# Investment firm / broker-dealer

Source page: https://protegra.io/licensing/licences/investment-firm/

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

_Jurisdictions in the Atlas that issue a IF licence. Click a country for its page._

## Comparison by country

| Country | Regulator | Min. capital | Statutory time | Passport |
| --- | --- | --- | --- | --- |
| [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/licences/investment-firm/adgm-cat2/) | [FSRA](https://protegra.io/licensing/regulators/fsra-adgm/) |: |: | Domestic |
| [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/licences/investment-firm/adgm-cat3a/) | [FSRA](https://protegra.io/licensing/regulators/fsra-adgm/) |: |: | Domestic |
| [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/licences/investment-firm/adgm-cat4/) | [FSRA](https://protegra.io/licensing/regulators/fsra-adgm/) |: |: | Domestic |
| [Australia](https://protegra.io/licensing/licences/investment-firm/australia/) | [ASIC](https://protegra.io/licensing/regulators/asic-australia/) |: |: | Domestic |
| [Bermuda](https://protegra.io/licensing/licences/investment-firm/bermuda/) | [BMA](https://protegra.io/licensing/regulators/bma-bermuda/) |: |: | Domestic |
| [British Virgin Islands](https://protegra.io/licensing/licences/investment-firm/bvi/) | [BVI FSC](https://protegra.io/licensing/regulators/bvi-fsc/) |: |: | Domestic |
| [Cayman Islands](https://protegra.io/licensing/licences/investment-firm/cayman-islands/) | [CIMA](https://protegra.io/licensing/regulators/cima-cayman/) |: |: | Domestic |
| [Cyprus](https://protegra.io/licensing/licences/investment-firm/cyprus-cif/) | [CySEC](https://protegra.io/licensing/regulators/cysec-cyprus/) |: | 6 mo | EU/EEA |
| [Czech Republic](https://protegra.io/licensing/licences/investment-firm/czech-republic/) | [CNB](https://protegra.io/licensing/regulators/cnb-czechia/) |: | 6 mo | EU/EEA |
| [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/licences/investment-firm/difc-cat2/) | [DFSA](https://protegra.io/licensing/regulators/dfsa-difc/) |: |: | Domestic |
| [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/licences/investment-firm/difc-cat3a/) | [DFSA](https://protegra.io/licensing/regulators/dfsa-difc/) |: |: | Domestic |
| [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/licences/investment-firm/difc-cat4/) | [DFSA](https://protegra.io/licensing/regulators/dfsa-difc/) |: |: | Domestic |
| [Estonia](https://protegra.io/licensing/licences/investment-firm/estonia/) | [FI](https://protegra.io/licensing/regulators/finantsinspektsioon-estonia/) |: | 2 mo | EU/EEA |
| [France](https://protegra.io/licensing/licences/investment-firm/france-cif/) | [AMF](https://protegra.io/licensing/regulators/amf-france/) |: |: | EU/EEA |
| [Germany](https://protegra.io/licensing/licences/investment-firm/germany/) | [BaFin](https://protegra.io/licensing/regulators/bafin-germany/) |: | 6 mo | EU/EEA |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type1/) | [SFC](https://protegra.io/licensing/regulators/sfc-hong-kong/) |: | 3.5 mo | Domestic |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type2/) | [SFC](https://protegra.io/licensing/regulators/sfc-hong-kong/) |: | 3.5 mo | Domestic |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type4/) | [SFC](https://protegra.io/licensing/regulators/sfc-hong-kong/) |: | 3.5 mo | Domestic |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type6/) | [SFC](https://protegra.io/licensing/regulators/sfc-hong-kong/) |: | 3.5 mo | Domestic |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type7/) | [SFC](https://protegra.io/licensing/regulators/sfc-hong-kong/) |: | 3.5 mo | Domestic |
| [Ireland](https://protegra.io/licensing/licences/investment-firm/ireland-iia/) | [CBI](https://protegra.io/licensing/regulators/central-bank-of-ireland/) |: |: | EU/EEA |
| [Ireland](https://protegra.io/licensing/licences/investment-firm/ireland/) | [CBI](https://protegra.io/licensing/regulators/central-bank-of-ireland/) |: |: | EU/EEA |
| [Italy](https://protegra.io/licensing/licences/investment-firm/italy-sim/) | [CONSOB](https://protegra.io/licensing/regulators/consob-italy/) |: | 6 mo | EU/EEA |
| [Latvia](https://protegra.io/licensing/licences/investment-firm/latvia/) | [LB](https://protegra.io/licensing/regulators/latvijas-banka/) |: |: | EU/EEA |
| [Lithuania](https://protegra.io/licensing/licences/investment-firm/lithuania/) | [LB](https://protegra.io/licensing/regulators/bank-of-lithuania/) |: |: | EU/EEA |
| [Luxembourg](https://protegra.io/licensing/licences/investment-firm/luxembourg/) | [CSSF](https://protegra.io/licensing/regulators/cssf-luxembourg/) |: | 6 mo | EU/EEA |
| [Malaysia (Labuan)](https://protegra.io/licensing/licences/investment-firm/labuan-labuan/) | [Labuan FSA](https://protegra.io/licensing/regulators/labuan-fsa/) |: |: | Domestic |
| [Malta](https://protegra.io/licensing/licences/investment-firm/malta/) | [MFSA](https://protegra.io/licensing/regulators/mfsa-malta/) |: | 6 mo | EU/EEA |
| [Mauritius](https://protegra.io/licensing/licences/investment-firm/mauritius-investment-adviser/) | [FSC](https://protegra.io/licensing/regulators/fsc-mauritius/) |: |: | Domestic |
| [Mauritius](https://protegra.io/licensing/licences/investment-firm/mauritius-investment-dealer/) | [FSC](https://protegra.io/licensing/regulators/fsc-mauritius/) |: | 0.5 mo | Domestic |
| [Netherlands](https://protegra.io/licensing/licences/investment-firm/netherlands/) | [AFM](https://protegra.io/licensing/regulators/afm-netherlands/) |: | 3 mo | EU/EEA |
| [Poland](https://protegra.io/licensing/licences/investment-firm/poland-brokerage/) | [KNF](https://protegra.io/licensing/regulators/knf-poland/) |: | 2 mo | EU/EEA |
| [Seychelles](https://protegra.io/licensing/licences/investment-firm/seychelles/) | [FSA](https://protegra.io/licensing/regulators/fsa-seychelles/) |: |: | Domestic |
| [Singapore](https://protegra.io/licensing/licences/investment-firm/singapore-cms/) | [MAS](https://protegra.io/licensing/regulators/mas-singapore/) |: |: | Domestic |
| [Slovakia](https://protegra.io/licensing/licences/investment-firm/slovakia/) | [NBS](https://protegra.io/licensing/regulators/nbs-slovakia/) |: |: | EU/EEA |
| [South Africa](https://protegra.io/licensing/licences/investment-firm/south-africa-fsp-cat1/) | [FSCA](https://protegra.io/licensing/regulators/fsca-south-africa/) |: |: | Domestic |
| [South Africa](https://protegra.io/licensing/licences/investment-firm/south-africa-fsp-cat2/) | [FSCA](https://protegra.io/licensing/regulators/fsca-south-africa/) |: |: | Domestic |
| [South Africa](https://protegra.io/licensing/licences/investment-firm/south-africa-odp/) | [FSCA](https://protegra.io/licensing/regulators/fsca-south-africa/) |: |: | Domestic |
| [Spain](https://protegra.io/licensing/licences/investment-firm/spain-broker-dealer/) | [CNMV](https://protegra.io/licensing/regulators/cnmv-spain/) |: | 6 mo | EU/EEA |
| [Spain](https://protegra.io/licensing/licences/investment-firm/spain-eaf/) | [CNMV](https://protegra.io/licensing/regulators/cnmv-spain/) |: | 6 mo | EU/EEA |
| [Switzerland](https://protegra.io/licensing/licences/investment-firm/switzerland-portfolio-manager/) | [FINMA](https://protegra.io/licensing/regulators/finma-switzerland/) |: |: | Domestic |
| [Switzerland](https://protegra.io/licensing/licences/investment-firm/switzerland/) | [FINMA](https://protegra.io/licensing/regulators/finma-switzerland/) |: |: | Domestic |
| [United Kingdom](https://protegra.io/licensing/licences/investment-firm/united-kingdom/) | [FCA](https://protegra.io/licensing/regulators/fca-uk/) |: | 6 mo | Domestic |

Values come from each country's page, where every figure has its source.

## Activities this family typically covers

- [Reception and transmission of orders](https://protegra.io/licensing/activities/order-reception-transmission/)
- [Execution of orders on behalf of clients](https://protegra.io/licensing/activities/order-execution/)
- [Dealing on own account](https://protegra.io/licensing/activities/dealing-own-account/)
- [Portfolio management](https://protegra.io/licensing/activities/portfolio-management/)
- [Investment advice](https://protegra.io/licensing/activities/investment-advice/)
- [Underwriting or placing on a firm commitment basis](https://protegra.io/licensing/activities/underwriting-firm-commitment/)
- [Placing without a firm commitment](https://protegra.io/licensing/activities/placing-without-commitment/)
- [Operating a multilateral trading facility (MTF)](https://protegra.io/licensing/activities/operating-mtf/)
- [Operating an organised trading facility (OTF)](https://protegra.io/licensing/activities/operating-otf/)
- [Safekeeping and administration of financial instruments](https://protegra.io/licensing/activities/safekeeping-financial-instruments/)
- [CFD and forex brokerage](https://protegra.io/licensing/activities/cfd-fx-brokerage/)
- [Crowdfunding services](https://protegra.io/licensing/activities/crowdfunding/)

## All licences in this family

- [IF · Abu Dhabi Global Market (ADGM)Financial Services Permission for Dealing in Investments as Principal (Category 2)FSRA](https://protegra.io/licensing/licences/investment-firm/adgm-cat2/)
- [IF · Abu Dhabi Global Market (ADGM)Financial Services Permission for Dealing in Investments as Agent or Matched Principal (Category 3A)FSRA](https://protegra.io/licensing/licences/investment-firm/adgm-cat3a/)
- [IF · Abu Dhabi Global Market (ADGM)Financial Services Permission for Advising on Investments or Arranging Deals in Investments (Category 4)FSRA](https://protegra.io/licensing/licences/investment-firm/adgm-cat4/)
- [IF · AustraliaAustralian financial services licence (AFSL)ASIC](https://protegra.io/licensing/licences/investment-firm/australia/)
- [IF · BermudaInvestment Business Licence (standard licence, under the Investment Business Act 2003)BMA](https://protegra.io/licensing/licences/investment-firm/bermuda/)
- [IF · British Virgin IslandsInvestment Business Licence (Categories 1-4: dealing, managing, advising, custody/administration of investments)BVI FSC](https://protegra.io/licensing/licences/investment-firm/bvi/)
- [IF · Cayman IslandsSecurities Investment Business Licence / Registered PersonCIMA](https://protegra.io/licensing/licences/investment-firm/cayman-islands/)
- [IF · CyprusCyprus Investment Firm (CIF) authorisationCySEC](https://protegra.io/licensing/licences/investment-firm/cyprus-cif/)
- [IF · Czech RepublicInvestment Firm licence (povolení k činnosti obchodníka s cennými papíry - OCP)CNB](https://protegra.io/licensing/licences/investment-firm/czech-republic/)
- [IF · Dubai International Financial Centre (DIFC)Financial Services Permission for Dealing in Investments as Principal (Category 2)DFSA](https://protegra.io/licensing/licences/investment-firm/difc-cat2/)
- [IF · Dubai International Financial Centre (DIFC)Financial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A)DFSA](https://protegra.io/licensing/licences/investment-firm/difc-cat3a/)
- [IF · Dubai International Financial Centre (DIFC)Financial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4)DFSA](https://protegra.io/licensing/licences/investment-firm/difc-cat4/)
- [IF · EstoniaAuthorisation as an investment firmFI](https://protegra.io/licensing/licences/investment-firm/estonia/)
- [IF · FranceConseiller en investissements financiers (CIF) / Financial investment adviser statusAMF](https://protegra.io/licensing/licences/investment-firm/france-cif/)
- [IF · GermanyInvestment firm licence (Erlaubnis zur Erbringung von Wertpapierdienstleistungen nach § 15 WpIG)BaFin](https://protegra.io/licensing/licences/investment-firm/germany/)
- [IF · Hong KongType 1 Licence for Dealing in SecuritiesSFC](https://protegra.io/licensing/licences/investment-firm/hong-kong-type1/)
- [IF · Hong KongType 2 Licence for Dealing in Futures ContractsSFC](https://protegra.io/licensing/licences/investment-firm/hong-kong-type2/)
- [IF · Hong KongType 4 Licence for Advising on SecuritiesSFC](https://protegra.io/licensing/licences/investment-firm/hong-kong-type4/)
- [IF · Hong KongType 6 Licence for Advising on Corporate FinanceSFC](https://protegra.io/licensing/licences/investment-firm/hong-kong-type6/)
- [IF · Hong KongType 7 Licence for Providing Automated Trading ServicesSFC](https://protegra.io/licensing/licences/investment-firm/hong-kong-type7/)
- [IF · IrelandInvestment Business Firm Authorisation (Section 10 IIA 1995)CBI](https://protegra.io/licensing/licences/investment-firm/ireland-iia/)
- [IF · IrelandInvestment Firm Authorisation (MiFID II)CBI](https://protegra.io/licensing/licences/investment-firm/ireland/)
- [IF · ItalySocietà di Intermediazione Mobiliare (SIM) investment firm licenceCONSOB](https://protegra.io/licensing/licences/investment-firm/italy-sim/)
- [IF · LatviaInvestment firm licenceLB](https://protegra.io/licensing/licences/investment-firm/latvia/)
- [IF · LithuaniaFinancial brokerage firm licenceLB](https://protegra.io/licensing/licences/investment-firm/lithuania/)
- [IF · LuxembourgInvestment firm authorisationCSSF](https://protegra.io/licensing/licences/investment-firm/luxembourg/)
- [IF · Malaysia (Labuan)Securities Licensee licence (dealing in / advising on securities)Labuan FSA](https://protegra.io/licensing/licences/investment-firm/labuan-labuan/)
- [IF · MaltaInvestment services licence (Category 1, 2, or 3)MFSA](https://protegra.io/licensing/licences/investment-firm/malta/)
- [IF · MauritiusInvestment Adviser LicenceFSC](https://protegra.io/licensing/licences/investment-firm/mauritius-investment-adviser/)
- [IF · MauritiusInvestment Dealer LicenceFSC](https://protegra.io/licensing/licences/investment-firm/mauritius-investment-dealer/)
- [IF · NetherlandsInvestment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID IIAFM](https://protegra.io/licensing/licences/investment-firm/netherlands/)
- [IF · PolandBrokerage House licence (dom maklerski)KNF](https://protegra.io/licensing/licences/investment-firm/poland-brokerage/)
- [IF · SeychellesSecurities Dealer's Licence (full or restricted)FSA](https://protegra.io/licensing/licences/investment-firm/seychelles/)
- [IF · SingaporeCapital Markets Services (CMS) LicenceMAS](https://protegra.io/licensing/licences/investment-firm/singapore-cms/)
- [IF · SlovakiaInvestment firm licence (povolenie na poskytovanie investičných služieb pre obchodníka s cennými papiermi)NBS](https://protegra.io/licensing/licences/investment-firm/slovakia/)
- [IF · South AfricaFinancial Services Provider licence - Category I (advice and/or intermediary services, non-discretionary, incl. crypto assets)FSCA](https://protegra.io/licensing/licences/investment-firm/south-africa-fsp-cat1/)
- [IF · South AfricaFinancial Services Provider licence - Category II (discretionary FSP)FSCA](https://protegra.io/licensing/licences/investment-firm/south-africa-fsp-cat2/)
- [IF · South AfricaOver-the-Counter Derivative Provider (ODP) authorisation under the Financial Markets ActFSCA](https://protegra.io/licensing/licences/investment-firm/south-africa-odp/)
- [IF · SpainSociedad de Valores y Agencia de Valores (SV / AV) investment firm licenceCNMV](https://protegra.io/licensing/licences/investment-firm/spain-broker-dealer/)
- [IF · SpainEmpresa de Asesoramiento Financiero (EAF) licenceCNMV](https://protegra.io/licensing/licences/investment-firm/spain-eaf/)
- [IF · SwitzerlandPortfolio manager licence (Vermögensverwalter nach Art. 17 FINIG)FINMA](https://protegra.io/licensing/licences/investment-firm/switzerland-portfolio-manager/)
- [IF · SwitzerlandSecurities firm licence (Wertpapierhaus-Bewilligung nach Art. 41 FINIG)FINMA](https://protegra.io/licensing/licences/investment-firm/switzerland/)
- [IF · United KingdomMIFIDPRU Investment Firm Authorisation (Part 4A FSMA)FCA](https://protegra.io/licensing/licences/investment-firm/united-kingdom/)

## Sources

1. [MiFID II Directive 2014/65/EU, Annex I](https://eur-lex.europa.eu/eli/dir/2014/65/oj): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.