One of the important factors for clients who choose a Forex broker is the availability of an appropriate license — official permission from the financial regulator (or a special financial commission). A license provides a Forex broker with access to professional stock markets and gives the legal right to conduct trading operations. For traders and investors, a license is a guarantee of reliability and a good reputation of a broker.
How To
Each jurisdiction has its own requirements for companies wishing to obtain a license for financial activities. The permit is issued by the local regulator, the state authority in the country that issues the license. In Montenegro, the main financial regulator (licensing authority) is the Central Bank.
An investment license gives the right to provide multiple financial services, including consulting, portfolio management, administration of financial instruments, execution of various orders on behalf of a client, etc. In turn, obtaining a license imposes an obligation on the company to provide reporting to the regulator. The licensing authority also acts as an arbitrator in case of disputes.
The list of mandatory (basic) requirements for obtaining an investment license includes:
Registration of a license implies the mandatory payment of state fees.
Obtaining an investment license in Montenegro is a complex procedure that takes up to six months on average (considering the preparation of documents and verification of the applicant company).
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