At the legislative level in Estonia, services such as Forex brokerage are classified as investment. For a company that wants to provide these services, it is necessary to obtain an EFSA license. Thus conditions are regulated in accordance with domestic Securities Market Act, and MIFID the EU directive on financial instruments in the EU markets.
Types of activities for investment licenses:
The company, having received a license EFSA can carry out its activities in any country in Europe. To do this, you must specify the name of the region where the company’s work will develop, as well as provide a plan for which the work will take place. These data provided to the supervisory authorities.
There are certain capital requirements for the company. When providing the relevant services, the capital of the company should be as least 50,000 euros.
The securities under the law in Estonia are:
People who occupy a leading role in the management of a company should not have criminal offenses. They must meet the requirements of the company.
Director of the company hires an employees to manage a forex broker company. The company must consist of at least two employees. The employee must have education, work experience, good reputation.
Requirement for compane employees:
To apply for an EFSA license, you need to collect a full package of documents on behalf of the director of the company. Applications are processed from 3 to 6 months. The state deposit for submitting the application amounts to 1,000 euros.
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