We are more than happy to announce that in cooperation with the Financial and Capital Market Commission (FCMC) VIAINVEST has become a licensed participant of a regulated financial and capital market by obtaining an investment brokerage firm (IBF) licence. We are beyond excited to finally be regulated and operate under the supervision of FCMC.
New license also comes with benefits for investors – subject to the requirements of the Investor Protection Law, if the investment brokerage firm fails to provide investment services, retail investors are entitled to a compensation of 90% of the irrevocable loss, up to a limit of €20 000.
The license authorizes VIAINVEST to provide the following investment services:
- Acceptance and transmission of orders in respect of one or more financial instruments;
- Execution of orders on behalf of clients;
- Placement of financial instruments without commitment to redeem financial instruments.
And to provide the following ancillary services:
- Holding of financial instruments;
- Initial placement of financial instruments;
- Exchanging foreign currencies for the purpose of providing investment services.
During the next week, we will also update the Regulations of the Investment Platform. Within the next 30 days from publication of amendments, both current and new versions of Regulations of the Investment Platform will be available on viainvest.com web page footer.
Within this period investors are entitled to inform VIAINVEST on any objections with respect to any Regulations of the Investment Platform amendments proposed by VIAINVEST. If no objections are received, they will enter into force and become binding to existing investors on the 31st day after its publication on the website.
Issuance of the license marks the beginning of 6 months transition period within what VIAINVEST will gradually shift from selling claim rights to listing asset backed securities. For better user experience VIAINVEST intends to maintain the previous user interface as much as possible.
Please note that during the transitional period and previously concluded assignment contracts are not protected by these investor protection mechanisms, however our existing Buyback guarantee still applies to all consumer loans listed by our loan originators.
“We are now actively working on the development of a new system that will allow us to offer securities for investments, as well as polishing up information exchange between investors and the platform. The transition period will also be beneficial to investors as they will be able to test waters with new products, while still partly being invested in claim rights as used to. VIAINVEST aims to make the transition to the new system as smooth as possible, therefore we intend to maintain both – the existing design of the platform and the user interface. VIAINVEST has always constantly worked on innovations – to be ready to meet the requirements of a licensed investment brokerage firm, we have introduced improvements in KYC and AML procedures, so we hope that the transition to the new system will be efficient and fast,” explains Eduards Lapkovskis, Member of the Board of VIAINVEST.
To ensure safe investing in financial instruments and to be able to categorize investors according to MiFID II, all our new and existing investors should complete the Suitability and Appropriateness questionnaire as well as update information in the KYC questionnaire which will become available in a few upcoming months.