Find out what permissions you'll need to apply to us for authorisation, how much you'll need to pay and what we expect to see in your application.
We refer to a person that acts for their own account as a principal trading firm (PTF).
This will apply to you if you deal for your account by:
- buying
- selling
- subscribing for
- underwriting
certain investments. The investments bought and sold are held by the firm, using its own money, rather than by an investor.
Permissions you'll need
Typically, these are the permissions required:
- making arrangements with a view to transactions
- arranging deals in investments
- dealing in investments as agent
- dealing in investments as principal
The investment types you choose should correspond with your firm's business model. You'll need to show evidence of this in your regulatory business plan[3].
Application fee
Your fee falls into pricing category 6.
Find out more about your application fee[4], including how to pay.
Prudential requirements
All PTFs are:
- subject to the UK implementation of MiFID
- classed as non-small and non-interconnected (non-SNI) firms, meaning the Permanent Minimum Requirement (PMR) is £750,000
To decide what K-factors are needed for your business model, refer to MIFIDPRU[5] (our prudential sourcebook for MiFID investment firms).
What to include
Before submitting your application through our Connect[6] system, make sure you've prepared:
- your regulatory business plan, 3-year financial forecast and the other things we expect to see in all applications[3]
- the required forms and supporting material listed below
