Obtaining authorisation is a regulated process whereby you can become a participant of Latvia's financial market and commence your business.
In order to become a participant of Latvia’s financial market, the following institutions are required to obtain authorisation:
- a credit institution,
- a manager of alternative investment fund,
- an insurance undertaking,
- a reinsurance undertaking,
- an insurance intermediary,
- an investment management company,
- an investment firm,
- an electronic money institution,
- a payment institution,
- a crowdfunding service provider,
- a credit union,
- a pension fund,
- an operator of the regulated market,
- a foreign exchange trading companyforeign exchange trading company.
The process of obtaining authorisation comprises several steps:
- preparation for the submission of application,
- submission of application,
- assessment of application,
- receipt of authorisation.
The website of Latvijas Banka contains detailed information on each financial and capital market segment, indicating what an entrepreneur needs to know and do at each stage when obtaining authorisation, which documents are to be prepared and submitted to Latvijas Banka for obtaining authorisation, what is done by Latvijas Banka and what are application processing times.
Meeting with prospective service providers
The experts of Latvijas Banka offer advice to prospective market participants to help better understand the regulatory requirements on the process of authorisation, as well as to identify potential challenges when developing new and innovative products or business models.
Our experts offer:
- to clarify certain aspects of regulatory requirements,
- advice on the application of regulation at an early stage of development of an innovative product or business model.
Please apply for advice in advance to agree on the meeting time:
We provide advice to prospective innovative financial service providers at the Innovation Hub of Latvijas Banka. We will help to figure out whether the intended new service or business model is likely to be subject to any financial sector regulation and what issues should be resolved by the authors of the business plan in the course of further development.