Application process
How licence applications actually come together
Use these jurisdiction maps to turn a business model into route decisions, people evidence, entity documents, official submission channels, bottlenecks, and public-register checks.
HK
Hong Kong SFC licence application process
A practical application map for SFC licensed corporation, responsible officer, licensed representative, Type 1, Type 4, Type 6, Type 9, and related securities licence applications.
Start with the SFO regulated activity map, then decide whether the corporation needs Type 1, Type 4, Type 6, Type 9, Type 13, or a combination.The practical clock starts after the application pack is coherent, not when the first draft form exists.
Open process mapSG
Singapore MAS CMS licence application process
A practical MAS application map for CMS licence applicants, fund managers, broker-dealers, corporate finance advisers, custodians, representatives, and Singapore capital markets teams.
Classify the regulated activity first: dealing in capital markets products, fund management, advising on corporate finance, REIT management, product financing, credit rating services, or custody.Practical timing depends heavily on route complexity, completeness, client type, product scope, and MAS follow-up questions.
Open process mapUK
UK FCA authorisation application process
A practical FCA application map for investment managers, advisers, brokers, wealth firms, platforms, SM&CR accountable people, CASS models, and UK authorisation applicants.
Map the permissions, regulated activities, investment types, client types, and distribution routes before drafting application forms.FCA service standards distinguish complete and incomplete applications; practical timing often depends on how much evidence is ready at submission.
Open process mapUS
US SEC adviser and FINRA broker-dealer application process
A practical US application map for SEC investment adviser registration, state adviser/IAR questions, FINRA broker-dealer membership, Form ADV, IARD, Form NMA, CRD, and hybrid models.
Decide whether the business gives investment advice, manages funds, solicits clients, receives transaction compensation, executes/introduces securities transactions, handles custody, or combines adviser and broker-dealer functions.The SEC generally has 45 days after receipt of Form ADV to declare an adviser registration effective if the filing is complete and proper.
Open process mapAUS
Australia AFSL application process
A practical ASIC application map for AFSL applicants, authorised representative choices, responsible managers, relevant providers, financial adviser registration, and AFSL variations.
Decide whether the business provides financial product advice, deals in financial products, makes a market, operates a scheme, provides custody, or performs another financial service in, into, or from Australia.Practical timing depends on authorisation breadth, proof quality, responsible manager evidence, retail-client scope, and ASIC follow-up notices.
Open process mapEvidence library
Build the evidence pack before drafting forms
The evidence library turns broad requirements into practical workstreams: people, ownership, governance, capital, AML/CFT, compliance, custody, outsourcing, cyber, complaints, reporting, forecasts, and wind-down.
Open evidence libraryDeep application packs
High-friction routes to prepare carefully
These packs go one level deeper than the jurisdiction process map. They show route scope, pre-draft questions, evidence sections, people/governance notes, forms, timeline risks, and adviser questions.
California state investment adviser and IAR application packA California state adviser application should prove both sides of the route: the firm certificate file through Form ADV/IARD and DFPI supplements, and each IAR or associated person's Form U-4, qualification evidence, disclosure support, and CRD approval status.Texas state investment adviser and IAR application packA Texas adviser application should prove the firm route, the IAR route, and the Texas-specific filing split: electronic Form ADV/Form U4 and fees through IARD/CRD, plus organizational, financial, advisory-contract, fee-schedule, and designated-officer materials sent to the TSSB.New York RA/IAR registration and exam waiver packA New York RA registration file should prove who must register, which examination or waiver route applies, whether Form U4 data and CRD records support the route, and whether the applicant can advise, supervise, or solicit before approval.Hong Kong SFC Type 9 asset management application packSFC Type 9 is usually the route for asset management, discretionary portfolio management, fund management, and managed account activity. The pack should prove the actual investment workflow, the people who control it, and the controls around client assets, valuation, conflicts, dealing, and reporting.Hong Kong SFC Type 1/Type 4 dealing and advising application packA Type 1/Type 4 application should prove the actual securities client journey: how prospects are introduced, how advice or research is given, how orders are placed or transmitted, how compensation is earned, how client assets are handled, and which responsible officers supervise each regulated activity.Hong Kong SFC Type 6 sponsor and corporate finance application packA Type 6 application should prove whether the firm will provide ordinary corporate finance advice, sponsor or compliance adviser work, takeovers/share buy-back advice, placing or capital raising services, or a combination. Sponsor and takeovers work add competence, principal, supervision, and transaction-control evidence beyond generic corporate finance advice.Singapore MAS CMS fund management application packA Singapore fund manager application should prove that the applicant has selected the right CMS fund management route, understands its client/product limits, and can operate with credible people, compliance, financial resources, AML/CFT, risk, and representative controls.Singapore MAS CMS dealing in capital markets products application packA dealing CMS application should prove what capital markets products are dealt, who the clients are, how orders or subscriptions move, whether the firm is a broker-dealer, fund distributor, platform, arranger, or introducing model, and which representatives may conduct regulated activity under the principal's supervision.Singapore MAS CMS corporate finance application packA corporate finance CMS application should prove whether the applicant advises issuers, boards, shareholders, acquirers, sellers, sponsors, fund raisers, or transaction participants, and whether any part of the model drifts into dealing, fund distribution, financial advisory services, or cross-border marketing.Singapore MAS CMS custodial services application packA custodial services application should prove whether the Singapore entity holds, safeguards, controls, instructs, reconciles, or reports on securities or other client assets, and whether the model also triggers dealing, fund management, product financing, clearing, market operation, or trust/CIS trustee analysis.Singapore MAS CMS product financing application packA product financing application should prove what financing is provided, what capital markets products are financed, how collateral is taken or controlled, which clients are served, how margin and credit risks are managed, and whether the model also triggers dealing, custody, fund management, or platform route analysis.Singapore MAS CMS REIT management application packA REIT management application should prove the manager's authority over the REIT, the trustee and sponsor interface, asset and capital strategy, governance, valuation, conflicts, outsourcing, disclosure controls, representative competence, and how the REIT manager will protect unitholder interests from launch.Singapore MAS AE/RMO market operator application packA market-operator application should prove whether the platform operates an organised market, whether AE or RMO is the right route, how participants access the market, how orders or interests are matched or routed, how market conduct and technology risks are controlled, and whether CMS dealing, custody, clearing, or product financing analysis is also needed.Singapore licensed financial adviser application packA licensed financial adviser application should prove the exact financial advisory services, product scope, representatives, advice controls, complaints process, AML/CFT controls, and post-approval register checks. The pack is not a shortcut to a legal conclusion; it is a source-led way to make the licence route and evidence gaps visible before submission.Singapore exempt financial adviser and representative packAn exempt financial adviser route is not a no-controls route. The useful pack proves why the entity is exempt, which principal or regulated entity is responsible, which representatives may act, how notifications and conduct controls work, and how MAS FID and the Representatives Register will be checked.UK FCA investment manager authorisation packA UK investment manager application needs to prove the permissions and investment types, whether the business is individual or collective portfolio management, and whether the firm is ready, willing, and organised to operate with credible governance, prudential, CASS, outsourcing, conflicts, and redress arrangements.UK FCA financial adviser authorisation packA UK financial adviser application should prove the advice journey, products, client types, permissions, competence route, SMF ownership, Consumer Duty controls, financial resources, and whether the firm is MiFID, MiFID-exempt, appointed-representative-led, or directly authorised.UK FCA wealth and stockbroking authorisation packA wealth or stockbroking application should prove whether the firm advises, arranges, deals as agent, manages portfolios, holds client money or safe custody assets, operates retail or wholesale flows, and can evidence capital, systems, order handling, CASS, financial crime, Consumer Duty, and senior accountability from day 1.UK FCA investment platform and CASS authorisation packAn investment platform application should prove exactly how the platform markets, onboards, routes orders, holds or controls client money or safe custody assets, charges fees, uses custodians or brokers, and protects retail or professional clients from day 1.UK FCA appointed representative and principal oversight packAn appointed representative route should prove why the AR or IAR model is suitable, what regulated activities the AR may conduct, which principal takes responsibility, how the principal will supervise the AR, and how FCA notifications, data reporting, and register checks will stay current.US SEC registered investment adviser Form ADV application packA US SEC adviser application should prove SEC eligibility, Form ADV completeness, brochure accuracy, custody/disclosure analysis, compliance ownership, state/IAR consequences, and post-effective amendment discipline.US state registered investment adviser application packA state investment adviser application should prove why state registration is the correct route, how Form ADV Parts 1 and 2 describe the real advisory business, which state-specific documents are needed, and how the firm will keep IAR, custody, capital, contract, brochure, and register evidence aligned.US investment adviser representative state registration packAn IAR registration file should prove the person's advisory role, state registration trigger, Form U4 completeness, exam or waiver basis, disclosure history, supervision, outside activities, and public-register accuracy before the person gives advice, solicits advisory clients, or supervises advisory activity.US FINRA broker-dealer New Member Application packA broker-dealer application should prove that the applicant can satisfy FINRA membership standards with a substantially complete Form NMA, credible supervisory procedures, registered-person readiness, capital, systems, clearing/custody, AML, and business-line controls.Australia retail financial advice AFSL application packA retail financial advice application pack should prove the AFSL authorisation scope, responsible manager coverage, relevant-provider professional standards, FAR appointment, separate ASIC registration, advice conduct controls, disclosure documents, complaints/dispute resolution, and public-register accuracy before retail personal advice starts.Australia authorised representative appointment packAn authorised representative appointment pack should prove who is authorised, which financial services are covered, whether sub-authorisation is allowed, how ASIC is notified, how the public register is checked, and when FAR appointment/registration or professional standards also apply.Australia AFSL responsible manager proofs packAn AFSL application must prove organisational competence through responsible managers and supporting evidence that matches the financial services, financial products, client type, and scale of the business.