# AV) investment firm licence (Spain)

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

The Sociedad de Valores y Agencia de Valores (SV / AV) investment firm licence is issued by National Securities Market Commission (CNMV) under Directive 2014/65/EU on markets in financial instruments (MiFID II). It can be passported to the other EU/EEA states by notification. The official register lists 111 current holders. The legal decision period is 6 months from receipt of a complete application. Ownership changes need the regulator's approval before completion.

## At a glance

| Official name | AV) investment firm licence [1] |
| --- | --- |
| Local name | Sociedad de Valores y Agencia de Valores (SV |
| Also known as | SV licence · AV licence · Sociedad de Valores · Agencia de Valores · CNMV investment firm licence · Spanish broker-dealer licence |
| Issued by | [National Securities Market Commission](https://protegra.io/licensing/regulators/cnmv-spain/) |
| Jurisdiction | [Spain](https://protegra.io/licensing/jurisdictions/spain/) |
| Licence family | [Investment firm / broker-dealer](https://protegra.io/licensing/licences/investment-firm/) |
| Legal basis | Directive 2014/65/EU on markets in financial instruments (MiFID II) [2]; Regulation (EU) No 600/2014 on markets in financial instruments (MiFIR) [3]; Directive 2009/65/EC on undertakings for collective investment in transferable securities (UCITS) [4] |
| Passporting | EU/EEA passport available |
| Application fee | EUR 10,000 (Tarifa 4.1.1 for full ESI; plus EUR 300 registration fee under Tarifa 4.3) [5] |
| Annual fee | 0.1% of eligible own funds (minimum EUR 500) under Tarifa 6.1.1, plus conduct supervision under Tarifa 6.6 (0.047% of gross income, minimum EUR 350, plus EUR 0.47 per client, minimum EUR 850) [5] |
| Statutory decision time | 6 months from receipt of a complete application [1] |
| Public register | [official register](https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=0) [6] |
| Current holders | 111 [6] |

## What it lets you do

| [Reception and transmission of orders](https://protegra.io/licensing/activities/order-reception-transmission/) | Receiving client orders in financial instruments and passing them to another firm for execution. |
| --- | --- |
| [Execution of orders on behalf of clients](https://protegra.io/licensing/activities/order-execution/) | Concluding agreements to buy or sell financial instruments on behalf of clients. |
| [Dealing on own account](https://protegra.io/licensing/activities/dealing-own-account/) | Trading financial instruments against proprietary capital, which includes acting as counterparty to client trades. |
| [Portfolio management](https://protegra.io/licensing/activities/portfolio-management/) | Managing client portfolios that include financial instruments on a discretionary, client-by-client basis. |
| [Investment advice](https://protegra.io/licensing/activities/investment-advice/) | Giving personal recommendations to a client about one or more transactions in financial instruments. |
| [Placing without a firm commitment](https://protegra.io/licensing/activities/placing-without-commitment/) | Placing financial instruments with investors on a best-efforts basis, without guaranteeing the sale. |
| [Operating a multilateral trading facility (MTF)](https://protegra.io/licensing/activities/operating-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)](https://protegra.io/licensing/activities/operating-otf/) | Running a multilateral system for non-equity instruments where the operator exercises discretion over order execution. |
| [Safekeeping and administration of financial instruments](https://protegra.io/licensing/activities/safekeeping-financial-instruments/) | Holding financial instruments for clients and related services such as cash and collateral management, as an ancillary service. |
| [CFD and forex brokerage](https://protegra.io/licensing/activities/cfd-fx-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

_Issued in Spain (gold); can be passported to the other EU/EEA states (blue) by notification._

## Cost

_Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model._

## How long it takes

Statutory: 6 months from receipt of a complete application [1]. 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 notification with an objection period.** Any natural or legal person intending to acquire or increase, directly or indirectly, a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or to gain control of an ESI, EAF, SGIIC, or CASP, must submit prior written notification to the CNMV under Articles 152-154 of Ley 6/2023 (LMVSI) and MiCA Art. 83. The CNMV assesses acquirer suitability, reputation, financial soundness, and AML/CFT risks within a statutory 60 working days assessment period (interruptible once by up to 20 working days for supplementary filings). Unauthorised acquisitions automatically forfeit voting rights and may trigger administrative intervention or statutory sanctions (Art. 156 LMVSI). [1]

## IF in other countries

| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
| --- | --- | --- | --- | --- | --- |
| [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/licences/investment-firm/adgm-cat2/) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Principal (Category 2) | FSRA |: | USD 40,000 |: |
| [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/licences/investment-firm/adgm-cat3a/) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Agent or Matched Principal (Category 3A) | FSRA |: |: |: |
| [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/licences/investment-firm/adgm-cat4/) | Investment firm licenceFinancial Services Permission for Advising on Investments or Arranging Deals in Investments (Category 4) | FSRA |: |: |: |
| [Australia](https://protegra.io/licensing/licences/investment-firm/australia/) | Australian financial services licence (AFSL) | ASIC |: |: |: |
| [Bermuda](https://protegra.io/licensing/licences/investment-firm/bermuda/) | Investment Business LicenceInvestment Business Licence (standard licence, under the Investment Business Act 2003) | BMA |: |: |: |
| [British Virgin Islands](https://protegra.io/licensing/licences/investment-firm/bvi/) | Investment Business LicenceInvestment Business Licence (Categories 1-4: dealing, managing, advising, custody/administration of investments) | BVI FSC |: |: |: |
| [Cayman Islands](https://protegra.io/licensing/licences/investment-firm/cayman-islands/) | Securities Investment Business Licence / Registered Person | CIMA |: |: |: |
| [Cyprus](https://protegra.io/licensing/licences/investment-firm/cyprus-cif/) | Cyprus Investment Firm (CIF) authorisation | CySEC |: | EUR 7,000 | ~6 mo |
| [Czech Republic](https://protegra.io/licensing/licences/investment-firm/czech-republic/) | Investment Firm licence | CNB |: | CZK 20,000 | ~6 mo |
| [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/licences/investment-firm/difc-cat2/) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Principal (Category 2) | DFSA |: | USD 40,000 |: |
| [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/licences/investment-firm/difc-cat3a/) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A) | DFSA |: | USD 25,000 |: |
| [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/licences/investment-firm/difc-cat4/) | Investment firm licenceFinancial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4) | DFSA |: | USD 15,000 |: |
| [Estonia](https://protegra.io/licensing/licences/investment-firm/estonia/) | Authorisation as an investment firm | FI |: | EUR 3,000 | ~2 mo |
| [France](https://protegra.io/licensing/licences/investment-firm/france-cif/) | Financial investment adviser status | AMF |: |: |: |
| [Germany](https://protegra.io/licensing/licences/investment-firm/germany/) | Investment firm licence | BaFin |: | EUR 6,336 | ~6 mo |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type1/) | Type 1 Licence for Dealing in Securities | SFC |: | HKD 4,740 | ~3.5 mo |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type2/) | Type 2 Licence for Dealing in Futures Contracts | SFC |: | HKD 4,740 | ~3.5 mo |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type4/) | Type 4 Licence for Advising on Securities | SFC |: | HKD 4,740 | ~3.5 mo |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type6/) | Type 6 Licence for Advising on Corporate Finance | SFC |: | HKD 4,740 | ~3.5 mo |
| [Hong Kong](https://protegra.io/licensing/licences/investment-firm/hong-kong-type7/) | Type 7 Licence for Providing Automated Trading Services | SFC |: | HKD 4,740 | ~3.5 mo |
| [Ireland](https://protegra.io/licensing/licences/investment-firm/ireland/) | Investment Firm Authorisation (MiFID II) | CBI |: |: |: |
| [Italy](https://protegra.io/licensing/licences/investment-firm/italy-sim/) | Investment firm licence (SIM) | CONSOB |: |: | ~6 mo |
| [Latvia](https://protegra.io/licensing/licences/investment-firm/latvia/) | Investment firm licence | LB |: |: |: |
| [Lithuania](https://protegra.io/licensing/licences/investment-firm/lithuania/) | Financial brokerage firm licence | LB |: |: |: |
| [Luxembourg](https://protegra.io/licensing/licences/investment-firm/luxembourg/) | Investment firm authorisation | CSSF |: | EUR 50,000 | ~6 mo |
| [Malaysia (Labuan)](https://protegra.io/licensing/licences/investment-firm/labuan-labuan/) | Securities Licensee licenceSecurities Licensee licence (dealing in / advising on securities) | Labuan FSA |: |: |: |
| [Malta](https://protegra.io/licensing/licences/investment-firm/malta/) | Investment services licence (Category 1, 2, or 3) | MFSA |: | EUR 7,250 | ~6 mo |
| [Mauritius](https://protegra.io/licensing/licences/investment-firm/mauritius-investment-adviser/) | Investment Adviser Licence | FSC |: |: |: |
| [Mauritius](https://protegra.io/licensing/licences/investment-firm/mauritius-investment-dealer/) | Investment Dealer Licence | FSC |: | USD 500 | ~0.5 mo |
| [Netherlands](https://protegra.io/licensing/licences/investment-firm/netherlands/) | Investment firm licenceInvestment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID II | AFM |: | EUR 200 | ~3 mo |
| [Poland](https://protegra.io/licensing/licences/investment-firm/poland-brokerage/) | Brokerage House licence (dom maklerski) | KNF |: | EUR 4,500 | ~2 mo |
| [Seychelles](https://protegra.io/licensing/licences/investment-firm/seychelles/) | Securities Dealer's Licence | FSA |: |: |: |
| [Singapore](https://protegra.io/licensing/licences/investment-firm/singapore-cms/) | Capital Markets Services (CMS) Licence | MAS |: | SGD 1,000 |: |
| [Slovakia](https://protegra.io/licensing/licences/investment-firm/slovakia/) | Investment firm licence | NBS |: |: |: |
| [South Africa](https://protegra.io/licensing/licences/investment-firm/south-africa-fsp-cat1/) | Financial Services Provider licence - Category IFinancial Services Provider licence - Category I (advice and/or intermediary services, non-discretionary, incl. crypto assets) | FSCA |: |: |: |
| [South Africa](https://protegra.io/licensing/licences/investment-firm/south-africa-fsp-cat2/) | Financial Services Provider licence - Category II (discretionary FSP) | FSCA |: |: |: |
| [South Africa](https://protegra.io/licensing/licences/investment-firm/south-africa-odp/) | Over-the-Counter Derivative Provider (ODP) authorisationOver-the-Counter Derivative Provider (ODP) authorisation under the Financial Markets Act | FSCA |: |: |: |
| Spain | AV) investment firm licence | CNMV |: | EUR 10,000 | ~6 mo |
| [Spain](https://protegra.io/licensing/licences/investment-firm/spain-eaf/) | Empresa de Asesoramiento Financiero (EAF) licence | CNMV |: | EUR 1,000 | ~6 mo |
| [Switzerland](https://protegra.io/licensing/licences/investment-firm/switzerland-portfolio-manager/) | Portfolio manager licence | FINMA |: |: |: |
| [Switzerland](https://protegra.io/licensing/licences/investment-firm/switzerland/) | Securities firm licence | FINMA |: |: |: |
| [United Kingdom](https://protegra.io/licensing/licences/investment-firm/united-kingdom/) | MIFIDPRU Investment Firm Authorisation (Part 4A FSMA) | FCA |: | 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](https://protegra.io/licensing/laws/eu-mifid2-2014-65/): Directive 2014/65/EU
- [Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012](https://protegra.io/licensing/laws/eu-mifir-600-2014/): Regulation (EU) No 600/2014
- [UCITS Directive](https://protegra.io/licensing/laws/eu-ucits-2009-65/): Directive 2009/65/EC
- [Alternative Investment Fund Managers Directive](https://protegra.io/licensing/laws/eu-aifmd-2011-61/): Directive 2011/61/EU

## Sources

1. [boe.es: act](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053): retrieved 2026-09-24
2. [EUR-Lex: CELEX 32014L0065](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32014L0065): retrieved 2026-09-24
3. [EUR-Lex: CELEX 32014R0600](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32014R0600): retrieved 2026-09-24
4. [EUR-Lex: CELEX 32009L0065](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0065): retrieved 2026-09-24
5. [boe.es: act](https://www.boe.es/buscar/act.php?id=BOE-A-2014-9895): retrieved 2026-09-24
6. [cnmv.es: ListadoEntidad](https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=0): 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.