December 1, 2021 the Bank of Lithuania granted UAB “Revolut Securities” category B securities broker license. The license allows reception and transmission of client orders, safeguarding of client funds and securities, provision of investment management and investment advisory services.
The securities broker license is already the fourth license owned by Revolut in Lithuania. Revolut Payments UAB holds Electronic money institution and insurance broker licenses. Revolut Bank UAB holds Lithuanian specialised bank license which was changed to a banking licence following the proposal of the Bank of Lithuania by the European Central Bank on 16 December, 2021. CEO Joe Heneghan said in a press release that Revolut plannes to consolidate the two branches and expand its banking services in Europe.
Lithuanian securities broker license issued under the European MIFID directive allows provision of brokerage and investment advisory services to the clients in all EU/EEA member states, including big national markets such as Germany and France.
Revolut founder and CEO Nik Storonsky commented to Lithuanian media that this was one of the reasons why they choose Lithuania. “Securities brokerage license will allow us to accelerate the growth of our investment platform in all EU/EEA. Current clients will benefit from increased investors protection measures and transparency. This is one more step towards innovative financial services being available for everybody”, – Mr. Storonsky said.
UAB “Revolut Securities” CEO Mr. Rolandas Juteika told in the company press release “We are happy to provide one of the most demanding Revolut service from Lithuania. Thousands of Lithuanian clients use Revolut investment platform. We are continuously improving our investment services and plan to offer more investment opportunities in the near future”, promises Mr. Juteika.
Revolut launched the internet securities brokerage platform in 2019 and it is currently one of the most successful retail brokers having more than 1 mill. clients in Europe only. Company holds similar licenses in US and Australia. Innovative Revolut App allows investment into fractional shares, provides information on securities market, statistics, company financial data and securities market news.
According to partner of ECOVIS ProventusLaw Kestutis Kvainauskas, Revolut probably is the Lithuanian record holder in a number of financial licenses held. “Holding 4 licenses issued by the Bank of Lithuania Revolut is the best example of how companies looking for the innovative licensing solution in all Europe use Lithuania as their home licensing jurisdiction to provide services in all European Economic Area”, – Mr. Kvainauskas said.
ECOVIS ProventusLaw is a Lithuanian partner firm of ECOVIS International network which is presented in more than 80 countries around the world. ECOVIS ProventusLaw is specialising in financial services licensing and compliance.
More information on Securities broker license under European MIFID directive.
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