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Dealers in Securities (Licences) Rules

DEALERS IN SECURITIES (LICENCES) RULES

Rules 1 of 1977

1. Application for principal’s licence
An application for a principal’s licence made under section 4(1)(a) of the Prevention of Fraud (Investments) Act, Cap. 70 (“the Act”) shall be submitted to the Registrar of Companies in the form prescribed in Schedule 1.

2. Application to be submitted to Registrar of Companies
An application for a representative’s licence made under section 4(1)(b) of the Act shall be submitted to the Registrar of Companies in the form prescribed in Schedule 2.

3. Fees
(1) A fee of VT 2,500 shall be submitted with every application for a principal’s licence.

(2) A fee of VT1,500 shall be submitted with every application for a representative’s licence.

SCHEDULE 1

(Rule 1)

Application for Principal’s Licence

1. Application is hereby made for the issue of a Principal’s Licence under the Prevention of Fraud (Investments) Act, Cap. 70 and the following information is given in support thereof –

(a) Full name of applicant: ______________________________________

(b) Business address of applicant: ________________________________

(c) Occupation of applicant: ____________________________________

(d) Date of birth: _____________________________________________

(e) Place of birth: _____________________________________________

2. Name in which licence is to be issued (if different from 1(a) above) – _______________________________________________________________
   

3. Does the applicant hold, or has the applicant held, a licence to deal in securities in any jurisdiction outside Vanuatu –

_______________________________________________________________

If so, supply details _______________________________________________

4. Has the applicant been a member of any stock exchange –

_______________________________________________________________

If so, supply details _______________________________________________

5. Has the applicant been either –
   

(a) refused a licence to deal in securities whether as principal or representative in any jurisdiction outside Vanuatu; or

(b) refused membership of any stock exchange

If so, supply details _________________________________________

6. Has the applicant in Vanuatu or elsewhere –

(a) been convicted of any offence, other than a traffic offence.

If so, supply details _________________________________________

(b) had judgment been given against him in any civil proceedings, in which fraud was alleged.

If so, supply details _________________________________________

(c) been declared bankrupt, or compounded with or made an assignment for the benefit of his creditors.

If so, supply details _________________________________________

(d) been refused a fidelity or security bond.

If so, supply details _________________________________________

I declare that all information given in this application and any supporting documents enclosed herewith is true and correct.

Dated this ___ day of ______________, 20_____. _____________________

Signed

NOTE: Attention is drawn to section 16 of the Prevention of Fraud (Investments) Act, Cap. 70 which provides as follows –

“16. Any person who, in furnishing any information for any of the purposes of this Act or rules or orders made thereunder, makes any statement which, to his knowledge, is false in a material particular, shall be guilty of an offence and liable on conviction to a fine not exceeding VT 100,000 or to imprisonment for a term not exceeding 6 months, or to both such fine and imprisonment.”

SCHEDULE 2

(Rule 2)

Application for Representative’s Licence

1. Application is hereby made for the issue of a Representative’s Licence under the Prevention of Fraud (Investments) Act, Cap. 70 and the following information is given in support thereof –
   
   • (a) Name of applicant: _________________________________________
     
   • (b) Address of applicant: _______________________________________
     
   • (c) Occupation of applicant: ____________________________________
     
   • (d) Date of birth: _____________________________________________
     
   • (e) Place of birth: _____________________________________________
     

2. (a) Name and address of applicant’s employer or principal –

_________________________________________________________

(b) Period of employment or association with principal –

_________________________________________________________

3. Does the applicant hold, or has the applicant held a licence to deal in securities in any jurisdiction outside Vanuatu –

_______________________________________________________________

If so, supply details _______________________________________________

4. Has the applicant been a member of any stock exchange –

_______________________________________________________________

If so, supply details _______________________________________________

5. Has the applicant been either –
   

(a) refused a licence to deal in securities whether as principal or representative in any jurisdiction outside Vanuatu; or

(b) refused membership of any stock exchange.

If so, supply details _______________________________________________

6. Has the applicant in Vanuatu or elsewhere –

(a) been convicted of any offence, other than a traffic offence.

If so, supply details _______________________________________________

(b) had judgment been given against him in any civil proceedings, in which fraud was alleged.

If so, supply details _______________________________________________

(c) been declared bankrupt, or compounded with or made an assignment for the benefit of his creditors.

If so, supply details _______________________________________________

(d) been refused a fidelity or security bond.

If so, supply details _______________________________________________

I declare that all information given in this application and any supporting documents enclosed herewith is true and correct.

Dated this ___ day of ______________, 20____. _______________________

Signed

NOTE. Attention is drawn to section 16 of the Prevention of Fraud (Investments) Act, Cap. 70, which provides as follows –

“16. Any person who, in furnishing any information for any of the purposes of this Act or rules or orders made thereunder, makes any statement which, to his knowledge, is false in a material particular, shall be guilty of an offence and liable on conviction to a fine not exceeding VT 100,000 or to imprisonment for a term not exceeding 6 months, or to both such fine and imprisonment.”

________________________

CERTIFICATE OF PRINCIPAL

On the basis of due and diligent enquiry made of the background of the applicant named herein who is in my direct employment or acting for or on behalf of me, and other information available, I believe him to be of good character and reputation and to have the competence and experience to perform the function of a representative as set forth in the Act.

Dated this ___ day of ___________, 20____.

___________________________

Signed

[Principal’s licence No. ___________]