Investment firm / broker-dealer · Estonia
Authorisation as an investment firm (Estonia)
The Authorisation as an investment firm is issued by Finantsinspektsioon (FI) under Securities Market Act. It can be passported to the other EU/EEA states by notification. The official register lists 6 current holders. The legal decision period is Within 2 months of receipt of complete information and documents, but no later than 6 months after initial receipt. The application fee is EUR 3,000. Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Authorisation as an investment firm1 |
|---|---|
| Also known as | Estonian investment firm licence · Finantsinspektsioon investment firm licence |
| Issued by | Finantsinspektsioon |
| Jurisdiction | Estonia |
| Licence family | Investment firm / broker-dealer |
| Legal basis | Securities Market Act2 Directive 2014/65/EU on markets in financial instruments (MiFID II)3 Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (CRD IV)4 |
| Passporting | EU/EEA passport available |
| Application fee | EUR 3,0005 |
| Statutory decision time | Within 2 months of receipt of complete information and documents, but no later than 6 months after initial receipt1 |
| Public register | official register6 |
| Current holders | 66 |
What it lets you do
| Reception and transmission of orders | Receiving client orders in financial instruments and passing them to another firm for execution. |
|---|---|
| Execution of orders on behalf of clients | Concluding agreements to buy or sell financial instruments on behalf of clients. |
| Dealing on own account | Trading financial instruments against proprietary capital, which includes acting as counterparty to client trades. |
| Portfolio management | Managing client portfolios that include financial instruments on a discretionary, client-by-client basis. |
| Investment advice | Giving personal recommendations to a client about one or more transactions in financial instruments. |
| Underwriting or placing on a firm commitment basis | Guaranteeing the sale of an issue of financial instruments by committing to buy what is not sold to investors. |
| Placing without a firm commitment | Placing financial instruments with investors on a best-efforts basis, without guaranteeing the sale. |
| Operating a multilateral trading facility (MTF) | Running a multilateral system, other than a regulated market, that matches third-party interests in financial instruments under non-discretionary rules. |
| Operating an organised trading facility (OTF) | Running a multilateral system for non-equity instruments where the operator exercises discretion over order execution. |
| Safekeeping and administration of financial instruments | Holding financial instruments for clients and related services such as cash and collateral management, as an ancillary service. |
| CFD and forex brokerage | Offering retail and professional clients contracts for difference and rolling spot forex, usually as dealing on own account or order execution. |
Where it is valid
Cost
How long it takes
Statutory: Within 2 months of receipt of complete information and documents, but no later than 6 months after initial receipt1. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.
Buying a company that already holds it
Prior approval required. Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of share capital or voting rights in an Estonian bank, payment institution, EMI, investment firm, or CASP requires prior notification and approval from Finantsinspektsioon. Filings are submitted electronically through the FI Application Portal (or via the ECB SSM portal for credit institutions). The statutory assessment period is 60 working days from receipt of complete documentation, interruptible once by up to 20 or 30 working days to request additional information, evaluating acquirer reputation, financial solidity, and AML/CFT compliance.7
IF in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Principal (Category 2) | FSRA | n/a | USD 40,000 | n/a |
| Abu Dhabi Global Market (ADGM) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Agent or Matched Principal (Category 3A) | FSRA | n/a | n/a | n/a |
| Abu Dhabi Global Market (ADGM) | Investment firm licenceFinancial Services Permission for Advising on Investments or Arranging Deals in Investments (Category 4) | FSRA | n/a | n/a | n/a |
| Australia | Australian financial services licence (AFSL) | ASIC | n/a | n/a | n/a |
| Bermuda | Investment Business LicenceInvestment Business Licence (standard licence, under the Investment Business Act 2003) | BMA | n/a | n/a | n/a |
| British Virgin Islands | Investment Business LicenceInvestment Business Licence (Categories 1-4: dealing, managing, advising, custody/administration of investments) | BVI FSC | n/a | n/a | n/a |
| Cayman Islands | Securities Investment Business Licence / Registered Person | CIMA | n/a | n/a | n/a |
| Cyprus | Cyprus Investment Firm (CIF) authorisation | CySEC | n/a | EUR 7,000 | ~6 mo |
| Czech Republic | Investment Firm licence | CNB | n/a | CZK 20,000 | ~6 mo |
| Dubai International Financial Centre (DIFC) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Principal (Category 2) | DFSA | n/a | USD 40,000 | n/a |
| Dubai International Financial Centre (DIFC) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A) | DFSA | n/a | USD 25,000 | n/a |
| Dubai International Financial Centre (DIFC) | Investment firm licenceFinancial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4) | DFSA | n/a | USD 15,000 | n/a |
| Estonia | Authorisation as an investment firm | FI | n/a | EUR 3,000 | ~2 mo |
| France | Financial investment adviser status | AMF | n/a | n/a | n/a |
| Germany | Investment firm licence | BaFin | n/a | EUR 6,336 | ~6 mo |
| Hong Kong | Type 1 Licence for Dealing in Securities | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 2 Licence for Dealing in Futures Contracts | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 4 Licence for Advising on Securities | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 6 Licence for Advising on Corporate Finance | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 7 Licence for Providing Automated Trading Services | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Ireland | Investment Firm Authorisation (MiFID II) | CBI | n/a | n/a | n/a |
| Italy | Investment firm licence (SIM) | CONSOB | n/a | n/a | ~6 mo |
| Latvia | Investment firm licence | LB | n/a | n/a | n/a |
| Lithuania | Financial brokerage firm licence | LB | n/a | n/a | n/a |
| Luxembourg | Investment firm authorisation | CSSF | n/a | EUR 50,000 | ~6 mo |
| Malaysia (Labuan) | Securities Licensee licenceSecurities Licensee licence (dealing in / advising on securities) | Labuan FSA | n/a | n/a | n/a |
| Malta | Investment services licence (Category 1, 2, or 3) | MFSA | n/a | EUR 7,250 | ~6 mo |
| Mauritius | Investment Adviser Licence | FSC | n/a | n/a | n/a |
| Mauritius | Investment Dealer Licence | FSC | n/a | USD 500 | ~0.5 mo |
| Netherlands | Investment firm licenceInvestment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID II | AFM | n/a | EUR 200 | ~3 mo |
| Poland | Brokerage House licence (dom maklerski) | KNF | n/a | EUR 4,500 | ~2 mo |
| Seychelles | Securities Dealer's Licence | FSA | n/a | n/a | n/a |
| Singapore | Capital Markets Services (CMS) Licence | MAS | n/a | SGD 1,000 | n/a |
| Slovakia | Investment firm licence | NBS | n/a | n/a | n/a |
| South Africa | Financial Services Provider licence - Category IFinancial Services Provider licence - Category I (advice and/or intermediary services, non-discretionary, incl. crypto assets) | FSCA | n/a | n/a | n/a |
| South Africa | Financial Services Provider licence - Category II (discretionary FSP) | FSCA | n/a | n/a | n/a |
| South Africa | Over-the-Counter Derivative Provider (ODP) authorisationOver-the-Counter Derivative Provider (ODP) authorisation under the Financial Markets Act | FSCA | n/a | n/a | n/a |
| Spain | AV) investment firm licence | CNMV | n/a | EUR 10,000 | ~6 mo |
| Spain | Empresa de Asesoramiento Financiero (EAF) licence | CNMV | n/a | EUR 1,000 | ~6 mo |
| Switzerland | Portfolio manager licence | FINMA | n/a | n/a | n/a |
| Switzerland | Securities firm licence | FINMA | n/a | n/a | n/a |
| United Kingdom | MIFIDPRU Investment Firm Authorisation (Part 4A FSMA) | FCA | n/a | GBP 2,820 | ~6 mo |
Values come from each licence's page, where every figure has its source.
Laws behind it
- Directive 2014/65/EU on markets in financial instruments: Directive 2014/65/EU
- Capital Requirements Directive: Directive 2013/36/EU
- Capital Requirements Regulation: Regulation (EU) No 575/2013
Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.
Sources
- fi.ee: operating licence investment firm · retrieved 2026-09-24
- Estonian State Gazette (Riigi Teataja) · retrieved 2026-09-24
- EUR-Lex: CELEX 32014L0065 · retrieved 2026-09-24
- EUR-Lex: CELEX 32013L0036 · retrieved 2026-09-24
- Estonian State Gazette (Riigi Teataja) · retrieved 2026-09-24
- fi.ee: supervised entities · retrieved 2026-09-24
- taotlus.fi.ee · retrieved 2026-09-24
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