Licensing process

The process of obtaining authorisation comprises several steps. Find out how to prepare for submission of the application and how the application is assessed.

Preliminary phase: Before the submission of an application

The FCMC recommends that you apply for advice with the FCMC experts before submitting the application. During that period, it is possible to discuss any issues related to the planned operation and licensing process, such as:

  • on compliance of the planned busines model with regulatory requirements;
  • on completing the application and submitting the necessary information;
  • on examining of the application, etc.
Submission of an application and its completeness check

Within ten working days, the FCMC formally checks whether the application has been completed fully and in line with the regulatory requirements and all necessary documents have been submitted to enable the FCMC to begin assessing the application on its merits. The content of the documents submitted has not yet been assessed at this stage.

If the application is fully completed and all documents and information have been submitted (by the list), the FCMC confirms the acceptance of the application by sending a letter and starts its assessment. If the application is incomplete, the FCMC contacts the applicant and requests the submission of the missing information. In this case, the FCMC does not start assessing the application until the deficiencies identified are rectified.

Assessment of the application

The FCMC examines the licence application within three months, counting from the time of submission of the complete application and all necessary documents and information.

If, in the process of assessing the application, the FCMC finds that the information submitted is insufficient, or if the documents submitted are incomplete on the substance, in order to take a decision on the issue of the licence, the FCMC informs the applicant of the deficiencies in the documents submitted and requests to rectify them. In this case, the time limit for examining the application is extended.

During the assessment of the application, meetings with the applicant are held to discuss the unclear issues and to make the review process more efficient.

Decision-making

After complete examination of the application, the FCMC takes a decision regarding the issuance of a licence or the refusal to issue a licence, if the circumstances referred to in the regulatory requirements are identified that prevent from taking a positive decision.

In case of less significant deficiencies, a decision on the issue of a licence may be taken, provided that the deficiencies identified are rectified within a specified time limit.

Licensing process

01
Preparatory phase – Meeting with the FCMC experts
  • Acquaintance with an applicant.
  • A person provides information on the enterprise's shareholders and officials.
  • A person provides general information on the origin of funds.
  • A person presents the planned business model (services, customers, countries)
  • The FCMC informs about completing and submitting of documents.
  • The FCMC informs on the process of handling the application.
  • The FCMC carries out an initial assessment of the project to verify its possible compliance with regulatory requirements and the possibility of continuing the process of obtaining authorisation.
02
Submission of application and its examination
  • A person submits a completed application and all necessary documents.
  • 10 working days. The FCMC performs an examination of the completeness of the application: whether it has been completed correctly and whether all documents and information have been submitted (by list) to start their examination in substance.
  • A person addresses shortcomings identified, if applicable.
  • Resubmission of an application and documents for verification of their completeness.
  • The FCMS's letter regarding the initiation of assessment of the application.
03
Assessment of application
  • The FCMC assesses the documents submitted.
  • If any deficiencies are identified or additional information is needed, the FCMC organises a meeting and prepares a letter.
  • A person makes the necessary corrections and submits missing information and documents.
  • The FCMC continues the assessment of the application.
  • If necessary, meetings are organised and a letter prepared about remaining deficiencies.
  • A person makes the necessary corrections and submits the missing information and documents.
04
Decision-making
  • The FCMC finalises the examination of an application and draws up a draft decision.
  • The Board of the FCMC takes a decision on the issue of authorisation (with or without conditions) or refusal to issue authorisation.

Consultation with FCMC experts

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