Authorisation from FI or registration only?

The company register includes:

• Companies and persons authorised to offer financial services. They come under FI's supervision.
• Financial institutions and deposit companies, including savings and loans associations. They are only registered, and only partially come under FI's supervision.

Companies under FI's supervision

In order to run a company that offers financial services, in most cases authorisation from FI will be required. This applies to banks, payment services companies, exchange and clearing houses, fund companies, funds, insurance companies, insurance intermediaries, building societies, consumer credit institutions, credit-market companies, electronic money issuers and investment firms.

When FI has received an application, we verify factors including the company's access to capital, business plan, owners and management.

A company that has received authorisation comes under FI's supervision. FI's supervision of companies is conducted based on an assessment of the risk in different operations and how large the negative consequences for society or consumers might be if something goes wrong.

Registered companies – only partially under FI's supervision

The following categories of companies do not need to apply for authorisation from FI to conduct their business. It is sufficient if they apply to register their business.

• Financial institutions
• Deposit companies (including savings and loans associations)

Registered companies are not under FI's supervision the same manner as companies that have authorisation. At the time of registration, FI checks that each company fulfils the requirements for registration, such as the suitability of owners and management and, in the case of financial institutions, compliance with the anti-money laundering regulatory framework. At least once a year, FI thus verifies that the registered companies meet the requirements imposed upon them. FI must be notified of any changes in management or in a qualifying ownership holding of a registered company.

A registered company is obliged to submit the information that FI requests, for instance regarding anti-money laundering measures. FI has the right to conduct on-site evaluations at financial institutions, but not at deposit companies and savings and loans associations. If a registered company does not comply with prevailing legislation, FI has the ability to order the company to terminate its operations.

Financial institutions may conduct currency exchange or other financial operations. Another example of financial operations is lending to businesses. However, permission is required for lending to consumers, and constitutes the type of operations that are under FI's supervision.