

28 documents examined

Licensing requirementsApplying for a Licensefetched Aug 23, 2026
Complaints procedureComplaint Handlingfetched Aug 23, 2026
Consumer noticeConsumer Protectionfetched Aug 23, 2026
Enforcement policyAppeals Boardfetched Aug 23, 2026
Enforcement policyDisciplinary Actionsfetched Aug 23, 2026
Enforcement policyRegulatory Enforcementsfetched Aug 23, 2026

Show 22 more documents

Licensing requirementsApplication Forms2026 · fetched Aug 23, 2026
GuidanceCircularsfetched Aug 23, 2026
GuidanceGuidelinesfetched Aug 23, 2026
Official documentLegislationsfetched Aug 23, 2026
Annual reportannual reportfetched Aug 23, 2026
Annual reportAnnual Reportfetched Aug 23, 2026
Official documentFSA Employment Application Formfetched Aug 23, 2026
Official documentProcurement Policyfetched Aug 23, 2026
Consumer noticePublic Notice: HDR Global Trading Limited Trading as BitMEX Exchange Winding Up23 July 2026 · fetched Aug 23, 2026
Consumer noticePublic alert: MirrorTradelocker Ltd and unauthorized use of website12 August 2026 · fetched Aug 23, 2026
Consumer noticePublic alert: OPTIMA MARKETS and unauthorized use of website10 June 2026 · fetched Aug 23, 2026
Consumer noticeSurrendering of Securities Dealer Licence of Aerarium Limited (SD036) and Securities Dealer Representative Licence of Mr. Georgios Karoullas (SDR048)21 July 2026 · fetched Aug 23, 2026
Consumer noticeTermination of the accreditation of the Securities Dealer's Representative Licence of Mr. Jia Kung Liu (SDR248)28 July 2026 · fetched Aug 23, 2026
Consumer noticeWarning: Unauthorised Activity under the Virtual Asset Service Providers Act, 2024 and Securities Act, 2007 (as amended).06 August 2026 · fetched Aug 23, 2026
Consumer noticeWarning: Unauthorised activity under the Virtual Asset Service Providers Act, 202405 July 2026 · fetched Aug 23, 2026
Consumer noticeWarning: Unauthorised activity under the Virtual Asset Service Providers Act, 202429 July 2026 · fetched Aug 23, 2026
Fee scheduleLicensing and Registration Fees5th July 2022 · fetched Aug 23, 2026
Licensing requirementsSecurities Dealer Guidelines10th September 2024 · fetched Aug 23, 2026
Complaints procedureFinancial Consumer Protection (Complaint Handling) Regulations, 2024S.I. 110 of 2024 · fetched Aug 23, 2026
RulebookConsolidated Securities Act, 2007 to 18th December 2024Consolidated to 18th December 2024 · fetched Aug 23, 2026
Public registerCapital Marketsfetched Aug 23, 2026
Public registerLicensed VASPsfetched Aug 23, 2026

Licensed brokers

Brokers licensed by FSA

177 brokers on the Wikilix record hold a licence from FSA; the 10 highest-scored are below, and the finder searches them all.

177 brokers

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.

About FSA

About this information

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

FSAThe Seychelles Financial Services Authority

Development and Background

Mandate and Objectives

Main Functions

Seychelles as a Financial Services Global Hub

On the record

What is protected

How to verify a licence

How to complain

2 instruments regulated

Requirements, as FSA publishes them

Requirements for Obtaining a License under CySEC

1. Application Process

Steps to Apply for a License

2. Documentation and Key Requirements

3. Key Considerations

4. License Validity

5. Processing Time

Jurisdiction and scope

Using this regulator

Good to know

Key facts

Check a broker on the FSA Capital Markets register

Compensation fund duty sits with securities exchanges

Give the firm 21 business days before escalating to the FSA

Minimum paid-up capital is 50,000 US dollars

Licensed VASPs page also lists applications under assessment

Licensees must segregate and identify client assets

More facts, by topic

Read Regulatory Updates for notices on claimed licences

Surrenders and terminations are published by name

Every licensee must hold an indemnity insurance policy

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

The FSA remit covers loss from insolvency and malpractice

The FSA determines an escalated complaint in 30 business days

Complicated complaints can run to 90 business days

Complaints are accepted in English, Creole or French

The licence permits only the activities written into it

A restricted dealer licence can cap clients and minimum investment

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

The FSA aims to process an application in 30 working days

The FSA covers non-bank services in or from Seychelles

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

Annual securities dealer fee: two published figures

IOSCO associate member, MMoU signature in progress

Exempt overseas dealers hold an exemption, not a licence

Appeals against FSA decisions run to a 90 day limit

28 documents examined

MC900

InteractiveBrokers

IG

triomarkets

FOREX.com

eToro

Alchemy Markets

Skilling

OANDA

EC markets

About this information

FSAThe Seychelles Financial Services Authority

Development and Background

Mandate and Objectives

Main Functions

Seychelles as a Financial Services Global Hub

On the record

What is protected

How to verify a licence

How to complain

2 instruments regulated

Requirements, as FSA publishes them

Requirements for Obtaining a License under CySEC

1. Application Process

Steps to Apply for a License

2. Documentation and Key Requirements

3. Key Considerations

4. License Validity

5. Processing Time

Jurisdiction and scope

Using this regulator

Good to know