Initial experiences with the licensing process for portfolio managers and trustees
Based on its initial experiences, SFMA set out its expectations and where it sees challenges. It explained its risk-based licensing approach and the concept of high-risk business models.
By mid-April SFMA had received 95 of the some 2,500 licence applications that it expects to receive by the end of 2022 and had licensed the first 36 portfolio managers. Based on these initial experiences with the licensing process, SFMA set out its expectations of itself, the applicants and the supervisory organisations. Furthermore, SFMA provided information about the risk-based licensing approach and its interpretation of the term “high-risk business model”.