Financial services licensing in Europe. Finance institution license in European union (EU)

Strict legal regulation is a distinctive feature of the Financial Services sector in all countries. FinTech companies, banks, electronic money institutions, payment service providers, insurance companies, investment managers and investment funds, forex dealers, securities brokers and other finance institutions in Europe are subject to higher regulation and risk management requirements. Moreover, this sector is highly diversified and covers lots of instruments and services as well as various business models. Licensing of a finance institution in one of the member states within the European Union and European Economic Area opens up business opportunities to provide services in all other states, enjoy benefits of a Common Market of 500 million wealthy consumers and over 20 million businesses. ECOVIS specializes in the licensing of finance institutions and Fintech’s providing financial services in Common European Financial Market.

ECOVIS – the most experienced financial services licensing advisor

ECOVIS ProventusLaw currently is the most experienced financial institution licensing and compliance advisor. Our experience goes back to the incorporation of the first modern NSEL 30 Index fund in Lithuania 15 year ago. A few years later ECOVIS ProventusLaw assisted in licensing a specialised US securities investment fund – ZPR US Small Cap Value Fund for the US-based investment manager ZPR International.

We licensed the European branch of the California based e-payment company Alternative Payments in 2014, servicing over 100 000 websites around the world. Alternative Payments currently holds a Lithuanian license for their pan-European business. We serviced the global financial advisor deVere Group getting a license for their global activities, advised national post operator AB Lietuvos Paštas and the leading mobile telecommunications service provider UAB Omnitel getting their licenses. We mediated the Singapore-based Senjo Group global holding company in 2017, who specialize in payment services and financial technology, with the acquisition of Finolita Unio, which has a payment institution license. Recently, ECOVIS ProventusLaw acquired an electronic money institution licence for Singapore-based Instarem, which operates in more than 50 countries. Currently we service clients from continental Europe, the UK and USA, Canada, China, Hong Kong, Israel, UAE and Singapore. We do not differentiate between experienced international finance institution providing services around the globe and Fintech start-up making their first steps into the European financial market. We welcome everybody and we are ready to assist.

ECOVIS professionals advise governmental working groups improving the regulatory environment for finance institutions in Lithuania and focusing it for pan-European needs. ECOVIS ProventusLaw has established the FINTECH HUB LT association together with 6 Fintech enterprises licensed in Lithuania.

The experience of ECOVIS ProventusLaw on issues of finance law and licensing of financial services was also emphasised by the international legal directory “Legal 500”, which noted that ECOVIS ProventusLaw has a very high competence in the banking sector.

The Guide to the World’s Leading Financial Law Firms IFLR1000 awarded Attorney at Law Inga Karulaitytė in the IFLR1000 law firm rankings for the year 2019 as a Highly Regarded Lawyer in Banking. Received awards from international legal directory is the recognition of ECOVIS ProventusLaw FinTech team exceptional knowledge and expertise in banking, financial services as well as finance institution licensing. Such recognition can be achieved only after precise and independent due diligence carried out by legal directory, long years of successful legal practice and positive client feedback.

ECOVIS INTERNATIONAL– global financial advisor

ECOVIS International is a leading global consulting firm with over 7000 lawyers, tax advisors, auditors and other professionals operating in more than 70 countries. ECOVIS ProventusLaw is the Lithuanian member firm of ECOVIS International.

As an interdisciplinary network of legal, audit and tax professionals, ECOVIS advises on all aspects of finance institution incorporation and licensing process, including preparation of the business plan, tax advice and human resources. Worldwide ECOVIS network with offices in major world economic centres provides clients the possibility to work through their home country ECOVIS office.

Local knowledge in the home country and international expertise of the international network of ECOVIS professionals ensure fast and efficient services for the client. This makes ECOVIS different from other service providers.

The experience of ECOVIS ProventusLaw includes the following

Inga Karulaitytė-Kvainauskienė

Lawyer, attorney at law, partner of the law firm

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