The Optima Approach

What is the
client issue?

Financial service providers and investment firms alike must be authorised and registered prior to carrying out regulated activities. Financial activities are regulated by the relevant competent authority and the registrations and authorisations processes are often the regulators’ first line of defence. Regulatory bodies like the FCA, SEC, FINRA, CFTC and SFC have developed their registrations and authorisations processes over the years, adapting to changing regulations and industry innovations. Working out what type of regulatory license is required and what makes an application succeed or fail can be challenging for firms to navigate.

How does
Optima help?

Optima’s dedicated Authorisations and Registrations team helps firms through each stage of the application process with the regulators, whether that is for a new firm seeking authorisation/ registration for the first time or changing business lines. Our team is made up of ex-regulators and, having successfully authorised a wide range of firms, we have developed an authorisations and registrations toolkit which addresses typical pitfalls firms face and meets regulators’ expectations.

Specifically, Optima helps firms with the following applications:

United States:

  • SEC Registered Investment Adviser (RIA)
  • SEC Exempt Reporting Adviser (ERA)
  • FINRA Registrations and Exemptions
  • Authorisation with the CFTC

United Kingdom:

  • MiFID Investment Managers
  • MiFID Investment Advisers
  • Alternative Investment Fund Managers (AIFM)
  • Appointed Representatives (AR)
  • Change in Control
  • Variation of Permission (VoP)
  • Waivers and Modifications
  • Change of Legal Status

Hong Kong:

  • SFC Corporate License
  • SFC Individual License
APPROACH
Optima Case Study

UK Senior Management Change

A global investment firm had been registered with the FCA for 5 years. The firm has a small team and a board member was resigning. The individual had held the key roles of Executive Director (SMF3) and Money Laundering Reporting Officer (MLRO) (SMF17) for over 2 years. The change was pivotal to the firm’s management and the change of MLRO required a quick turnaround of less than 3 weeks. The firm engaged Optima for support in this timely transition.

Optima provided the client with dedicated consultants experienced in registrations. Two FCA applications were required: Form A for the new MLRO and Form C for the individual resigning. Optima advised the client of the requirements for the new MLRO under the FCA’s fitness and propriety, such as criminal/ background checks, competency and financial soundness, as adherence was key to the success of the applications. Since the new individual had no experience in a MLRO role, Optima recommended training courses to ensure compliance with the FCA’s competence and capability.

Optima drafted the applications, keeping the firm updated throughout. The forms and online submissions can be complex, and Optima’s assistance meant that the client was relieved from spending time on this and could continue to focus on other engagements. The applications were submitted on time and the smooth transition ensured the change of management did not slow down the firm’s business and adequately prepared the individual for his new MLRO role.

CASE
STUDY
Contact Us

info@optima-partners.com

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