Licensing Solutions for Investment Firms’ Licence | Pre-licensing Assessment | Application Management | Post-licensing Risk and Compliance Management

We offer a comprehensive set of solutions to help you obtain and maintain an investment firm's licence, tailored to:

• Your business goals and objectives
• Your client demographics
• Your countries of operation
• The size of your business
• The available human and technology resources
• Your risk appetite
• Your governance structure
• The products that you offer
• regulated investment firms' obligations covering risk and compliance management under financial laws and regulations, the applicable financial licensing requirements, AML/CFT laws, privacy laws, consumer protection laws, and more

We have designed our regulatory licensing solutions to help you navigate the complexities of the investment firms' licensing regime in a commercially oriented and goal-focused manner, providing effective support for all stages of the investment firms’ licensing process, including but not limited to the following aspects:

• Investment Firms' Licence Guidance: Advising on a wide range of aspects associated with an investment firm's licence as it relates to your specific situation
• Pre-licensing assessment: Covering compliance gap analysis as well as risk and compliance assessment
• Pre-licensing support:
• Drafting the necessary policies and procedures to help you comply with the investment firms' licence conditions and financial markets' regulations
• Developing internal controls to help you meet your obligations under the investment firms' licensing regime
• Investment firms' licence Application Support: Covering the entire licensing process
• Post-licensing Support: Covering
• Ongoing compliance advice
• Comprehensive second-line risk and compliance support, including leading the implementation of your risk management framework (RMF), compliance management framework (CMF), compliance monitoring program (CMP), compliance calendar and checklist, ongoing risk assessments, internal and external reporting, outsourced providers' management, and more
• AML/CFT advice
• AML/CFT compliance management
• Compliance assurance solutions, including compliance assurance program (CAP) development, implementation, and internal control testing

 

 

Service Coverage

We offer comprehensive support for a wide range of investment firms' licence applications tailored to meet the specific needs of the following businesses:

• Independent Investment Firms
• Registered Investment Firms
• Investment Advisory Firms
• Portfolio Management Firms
• Consumer Investment Firms
• Wealth Management Firms
• Private Equity Firms 
• Family Offices
• Investment Platform Managers
• Boutique Investment Firms

 

With the exception of the United Kingdom, where an “investment firm” refers to a formally licensed Consumer Investment Firm under the Financial Conduct Authority (FCA) and the Investment Firms Prudential Regime (IFPR), this page focuses on non-retail-operating investment firms. These firms typically operate under licensing exemptions or streamlined licensing pathways across different onshore and offshore jurisdictions.

If you are seeking licensing solutions for retail-facing investment funds, please refer to our Fund Manager Licensing Solutions page.

Our solutions extend across major financial markets and support investment firms that provide services to non-retail clients, including professional investors, institutional clients, and high-net-worth individuals.

• Australia: Investment firms providing services to wholesale clients may require an Australian Financial Services Licence (AFSL) under the Corporations Act 2001, supervised by the Australian Securities and Investments Commission (ASIC). Registration with AUSTRAC under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 applies only if the firm provides designated services.
• United States: Investment firms providing services to institutional clients and high-net-worth individuals may be required to register as broker-dealers under the Securities Exchange Act of 1934, supervised by the Securities and Exchange Commission (SEC) and regulated by the Financial Industry Regulatory Authority (FINRA). Investment firms engaging in discretionary asset management for institutional or high-net-worth clients may also be subject to obligations under the Investment Company Act of 1940 if managing pooled investment vehicles. Investment firms operating as trust companies or private banks may be subject to state banking laws or federal oversight by the Office of the Comptroller of the Currency (OCC), depending on their structure and activities.
• United Kingdom: Investment firms offering services to professional clients and eligible counterparties must obtain authorisation under the Financial Services and Markets Act 2000 (FSMA), supervised by the Financial Conduct Authority (FCA). Prudential and conduct requirements vary depending on firm classification under the Investment Firms Prudential Regime (IFPR).
• Singapore: Investment firms providing services to accredited investors and institutional clients may require a Capital Markets Services Licence under the Securities and Futures Act, supervised by the Monetary Authority of Singapore (MAS). Exemptions apply in certain cases, depending on the firm’s activities and client classification. For more information, you can visit our RFMC Registration page.
• New Zealand: Investment firms providing services to wholesale clients may be required to register on the Financial Service Providers Register (FSPR) under the Financial Service Providers (Registration and Dispute Resolution) Act. AML/CFT obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 apply if the firm is a reporting entity. Visit our dedicated page for New Zealand Investment Firms FSP Registration and Licensing for more information
• European Union: Investment firms providing services to professional clients and eligible counterparties must comply with licensing requirements under the Markets in Financial Instruments Directive (MiFID II), with authorisation issued by national regulators. Conduct and prudential obligations vary based on the firm’s classification.
• Offshore Jurisdictions:

• Cayman Islands: Investment firms providing services to institutional clients and high-net-worth individuals may require licensing under the Securities Investment Business Act (SIBA), supervised by the Cayman Islands Monetary Authority (CIMA).
• Bermuda: Investment firms serving institutional clients and high-net-worth individuals may require licensing under the Investment Business Act, supervised by the Bermuda Monetary Authority (BMA).
• British Virgin Islands (BVI): Investment firms providing services to institutional clients and high-net-worth individuals may require licensing under the Securities and Investment Business Act (SIBA), supervised by the British Virgin Islands Financial Services Commission (BVI FSC).
• Isle of Man: Investment firms providing services to institutional clients and high-net-worth individuals may require licensing under the Financial Services Act 2008, supervised by the Isle of Man Financial Services Authority (IOMFSA).

 

Consumer and Retail Investment Firms

We can help you apply for the investment firms’ licence or its equivalents in the following jurisdictions:

• Australia: For more information on the Australian equivalent of the investment firms’ licence, the Australian Financial Services Licence (AFSL) for Fund Managers, visit our AFSL Solutions page. For retail licensing options, please visit our AFSL Licence page for MIS Managers

• United Kingdom: For more information on the United Kingdom equivalent of the investment firms’ licence equivalent – FCA Authorisation for Consumer Investment Firms required for investment firms providing investment management, discretionary portfolio services, and financial advisory services to retail and professional clients, you can visit our Consumer Investment Firm FCA Authorisation page.
• Singapore:
  • For other options, you can visit our Singaporean Investment Firm Licence Solutions page or our Singaporean LFMC Licence page.
  • For more information on another Singapore investment firm’s licence equivalent – Fund Management Licence, covering fund management companies, including those managing assets for accredited investors and institutions, you can visit our Singapore Wealth Managers' Licensing page.
• United States: We offer USA-based investment firms' licensing options. Generally, investment firms in the US are regulated by the Securities and Exchange Commission (SEC) or state securities authorities under the Investment Advisers Act of 1940. Registration as Investment Advisers is required for both retail and institutional clients, with differing obligations and disclosure requirements.
• New Zealand:

• For more information on the New Zealand investment firms’ licence equivalent – Managed Investment Scheme (MIS) Manager Licence, generally required for investment firms offering collective investment products (e.g., fund managers), you can visit our New Zealand Wealth Managers' Licensing page.
• For more information on the New Zealand investment firms’ licence equivalent – Discretionary Investment Management Services (DIMS) Licence, applicable to investment firms offering tailored investment portfolios under discretionary mandates (e.g., private investment firms, institutional portfolio managers), you can visit our New Zealand DIMS Licence page.

• Prominent Financial Centres and Offshore Tax Havens: We also offer wealth management licensing solutions for prominent financial centres and offshore tax havens, including:

• MiFID II Authorisation in the European Union
• Securities Business Licence in the Cayman Islands
• Securities Licence in the British Virgin Islands (BVI)
• Securities Licence in Seychelles
• Fund Services Business (FSB) Licence in Jersey
• Guernsey Financial Services Commission (GFSC) Licence
• Man Financial Services Authority (IOMFSA) Licence
• Securities and Futures Commission (SFC) Licence in Hong Kong
• Monetary Authority (BMA) Licence in Bermuda
• Financial Services Commission (FSC) Licence in Mauritius

 

 

You can find more information about our investment firms' licence solutions below:

 

Investment Firms’ Licensing Preparation

Pre-licensing Compliance Assurance

Our investment firms' licence solutions cover the following focus areas:

• Compliance Goals Analysis: We review your business-specific goals and resources against the suitability criteria for an investment firm's licence
• Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the investment firms’ licensing process
• Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your investment firm's licence, tailored to suit your:

• business objectives,
• operational capacity,
• client base,
• markets of operations,
• and other relevant factors

• Gap Analysis: We identify gaps between your existing operations and regulatory requirements and help you align them in a commercially oriented manner
• Investment Firms' Licence Application Plan: We help you establish a roadmap to effectively meet the investment firms' licence requirements

 

 

Investment Firms’ Licence Guidance

Selecting the right compliance model is crucial not only for navigating the licensing process but also for maintaining ongoing compliance and avoiding potential breaches. Our investment firms’ licensing solution covers:

• Compliance Model Selection: To help you best comply with the investment firms' licensing regime and related risk and compliance obligations.
• Corporate Governance Model Selection: We offer practical guidance on establishing effective corporate governance practices that support your risk and compliance oversight.
• Operations Model Advisory: We advise you on optimising your operational and governance models to help you efficiently comply with the licensing requirements for investment firms' providers and other applicable regulated investment firms’ obligations, keeping in mind your specific circumstances, available resources and business goals.

 

Entering Investment Firms’ Licensing Environment

We help businesses transition from an unregulated environment to operating under the investment firms' licensing regime, helping them meet their obligations as an investment firm's licence holder.

We also assist already regulated businesses in aligning their existing risk and compliance management structures with the investment firms' licensing regime requirements.

Our focus areas for this service include:

• New businesses
• Existing investment firms operating in unregulated markets
• Regulated investment firms expanding into foreign jurisdictions
• Financial institutions and/or service providers with established risk and compliance frameworks seeking to offer regulated investment services trading as a new product.

 

Multi-Jurisdictional Compliance

With years of experience managing risk and compliance obligations for businesses operating under multiple financial licences across various jurisdictions, we help businesses remain compliant with regulated investment firms’ obligations globally.

 

Investment Firms’ Licence and Wholesale Markets

Getting an investment firm's licence may not always be the best fit for all. For example, a retail market expansion may not always align with your goals or the products you offer.

Operating in the wholesale environment can sometimes be a more suitable option. We offer a wider range of risk and compliance management solutions to assist investment firms that:

• Operate in the wholesale markets
• Operate under exemptions from the investment firms' licensing regime
• Operate under an investment firm's licence, limited to sophisticated, eligible, and wholesale investors

We help these businesses comply with the regulatory compliance obligations that still apply despite the absence of the investment firms' licensing regime or apply under the wholesale-only licensing framework, including:

• Advertisement Rules
• Fair Dealing Regulations
• Risk Management
• Outsourced Providers' Oversight
• Restrictions on offering services to retail investors (an integral part of the investment firms' licensing regime)
• Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) laws and regulations
• Data Management Laws and Regulations

 

Investment Firms’ Licence Application

We assist with your licence application through ongoing engagement in the investment firms’ licensing process:

• Document Compilation and Review: We compile and review all required supporting documents to support your investment firm’s licence application.
• Application Form Completion: We assist you in completing the forms to ensure all material information is accurate and complete.
• Pre-Submission Review: We can arrange a pre-submission review session with key stakeholders to ensure all parts of your application are understood and agreed upon. This session aligns application details with the actual situation, removing ambiguity.
• Investment Firms' Licensing Process and Regulatory Liaison: We manage the end-to-end submission process, maintaining clear and effective communication channels throughout the licensing process.
• Timeline Management: We closely monitor and adhere to all necessary deadlines, providing timely updates and adjustments to keep the application process on track.

 

Resolving Investment Firms’ Licence Issues

Having competent compliance advisors is crucial when licensing issues arise. Therefore, our investment firms' licence solutions include a range of services to address and resolve these issues effectively:

• Remediation Solutions for Investment Firms' Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with investment firms' licensing regime requirements.
• Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your investment firm's licence, developing a tailored action plan to maintain compliance and facilitate the eventual removal of these conditions with minimal disruption to your business operations.

• Licensing Issues Handling: We address common licensing issues encountered during the investment firms’ licensing process, providing you with solutions to navigate and resolve these challenges efficiently.
• Further Information: You can visit our Compliance Remediation Solutions page for more information.

 

Post-Licensing Support

We offer a full range of ongoing risk and compliance solutions for licensed investment firms. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

• Regulated Investment Firms’ Obligations Guidance: We can advise your risk, compliance, management and other teams on meeting the requirements of the investment firms' licensing regime and other regulatory compliance obligations. You can visit our Compliance Consultancy Service page for more information.
• Regulatory Risk and Compliance Management: We provide dedicated compliance managers to manage your overall compliance. For more information, visit our Specialised Compliance Management Solutions page for Investment Firms.
• Compliance Assurance Solutions: As part of our compliance assurance solutions, we offer:
• Compliance Assurance Program (CAP) development and testing options
• Internal Controls Design option
• Internal Controls Testing option
• Internal AML/CFT Review option
• Statutory AML/CFT Audit option
• Compliance Training Solutions: We offer training programs to different teams on complying with:
• Regulated investment firms’ obligations for risk and regulatory compliance management. You can visit our Compliance Training page for more information.
• Investment Firms’ AML/CFT obligations and operational best practices for fraud prevention. You can visit our AML/CFT Training page for more information.
• Crisis Management Planning: We can develop proactive strategies to manage potential compliance crises effectively.
• Anti-Money Laundering (AML) and Counter Terrorist Financing Solutions: We provide a full range of AML/CFT solutions for investment firms. For more information, visit our Specialised AML/CFT Solutions page for Wealth Managers.
• Advanced Compliance Technologies: We can assist you with selecting and integrating advanced technology solutions, such as compliance automation tools and regulatory technology (RegTech), to streamline compliance processes without disrupting operations.
• Risk and Compliance Framework Adjustments: Including adjustments to risk management frameworks (RMFs), compliance monitoring programs (CMPs), compliance management frameworks (CMFs), and other core procedures and policies to align them with:
• new business goals
• regulatory changes
• changes in your operations
• evolving market conditions
• changes in stakeholders’ risk appetites (e.g., your banking partners, insurance companies, and liquidity providers).

 

 

Risk and Compliance Obligations for Investment Firms’ Licence Holders

Investment firms' licence holders are subject to various obligations set out in applicable laws and regulations. They are also expected to uphold standards for their conduct and internal operations, as outlined in regulatory guidance or accepted industry practices.

We can help you address these obligations and expectations through comprehensive support in the different areas. The list below is not exhaustive:

Investment Firms’ Licence and Regulatory Compliance Obligations

• Compliance Management Systems: We can help you establish effective compliance programs, compliance monitoring plans, controls testing methodologies, compliance calendars and more.
• Risk Management Frameworks: We can help you develop comprehensive risk management frameworks to fulfil regulated investment firms’ obligations for identifying, assessing, and mitigating operational, regulatory, strategic, financial and other types of risks.
• Policy and Procedure Development: We can help you draft and implement policies and procedures aligned with the investment firms’ licensing requirements.
• Compliance Monitoring Plans: We can oversee the execution of your CMPs, covering ongoing monitoring of your compliance obligations under the investment firms' licensing regime.
• Internal Control Testing and Compliance Assurance: We can conduct internal reviews and audits of your controls to test their effectiveness and compliance with the applicable regulatory standards.
• Financial Auditing Standards: We can assist in establishing procedures to help you comply with the audit and assurance requirements under the investment firms' licensing regime.
• Conflict of Interest Management Controls: We can help you establish and document internal controls to meet licensing obligations for managing conflicts of interest, including pre-trade vetting, personal account dealing restrictions, and related-party exposure controls.

 

Investment Firms’ Licence and Operational Oversight Obligations

• Oversight of Outsourcing: We can establish a set of effective controls to comply with investment firms’ licensing obligations for overseeing outsourced services, covering related obligations under AML/CFT compliance, ISO requirements, and more.
• Structures for Governance: We can help you establish effective governance structures to comply with regulated investment firms’ obligations and develop an effective approach to overseeing your risk exposure and compliance status across different functions of your business.
• Senior Management Accountability: We can help you comply with regulated investment firms’ obligations for senior management and key staff conduct and competence (generally applies to retail investment firms).
• Maintaining Operational Resilience: We assist in developing continuity plans to meet regulated investment firms’ obligations for operational resilience, helping critical business services withstand disruptions.
• Managing Technology Risks: We provide guidance on technology risk management obligations under the investment firms' licensing regime.

 

Investment Firms’ Licence and Market Integrity/Transparency Requirements

• Principles for Fair Treatment: We can help you implement controls to comply with expectations that cover adherence to principles of fair treatment and transparent communications with clients.
• Standards for Conduct and Disclosure: We can help you comply with investment firms’ licensing standards for conduct and disclosure.
• Protection of Client Assets: We can help you comply with investment firms’ licensing obligations to protect and segregate client assets.
• Resolution of Disputes: We can help you establish effective mechanisms for dispute resolution and complaints management, particularly for retail clients.
• Personal Account Dealing Controls: We can help you implement controls to monitor and restrict personal trading activities by staff and representatives in line with your licensing obligations and internal conduct rules.

 

Investment Firms’ Licence and Resource Management Obligations

We can help you comply with the following requirements of the investment firms' licensing regime:

• Adequacy of Resources: Covering financial, technological, human and other resources. Our focus areas include:

• Competence of Staff: Covering key personnel, their necessary skills, knowledge, and professional competence.
• Adviser and Representative Competence: Investment Firms should ensure that advisers and representatives providing financial services receive adequate training and demonstrate competence (generally applies to retail investment firms).
• Assessment and Gap Analysis: We can help you evaluate the adequacy of your financial, technological, and human resources against the requirements of the licensing regime.
• Resource Allocation Plans: We can help you develop strategies to optimise resource allocation, covering sufficient capacity for compliance, trading, operations, banking, customer support and other functions and departments.
• Technological Solutions: We can recommend and implement RegTech tools to streamline compliance processes, such as transaction monitoring, reporting, and audit trails.
• Key Personnel Assessment: We can help you assess the skills, qualifications, and experience of key personnel to identify areas for improvement.
• Training and Development Programs: We can design and deliver targeted compliance training programs to upskill personnel in compliance, risk management, and investment firms' regulations.
• Compliance Monitoring: We can help develop controls to monitor representatives' adherence to conduct and disclosure obligations.
• Ongoing Training: We can help you create a framework to support continuous education for advisors and representatives on licensing obligations, market integrity, and client interaction standards.
• Regulator Liaison: We can act as an intermediary with regulators to address queries and help you demonstrate compliance with resourcing obligations.

 

Investment Firms’ Licence and Reporting

• Regulatory Reporting: We can help you prepare and submit periodic and ad-hoc reports covering:
  • Investment firms’ licensing obligations
  • Investment firms’ AML/CFT obligations (SMRs, STRs, SARs, cross-border transaction reports, cash transaction reports, and other reporting obligations)
  • Regulated investment firms’ obligations under financial market conduct laws and regulations
  • Specific transaction reporting to relevant depositories
• Compliance Documentation: We can help you develop and maintain the necessary documentation to meet record-keeping obligations under various laws and regulations.
• Audit Readiness: We can prepare you for audits and reviews to demonstrate compliance with regulatory requirements, the provisions of the investment firms' licensing regime, and applicable operational standards.