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Buying or selling an authorised firm, from the register of companies and buyer mandates to the regulator’s approval of the new owner and the integration that follows.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money and cryptoasset firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Licensed companies change hands for good reasons: a founder sells, a group enters a market by acquisition, an investor takes a controlling stake. Every one of those transactions requires the regulator’s prior approval of the new controller, and most require the buyer to show the firm will be run to the same standard. We advise buyers and sellers, run our register of licensed companies for sale and buyer mandates, and take the change-of-control application through to approval.
The service covers payment institutions, e-money institutions, money services businesses, cryptoasset firms and gaming operators in the markets we cover.
The register of licensed companies for sale and the mandates of buyers seeking them, matched in confidence.
Regulatory, compliance and financial crime due diligence on the target, with the findings priced into the transaction.
The controller application prepared and submitted, with the business plan, ownership chain and fitness and propriety evidence the regulator requires.
Terms, conditions precedent, warranties on regulatory matters and the regulatory timetable aligned with the deal timetable.
Governance, policies and reporting updated for the new owner; the regulator’s conditions met and evidenced.
The quarterly report on what licensed companies sell for by licence type and jurisdiction, available to registered parties.
| Deliverable | What it contains | Who relies on it |
|---|---|---|
| Register profile | An anonymised profile of the company or the mandate, released to matched parties | Buyers, sellers |
| Due diligence report | Regulatory, compliance and financial crime findings with severity and price implications | Buyer, lenders, board |
| Change-of-control application | Controller forms, business plan, ownership chain, fitness and propriety evidence | Regulator |
| Regulatory timetable | The approval timetable mapped to the transaction timetable with conditions precedent | Both parties, advisers |
| Post-completion plan | Governance, policy and reporting changes with the regulator’s conditions tracked | New owner, regulator |
Statutory periods run from 60 working days in the United Kingdom to several months elsewhere, and the clock starts when the application is complete. A well-prepared application is approved within the statutory period in most cases.
A licence attaches to the company. The company is sold, and the regulator approves the new controller. We structure the transaction so the licence remains valid throughout.
Both, never for both sides of the same transaction. Buyers receive due diligence and the controller application; sellers receive preparation, the register listing and transaction support.
Completed transaction ranges by licence type and jurisdiction, time to completion, and the factors that moved price in the quarter. It is available to registered buyers and sellers.
No. Profiles are anonymised and released to matched parties after a confidentiality undertaking.
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