Published: 03.04.2023

On 29 March, the Supervision Committee of Latvijas Banka decided to issue a licence to SIA Nectaro for the provision of investment services and ancillary investment services.

The authorised investment services indicated in the licence issued to SIA Nectaro are the execution of orders on behalf of customers, portfolio management and placing of financial instruments without an obligation to redeem financial instruments.

Meanwhile, the authorised ancillary investment service indicated in the licence is the holding of financial instruments.

During the transitional period after obtaining a licence, on the platform managed by SIA Nectaro (previously – DoFinance, SIA) offering of investments by means of cession will be gradually discontinued and offering of financial instruments will begin.

SIA Nectaro will inform customers about the changes related to the change of status and about the protection mechanisms applicable to transactions in financial instruments carried out by investors in accordance with the Financial Instrument Market Law and the relevant Directive (MiFID II) as well as the Regulation on packaged retail and insurance-based investment products (PRIIPs) and Prospectus Regulation and will inform customers regarding the functioning of the system of investor protection in accordance with the provisions laid down in the Investor Protection Law.

SIA Nectaro will also inform customers about the risks associated with investments in products distributed by SIA Nectaro.

On the licensing process

To receive an investment firm licence, a company should submit an application to Latvijas Banka, indicating the investment and ancillary investment services it would like to provide, and it should also submit the documents specified in the Law on Investment Firms. Detailed information on obtaining authorisation is available on Latvijas Banka's website.

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