Licence family
Investment firm / broker-dealer
An investment firm or broker-dealer licence authorises investment services such as receiving and executing client orders, dealing on own account, portfolio management and investment advice on financial instruments, including CFDs and forex. In the EU it is a MiFID II authorisation with passporting; elsewhere it is a securities dealer or financial services licence under national law.
Where the IF licence is available
Comparison by country
Values come from each country's page, where every figure has its source.
Activities this family typically covers
- Reception and transmission of orders
- Execution of orders on behalf of clients
- Dealing on own account
- Portfolio management
- Investment advice
- Underwriting or placing on a firm commitment basis
- Placing without a firm commitment
- Operating a multilateral trading facility (MTF)
- Operating an organised trading facility (OTF)
- Safekeeping and administration of financial instruments
- CFD and forex brokerage
- Crowdfunding services
All licences in this family
- IF · Abu Dhabi Global Market (ADGM)
Financial Services Permission for Dealing in Investments as Principal (Category 2)
FSRA
- IF · Abu Dhabi Global Market (ADGM)
Financial Services Permission for Dealing in Investments as Agent or Matched Principal (Category 3A)
FSRA
- IF · Abu Dhabi Global Market (ADGM)
Financial Services Permission for Advising on Investments or Arranging Deals in Investments (Category 4)
FSRA
- IF · Australia
Australian financial services licence (AFSL)
ASIC
- IF · Bermuda
Investment Business Licence (standard licence, under the Investment Business Act 2003)
BMA
- IF · British Virgin Islands
Investment Business Licence (Categories 1-4: dealing, managing, advising, custody/administration of investments)
BVI FSC
- IF · Cayman Islands
Securities Investment Business Licence / Registered Person
CIMA
- IF · Cyprus
Cyprus Investment Firm (CIF) authorisation
CySEC
- IF · Czech Republic
Investment Firm licence (povolení k činnosti obchodníka s cennými papíry - OCP)
CNB
- IF · Dubai International Financial Centre (DIFC)
Financial Services Permission for Dealing in Investments as Principal (Category 2)
DFSA
- IF · Dubai International Financial Centre (DIFC)
Financial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A)
DFSA
- IF · Dubai International Financial Centre (DIFC)
Financial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4)
DFSA
- IF · Estonia
Authorisation as an investment firm
FI
- IF · France
Conseiller en investissements financiers (CIF) / Financial investment adviser status
AMF
- IF · Germany
Investment firm licence (Erlaubnis zur Erbringung von Wertpapierdienstleistungen nach § 15 WpIG)
BaFin
- IF · Hong Kong
Type 1 Licence for Dealing in Securities
SFC
- IF · Hong Kong
Type 2 Licence for Dealing in Futures Contracts
SFC
- IF · Hong Kong
Type 4 Licence for Advising on Securities
SFC
- IF · Hong Kong
Type 6 Licence for Advising on Corporate Finance
SFC
- IF · Hong Kong
Type 7 Licence for Providing Automated Trading Services
SFC
- IF · Ireland
Investment Business Firm Authorisation (Section 10 IIA 1995)
CBI
- IF · Ireland
Investment Firm Authorisation (MiFID II)
CBI
- IF · Italy
Società di Intermediazione Mobiliare (SIM) investment firm licence
CONSOB
- IF · Latvia
Investment firm licence
LB
- IF · Lithuania
Financial brokerage firm licence
LB
- IF · Luxembourg
Investment firm authorisation
CSSF
- IF · Malaysia (Labuan)
Securities Licensee licence (dealing in / advising on securities)
Labuan FSA
- IF · Malta
Investment services licence (Category 1, 2, or 3)
MFSA
- IF · Mauritius
Investment Adviser Licence
FSC
- IF · Mauritius
Investment Dealer Licence
FSC
- IF · Netherlands
Investment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID II
AFM
- IF · Poland
Brokerage House licence (dom maklerski)
KNF
- IF · Seychelles
Securities Dealer's Licence (full or restricted)
FSA
- IF · Singapore
Capital Markets Services (CMS) Licence
MAS
- IF · Slovakia
Investment firm licence (povolenie na poskytovanie investičných služieb pre obchodníka s cennými papiermi)
NBS
- IF · South Africa
Financial Services Provider licence - Category I (advice and/or intermediary services, non-discretionary, incl. crypto assets)
FSCA
- IF · South Africa
Financial Services Provider licence - Category II (discretionary FSP)
FSCA
- IF · South Africa
Over-the-Counter Derivative Provider (ODP) authorisation under the Financial Markets Act
FSCA
- IF · Spain
Sociedad de Valores y Agencia de Valores (SV / AV) investment firm licence
CNMV
- IF · Spain
Empresa de Asesoramiento Financiero (EAF) licence
CNMV
- IF · Switzerland
Portfolio manager licence (Vermögensverwalter nach Art. 17 FINIG)
FINMA
- IF · Switzerland
Securities firm licence (Wertpapierhaus-Bewilligung nach Art. 41 FINIG)
FINMA
- IF · United Kingdom
MIFIDPRU Investment Firm Authorisation (Part 4A FSMA)
FCA
Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.
Sources
- MiFID II Directive 2014/65/EU, Annex I · retrieved 2026-09-24
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