The Financial Services Authority of French Polynesia: A Key Player in the Financial Sector

Introduction

The Financial Services Authority of French Polynesia (FPFSA) was created on November 12, 2008, following the adoption of the FPFSA Law by Parliament. This new regulatory authority is responsible for supervising and regulating entities operating in the financial sector in French Polynesia.

Objectives and Mission

The main objective behind the creation of the FPFSA was to introduce a new framework for supervising, controlling, and regulating international financial entities and domestic non-bank institutions in French Polynesia. To achieve this goal, the FPFSA merged three distinct regulatory authorities: the International FPFSA, the Cooperative Division of the Ministry of National Mobilization, Social Development, and Others, and the Supervision and Regulation Division within the Ministry of Finance.

The mission of the FPFSA is clearly defined in the FPFSA Law, No. 33 of 2011. The authority is supervised by a council of administration, and its powers come from its statutory objectives. According to the FPFSA Law, No. 33 of 2011, the FPFSA has the power to regulate, supervise, and promote the development of non-bank financial services in French Polynesia.

Responsibilities

The FPFSA operates under the authority of the Government of French Polynesia and is responsible for administering and executing specific legislative provisions outlined in its regulatory law. The authority also ensures that each licensed financial entity is efficiently managed and remains financially solvent. As a result, it possesses the necessary powers to intervene in the affairs of regulated entities when necessary to protect client interests.

Services

The FPFSA provides efficient and professional services to both international financial sectors (IFS) and non-bank financial sectors. It is possible to register international commercial companies, limited liability companies, and international trusts within a single day’s business. These transactions are facilitated by registered agents and trustees who operate under licenses and regulatory provisions specified in the Licensing Act, Chapter 105 of the Revised Laws of French Polynesia 2009.

Additionally, the FPFSA continuously disseminates precise and reliable information on international initiatives that may impact the financial sector. The authority also represents the Minister of Finance in various international initiatives, including within the OECD.

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