Plus500 was founded in 2008. Since then, it has earned a good reputation in the broker industry, especially for foreign exchange and contracts for differences.
Headquartered in Israel, Plus500 holds licenses in nations like Cyprus, the United Kingdom, South Africa, Australia, Singapore, and Seychelles. A new regulatory license granted by Estonia is an addition to the list.
A New Regulatory License For Plus500
Plus500 is a financial firm that operates globally. Estonia granting a regulatory license to Plus500 is a major step for the firm to now legally conduct its investment operations in the country.
One can call it a much-deserved addition to the library of Plus500. It has always stood up to the reputation of being a reliable broker for the clients. With a good review ratings in every category, the firm stands tall to serve the clients with the best quality. You can find out more about Plus500 platform on this Plus500 forex review.
Receiving the new regulatory license from the Financial Supervision Authority, also known as FSA, has opened the doors for the firm to operate as an investment company. This status will enable Plus500 to offer services related to investment and ancillary to its clients. All such services will be offered under Plus500EE AS, a new legally formed local entity.
It will be regulated by the Financial Supervision Authority and will, therefore, have to follow all the predefined legalities. The Financial Supervision Authority has issued a statement to explain the jurisdictions of Plus500EE AS.The newly formed legal entity now has the right to receive and forward orders related to securities. It can also execute orders related to securities in the name or for the account of the client.
Plus500EE AS also has the liberty to trade in securities for its account.
The Financial Supervision Authority has clarified on the part of offering ancillary services as well. The Authority has stated that Plus500EE AA has the right to hold and manage securities of its clients and also provide services related to foreign exchange. However, Plus500EE AS can provide services related to foreign exchange only if the services are related to the provision of investment services.
On account of receiving the license from the Financial Supervision Authority, Plus500 has gone ahead to appoint Sigrid Aljas and Kerli Lõhmus.
Sigrid Aljas was with another Estonian broker called Admirals, previously known as Admiral Markets, at the position of Head of Compliance. She is now the Chief Executive Officer at Plus500EE AS. Sigrid Aljas is a trained lawyer who has spent the early years of her career working with the Financial Supervision Authority.
Kerli Lõhmus has been appointed to join the Management Board of Plus500EE AS. She was earlier with Coop Bank AS as the Member of the Board. Her tenure started in February 2017 and ended in January 2022.
Updates related to Plus500EE AS beginning its operations are awaited. It will, until then, continue to operate by passporting its Cypriot license.