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License Categories Issued by the Neves Licensing Authority
This guidance explains the principal license categories and the activity boundaries associated with each category. Applicants and counterparties should rely on the public register for confirmation of authorised activities.
Purpose of This Guidance
This document outlines the principal license categories issued by the Neves Licensing Authority (“the Authority”) and the intended scope of activities permitted under each category. It is published to support correct classification at the point of application and reliable verification by third parties after authorisation.
Overview: Activity-Specific Authorisation
licenses are granted on an activity-specific basis. The license category determines the permissions available to an entity and the operational expectations that apply. A license does not create a general permission to conduct financial business. Only activities expressly authorised are permitted.
Principal license Categories
The following categories represent the principal licensing models used for regulated financial activity. Where a business model does not fit a standard category, a specialised authorisation may be considered with narrowly defined permissions.
Full Dealer license
Intended for entities that deal on own account and/or assume market exposure. This category is suitable for firms providing complex services where the firm’s activity extends beyond agency execution. Higher expectations apply for governance, controls, and operational maturity.
Execution-Only Dealer license
Intended for firms that execute transactions strictly on client instruction and do not take proprietary positions or operate as market makers. Permissions under this category are limited to agency-style execution within authorised parameters.
Market Maker license
Intended for entities that provide liquidity and quote prices under a spread-based execution model. Applicants are expected to demonstrate appropriate pricing controls, risk management, and governance arrangements proportionate to the activity.
Intermediary / Introducing license
Intended for entities whose role is limited to client introduction, referral, or intermediary facilitation. Execution, custody, and dealing activities are not permitted under this category unless expressly authorised under a different license.
Specialised or Ancillary licenses
Certain business activities fall outside traditional dealer classifications, including technology facilitation, infrastructure support, or other financial-adjacent services. Authorisations under this category are issued with narrowly defined permissions.
Importance of Correct Classification
The license category selected at application determines the Authority’s assessment approach and the boundaries of permitted activity after approval. Incorrect classification can delay assessment, restrict operations, or create compliance exposure where activities exceed authorised scope.
Verification and Public Register Use
The Authority’s public register is the primary reference for confirming license status and authorised activities. Verification should be performed using the entity’s legal name and relevant reference information. Where an entry cannot be found or appears inconsistent, the claim should be treated with caution until clarified through official channels.
Conclusion
license categories issued by the Authority are designed to reflect real-world business activity and to establish clear operational boundaries. Applicants are expected to apply under the correct category and to operate strictly within the authorised scope.
