Licence strategy, applications and regulator engagement for gaming, payments, e-money, investment and crypto-asset businesses.
Industry 04
Forex & Investments
Licensing, product governance and conduct compliance for firms offering trading and investment services to retail and professional clients.
Topics: Investment firm licensingCFD & FXClient moneyConduct rules
Who we advise
- FX and CFD brokers
- Investment firms and trading platforms
- Asset and fund managers
- Introducing brokers and affiliates
- Technology and liquidity providers to brokers
Specialisations
Business models we advise
- 01Forex & CFD Brokers
- Licensing, leverage and product rules, client categorisation and marketing for retail and professional FX and CFD offerings.
- 02Investment Firms
- Authorisation and ongoing obligations for firms providing brokerage, dealing, portfolio management and investment advice.
- 03Brokerage & Trading Platforms
- Platform models, order execution and the allocation of regulatory responsibility with technology and liquidity providers.
- 04Investment Platforms
- Digital investment and wealth platforms, including the distribution of funds and other products to retail clients.
- 05Introducing Brokers & Affiliates
- Introducer, affiliate and marketing arrangements, and the controls regulators expect firms to keep over them.
- 06Asset & Fund Managers
- Licensing and structuring for asset managers, fund managers and the service providers around them.
Context
The regulatory landscape
Investment services are among the most prescriptively regulated activities in finance. Capital, client money, product governance and conduct rules differ significantly between jurisdictions, and the choice of licence determines which clients a broker can serve and how.
We advise brokers, investment firms, trading platforms and asset managers on licensing strategy, group structuring across onshore and offshore entities, and the conduct and reporting obligations that follow.
Challenges
Where businesses need support
- 1.
Licence selection
Weighing EU, UK and offshore licences on client access, leverage limits, capital and cost.
- 2.
Multi-entity structures
Running retail, professional and international client books through separate licensed entities.
- 3.
Client money and assets
Segregation, reconciliation and reporting of client money and financial instruments.
- 4.
Product governance
Target market assessments, appropriateness testing and disclosures for complex products.
- 5.
Marketing and introducers
Controls over marketing, social media promotion and introducing broker arrangements.
- 6.
Regulatory reporting
Transaction reporting, prudential returns and ongoing supervisory engagement.
Services
How we help
Group architecture, incorporation, substance and governance built around your licences, banking and investors.
AML/CFT programmes, MLRO-as-a-Service, independent AML/CFT audits, risk assessments, monitoring, sanctions and inspection support.
Bank account opening, merchant account and acquiring setup, payment flows and safeguarding for businesses banks consider high-risk.
Regulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions for banks, partners and investors.
Platform, white-label, B2B supply, SaaS, affiliate and outsourcing agreements drafted for regulated environments.
Market prioritisation, regulatory roadmaps and launch readiness for businesses expanding into new jurisdictions.
Jurisdictions
Relevant frameworks
Europe16
- EUEU / MiCAInvestment firms (MiFID II)
- CYCyprusCyprus Investment Firm (CIF)
- CZCzech RepublicInvestment firm
- FIFinlandInvestment firm
- DEGermanyInvestment firm
- ITItalyInvestment firm
- LVLatviaInvestment firm
- LILiechtensteinInvestment firm and asset management
- MTMaltaInvestment services licence
- PLPolandInvestment firm
- PTPortugalInvestment firm
- RORomaniaInvestment firm
- ESSpainInvestment firm
- CHSwitzerlandSecurities firm licence · DLT trading facility licence
- UAUkraineSecurities market licences
- GBUnited KingdomInvestment firm authorisation
Asia & Middle East3
Americas & Caribbean3
Insights
Related analysis
Practice note
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Onboarding rejections are rarely explained. Understanding how a financial institution's compliance team reads your file is the most reliable way to improve the outcome.
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Regulatory update
The EU AML package: preparing for the single rulebook and AMLA
The EU's AML reform replaces national transposition with a directly applicable regulation and a new supervisory authority. Regulated businesses have time to prepare — but not unlimited time.
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Questions
Frequently asked
Can one group hold both EU and offshore licences?
Many groups do, but regulators scrutinise how clients are allocated between entities. The structure must be transparent and must not be used to circumvent protections for clients in stricter jurisdictions.
Discuss your matter with a senior advisor.
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