Investment Banking is a licensable activity under Section 79A of the Financial Services Act 2007.
An Investment Bank may conduct the activities of an investment dealer (full service dealer, including underwriting), investment adviser (unrestricted), investment adviser (corporate finance advisory), asset management, distribution of financial services, and such other activities as may be specified in FSC Rules.
Prior to licensing any Non-Banking Financial Institution, the FSC ensures that the applicant meets the "fit and proper" criteria and fulfils certain prudential requirements and conditions of operations. Applicants are required to apply rules of corporate governance and adopt clear measures to prevent conflict of interest and to prevent financial crimes and money laundering.
The FSC ensures inter alia that applicants have in place the necessary compliance functions, appropriate internal control measures and continuous internal audit and monitoring system as well as adequate resources in terms of qualified personnel and equipment.
Ashton Financial Partners will assist in the application for the licence and provide ongoing administration and back office services.