UK regime
UK regulatory pathway
We start under an FCA-authorised firm and add permissions in stages as the business grows.
Stages
Four steps to full permissions
Stage 1 · Months 0–6
Appointed representative
Appointed representative of an FCA-authorised firm, arranging for professional investors.
Stage 2 · Months 6–18
Direct FCA authorisation
Direct FCA authorisation for arranging and dealing as agent and for holding client money or assets.
Seed
Collective investment scheme
Permission to operate a collective investment scheme.
Series A/B
Trading venue
Permission to operate a trading venue.
Capital
Permissions and minimum capital
| Permission | Minimum capital | Stage |
|---|---|---|
| Arranging deals and dealing as agent | £75,000 | This round |
| Holding client money or assets | £150,000 | This round |
| Operating a collective investment scheme | To be confirmed by counsel | Seed |
| Operating a multilateral trading facility | £150,000 | Series A/B |
Source: Minimum capital per FCA Handbook MIFIDPRU 4.4.1R. A firm's requirement is the highest that applies to its permissions. MIFIDPRU 4 (Minimum capital requirements)
Source: Permissions are granted by the FCA on authorisation or variation of permission. FCA: Applying for authorisation · FCA Handbook: MIFIDPRU