Eternity Law International — Financial intermediaries — UK BIPRU €50,000 Limited Licence Firm

UK BIPRU €50,000 Limited Licence Firm

Published:
November 28, 2020

Authorised and regulated by the FCA and the National Futures Association in the United States.

Price:

Asking price: £390,000

Registration of changes & submission of the new owner for FCA approval: £10,000

Q & A:

  1. Are there are any assets, software?
  • No, the Seller is not selling our proprietary investment strategy and software, and doest not selling assets under management. The Seller intend to novate existing business to a new firm and sell the “empty shell” with all its regulations and permissions (please note The Seller is currently in the process to remove the permission to manage retail money)
  1. Was a company operational or zero history?
  • Is in operation since January 2012
  1. Any active bank accounts?
  • Yes, the Company bank with HSBC (GBP, EUR, USD) and TransferWise (USD)
  1. Any existing agreements with brokers / liquidity providers / other service providers?
  • The Seller is currently using RJO’Brien and Interactive Brokers for execution and Morgan Stanley, ADM, and RJO for clearing. In the past the Company also used Goldman Sachs International.
  1. Any personnel & office to stay?
  • The current management team of three is available to stay onboard to continue operating the business. However, the Company would not do the sales or origination but does the risk management, compliance, administration and finance of the firm. All operations are in the cloud and the Company use Office 365 and do not operate a physical office which saves costs. We can onboard new business from the Buyer the day we sign the purchase agreement, day-1 operational.

Requirements:

  1. May control but not hold client money
  2. BIPRU firm MiFID activity restriction
  3. Small Authorised UK AIFM (Sub-Threshold)
  4. When dealing with retail clients, the firm may not carry out the investment activity of Contracts for Difference (including rolling spot forex).

Competences of the Company:

1. Managing an unauthorised AIF

Dealing in investments as agent

Customer Type: Eligible Counterparty, Professional, Retail

2.Managing investments

Customer Type: Professional, Retail

3.Advising on investments (except on Pension Transfers and Pension Opt Outs)

Customer Type: Eligible Counterparty, Professional

4.Arranging (bringing about) deals in investments

Customer Type: Eligible Counterparty, Professional, Retail

5.Making arrangements with a view to transactions in investments

Customer Type: Eligible Counterparty, Professional, Retail

Investments Type:

  1. Certificates representing certain security
  2. Commodity Future
  3. Commodity option and option on commodity future
  4. Contract for Differences (excluding a spread bet and, a rolling spot forex contract and a binary bet)
  5. Debenture
  6. Future (excluding a commodity future and a rolling spot forex contract)
  7. Government and public security
  8. Option (excluding a commodity option and an option on a commodity future)
  9. Rights to or interests in investments (Contractually Based Investments)
  10. Rights to or interests in investments (Security)
  11. Rolling spot forex contract
  12. Share
  13. Spread Bet
  14. Unit
  15. Warrant

Limitation: Rights to or interests in (both).

Passports

A ‘passport’ enables an authorised firm to provide financial products or services in another country in the European Economic Area (EEA).

Countries

AUSTRIA | BELGIUM | CYPRUS | DENMARK | FINLAND | FRANCE | GERMANY | IRELAND | ITALY | LIECHTENSTEIN | LUXEMBOURG | MALTA | NETHERLANDS | NORWAY | SPAIN | SWEDEN |

Passport Type Service

1.A(1) Reception and transmission of orders in relation to one or more financial instruments

2.A(2) Execution of orders on behalf of clients

3.A(4) Portfolio management

4.B(5) Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments

5.B(7) Investment services / activities / ancillary services of the type included in Sec. A/ B of Annex 1 related to the underlying of derivatives included under Sec. C – 5, 6, 7 and 10 – where connected to provision of investment or ancillary services

Investments Type

  • C(1) Transferable securities
  • C(10) Other contracts
  • C(2) Money-market instruments
  • C(3) Units in collective investment undertakings
  • C(4) Derivatives in Securities, etc
  • C(5) Commodities Derivatives – Cash Settled
  • C(6) Commodities Derivatives – Physically Settled
  • C(7) Non-Commercial commodity Derivatives
  • C(8) Derivative instruments for the transfer of credit risk
  • C(9) Financial contracts for differences

Details: dmitriy.m@eternitylaw.com

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