Forex Broker Licence in Montenegro

Why do I need a license?

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.

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Who issues forex licenses in Montenegro? 

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.

Requirements for a licensee. 

The list of mandatory (basic) requirements for obtaining an investment license includes:

  • Availability of authorized capital in the prescribed amount. In Montenegro — at least 125 thousand euros for a broker and at least 730 thousand euros for a market maker.
  • Presence of employees (executive director, board of directors, accountant, AML officer) with the appropriate education, practical experience of 3 years, and a good business reputation.
  • Availability of a package of documents, including the memorandum of association and charter of the company, business plan, organizational structure, and list of shareholders. During registration, the regulator may request additional documents.
  • Requirements for the status of a resident — the director of the company must be a resident of the chosen jurisdiction.

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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