Estonia based Retail FX and CFD brokerage group Admiral Markets AS has announced that it has applied for a credit institution licence through the Estonian Financial Supervision Authority, which is currently processing the application.
Admiral Markets said that it has made the application for a credit institution licence to support its core service offering – the provision of investment services.
The goals in obtaining the licence include offering payment services, deposit transactions by obtaining deposits from the public and loans issuance, in addition to current investment services. These services require a credit institution licence, hence the application for authorisation.
Thus, once the licence has been issued, Admiral Markets AS will be able to start offering financial services that are largely related to its current investment services.
Sergei Bogatenkov, Admiral Markets
Sergei Bogatenkov, CEO of Admiral Markets AS stated:
We are pleased to have taken this next step in offering our clients a superior investment experience. As a multi-award winning broker, delivering a seamless trading experience is at the forefront of Admiral Markets’ business decisions. Should the Estonian Financial Supervision Authority approve this application, clients can expect us to further build upon our outstanding performance.
Admiral Markets stated that it intends to provide the services under the licence in European Union countries.
Obtaining the credit institution licence will not affect the activity of Admiral Markets AS in offering investment and investment ancillary services.
The company indicated that the Estonian Financial Supervision Authority is not able to provide estimates about the time and anticipated results of the credit institution licence procedure.