Non-Regulated Financial Services Businesses

The law creates a public register of non-regulated financial services businesses.  Applications for registration must be made to the Commission, which will maintain the register on its website.  The law states that, except in circumstances where the Commission has notice of any grounds upon which it could refuse an application for, or revoke, registration of a financial services business, the Commission has no obligation to make any enquiries concerning an application for registration or the continued registration of any non-regulated financial services business.

Type of financial services business carried out

Lending (including, without limitation, the provision of consumer credit or mortgage credit, factoring with or without recourse, financing of commercial transactions (including forfeiting) and advancing loans against cheques).

  1. Financial leasing.
  2. Operating a money service business (including, without limitation, a business providing money or value transmission services, currency exchange (bureau de change) and cheque cashing).
  3. Facilitating or transmitting money or value through an informal money or value transfer system or network.
  4. Issuing, redeeming, managing or administering means of payment, means of payment includes, without limitation, credit, charge and debit cards, cheques, travellers' cheques, money orders and bankers' drafts and electronic money.
  5. Providing financial guarantees or commitments.
  6. Trading (by way of spot, forward, swaps, futures, options, etc.) in - 
    • money market instruments (including, without limitation, cheques, bills and certificates of deposit)
    • foreign exchange, exchange, interest rate or index instruments, and
    • commodity futures, transferable securities or other negotiable instruments or financial assets
  7. Participating in securities issues and the provision of financial services related to such issues, including, without limitation, underwriting or placement as agent (whether publicly or privately). 
  8. Providing settlement or clearing services for financial assets including, without limitation, securities, derivative products or other negotiable instruments.
  9. Providing advice to undertakings on capital structure, industrial strategy or related questions, on mergers or the purchase of undertakings except where the advice is provided in the course of carrying on the business of a lawyer or accountant.
  10. Money broking.
  11. Money changing
  12. Providing individual or collective portfolio management services or advice.
  13. Providing safe custody services.
  14. Providing services for the safekeeping or administration of cash or liquid securities on behalf of clients.
  15. Carrying on the business of a credit union.
  16. Accepting repayable funds other than deposits.
  17. Otherwise investing, administering or managing funds or money on behalf of other persons.
  18. Buying, selling or arranging the buying or selling of, or otherwise dealing in, bullion or buying or selling postage stamps.