Regulators

Cook Islands Financial Supervisory Commission (FSC)

The Cook Islands Financial Supervisory Commission FSC was established on 1 July 2003 to replace the former Offshore Financial Services Commission FSA.

Forex Regulatory Tips

Confirm by phone and email with Cook Islands FSC staff Cheryl that Cook Islands FSC regulates leveraged foreign exchange, and foreign exchange companies need to obtain a Money-Changing license before they can provide foreign exchange services.

List of Regulated Companies

There are 3 licensed foreign exchange brokers under supervision. Full name of the company.

Organization Profile

Nature of the organization:
Government agencies
Institutional History:
The Cook Islands Financial Supervisory Commission (FSC) was established on July 1, 2003 to replace the former Offshore Financial Services Commission (Financial Services Commission). On 1 July 2012, the Cook Islands Financial Intelligence Unit (FIU) merged with the FSC.
Regulatory functions:
The Cook Islands FSC is an independent body that oversees Cook Islands regulated financial entities and financial services;
It includes the Board of Directors, the Commissioner, the Head of the Financial Intelligence Unit and its staff, the Ombudsman and the Registrar of International Companies and International Trust Companies;
It is the licensing authority for all financial institutions including banks, insurance companies (including captive companies), exchange and remittance businesses and trust companies;
It manages the registration of international and foreign companies, limited liability companies, international trusts, international partnerships and foundations.
The function of the FIU is to assist the Cook Islands in the prevention, detection, investigation and prosecution of money laundering, financial terrorism and other serious crimes.
Regulatory Objective/Scope:
The Cook Islands FSC is committed to being a financial regulator of excellence, integrity and support for the development of the Cook Islands Financial Services Centre.

Licence application

Application requirements:
1. Manager requirements: The Cook Islands FSC requires companies to provide the company's ownership and management information when applying for a license, and that each shareholder and manager meet the eligibility principles. The Cook Islands FSC requires licensees to obtain their approval when appointing shareholders.
2. Physical office requirements: The Cook Islands FSC requires licensees to have physical premises (including management functions) in the Cook Islands.
Application Fee:

Item name
Fee (NZD) Currency Exchange License Application 1,100 Currency Exchange License Renewal Application 800 Remittance License Application
1,100 remittance license renewal application 800 currency exchange and remittance license application
1,600 Currency Exchange and Remittance License Renewal Application 1,100 License Document Replacement or Copy 30
Note:
1. When the licensee ceases to operate the business before the license expires, the license is cancelled or revoked, the Cook Islands FSC will not refund its application fee.
2. The license is valid for 12 months;
3. After the company submits the information, the Cook Islands FSC requires an auditor to investigate the operation of the company, and the audit fee shall be borne by the company.

License Type

1. Type of license: The license that can provide foreign exchange services is a currency exchange license;
2. Business scope: currency exchange, leveraged foreign exchange, etc.

Regulatory Rules

1. Regulatory Framework: Cook Islands Currency Exchange Licensees and Remittance Businesses Act 2009
2. Recording requirements:
Each licensee must retain full English versions of all contract-related books, accounts, records and registrations for a period of 6 years from the start of the transaction. Licensees who violate this requirement will be fined $5,000 ( including fines up to $5,000).

Regulatory Inquiries

Step 1 Open the official website of the Cook Islands FSC: https://www.fsc.gov.ck, and then select "Money-Changing" under "Licensees";
Step 2 After entering the website, we can see the information of currency exchange licensees (which can provide leveraged foreign exchange services), currency exchange and remittance licensees regulated by Cook Islands FSC.

Regulatory complaints

After consultation by email, when FSC of Cook Islands receives a complaint, it will only review the internal management and system of the company under its supervision; FSC will not assist in handling complaints and disputes between the company under its supervision and its customers .
Therefore, when you have a complaint, you can only contact the foreign exchange platform directly for help.

Example of punishment

The relevant regulations of the Cook Islands FSC have penalties such as fines and license revocation for violating entities, but no relevant examples have been published on the FSC official website.

Related Links

UN Security Council: https://www.un.org/securitycouncil/

Contact information

Mail: [email protected]
Tel: +682 20798
Mailing address: PO Box 594, Avarua, RAROTONGA, Cook Islands

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