The Vanuatu Financial Services Commission (VFSC) has appointed Martin St-Hilaire, the Managing Director of FX/CFDs broker Titan FX, as a member. According to Vanuatu's Official Gazette of 2023, his appointment was made as he is "a person of with previous knowledge and experience of financial businesses."

Titan FX MD Becomes a VFSC Member

"I was recently appointed as a member of the Vanuatu Financial Services Commission," St-Hilaire wrote in a Linkedin post. "In this new role, I hope to help make #vanuatu🇻🇺 an even more competitive player in the global financial services industry, which I believe is the golden path towards greater diversification, growth, prosperity, and autonomy for our nation."

"Expect more news from me on the regulatory front as we'll keep making progress!"

Indeed, St-Hilaire brings more than two decades of experience to his role as the regulator. He will continue to be the Managing Director of Titan FX, which is a position he took over in October 2018. Additionally, he is an audit specialist and has worked with two big four audit firms, Delloite and KPMG.

On top of that, he is a founding member of the Financial Markets Association of Vanuatu, a self-regulatory body on the island for financial services companies.

Also, the island's regulator appointed three other members, Edward Nalial, Velenie Jacob, and Johnny Wilson. They come with a background in legal, finance, and business.

Check out the FMLS22 session on "Regulation Roundup."

A Crucial Appointment of Titan FX MD

The appointment of the four new members of the VFSC came when the island authorities were tightening its regulatory regime for financial services companies, especially for retail FX/CFDs brokers.

Brokers usually obtain a Vanuatu license to offer clients trading facilities with high leverage , which are not permitted under the UK, Europe, and Australian regulators. The Vanuatu license is considered offshore with little oversight from the regulator, but that is changing.

Last October, Vanuatu mandated a physical presence of all offshore brokers operating with a license from the island. These companies must establish a local office and appoint a local manager and director.

Titan FX was one of the four brokers operating with a Vanuatu license that already met the new regulations before their implantation.