Investment Firms Authorised in Malta

Every entry ESMA's union public register holds with Malta as its home member state — what each firm is authorised as, when, and which authorisations have since been withdrawn.

This is not the crypto register. MiFID / AIFMD / UCITS investment firms — NOT the MiCA crypto register — investment firms, fund managers and trading venues. A firm listed here may hold no permission for crypto-assets at all. For that, use the guided check against the MiCA register.

A listing is a permission, not a recommendation. ESMA publishes that a firm is authorised. That is a record of a permission, not a recommendation, and not a statement that the firm is safe. No firm on this page is assessed, scored or ranked by us, and the order is alphabetical so that the order cannot be read as a judgement either.

233 entries · 185 recorded as current · 41 recorded as withdrawn · 7 with no status stated · authority: Malta Financial Services Authority (MFSA)

24 CAPITAL MANAGEMENT LIMITEDAIFM · authorised 28 March 2018Current
ABALONE ASSET MANAGEMENT LIMITEDAIFM · authorised 27 July 2015Current
ABALONE ASSET MANAGEMENT LIMITEDUCITS management company · authorised 27 July 2015Current
ABALONE ASSET MANAGEMENT LIMITEDEVC · authorised 5 October 2016Current
ABALONE ASSET MANAGEMENT LIMITEDUCITS management company · branch · authorised 15 November 2021Current
ABALONE ASSET MANAGEMENT LIMITEDAIFM · branch · authorised 1 December 2021Current
Accendo Capital Management LimitedAIFM · authorised 16 March 2022Current
Accolade Investment Company LimitedAIFM · authorised 28 February 2020Current
ACM Europe LimitedInvestment firm · authorised 1 November 2007Current
ADG EUROPE LTDInvestment firm · withdrawn 26 April 2024Withdrawn
ADG Markets LimitedInvestment firm · withdrawn 26 April 2024Withdrawn
Adventum International LtdAIFM · authorised 7 March 2019Current
AKJ FMG LIMITEDAIFM · authorised 22 July 2014Current
Alanda Capital Management (Malta) LimitedAIFM · authorised 1 October 2017Not stated
ALANDA CAPITAL MANAGEMENT (MALTA) LIMITEDAIFM · authorised 28 August 2017Current
ALB LIMITEDInvestment firm · withdrawn 18 December 2025Withdrawn
ALB Limited - Czechia BranchInvestment firm · branch · withdrawn 13 October 2025Withdrawn
Alchemy Markets Ltd.Investment firm · authorised 23 November 2012Current
ALL INVEST COMPANY LIMITEDInvestment firm · authorised 1 November 2007Current
Alpha Fx Europe LimitedInvestment firm · branch · authorised 24 November 2022Current
Alpha FX Europe LimitedInvestment firm · authorised 5 March 2021Current
Alpha FX Europe LimitedInvestment firm · branch · withdrawn 24 June 2026Withdrawn
ALPHA FX EUROPE LIMITED, SUCURSAL EN ESPAÑAInvestment firm · branch · authorised 24 January 2025Current
Alpha FX Europe Limited, Zweigniederlassung DeutschlandInvestment firm · branch · authorised 18 January 2024Current
Alpha Quest Funds SICAV p.l.c.AIFM · authorised 1 January 2017Not stated
ALPHA QUEST FUNDS SICAV P.L.C.AIFM · authorised 30 November 2016Current
ALPHA VALUE MANAGEMENT LIMITEDUCITS management company · branch · authorised 28 February 2012Current
ALPHA VALUE MANAGEMENT LIMITEDAIFM · withdrawn 5 September 2023Withdrawn
ALPHA VALUE MANAGEMENT LIMITEDAIFM · branch · authorised 9 November 2020Current
ALPHA VALUE MANAGEMENT LIMITEDUCITS management company · withdrawn 5 September 2023Withdrawn
ALT21 Europe LimitedInvestment firm · authorised 13 March 2025Current
Altarius Asset Management LtdAIFM · authorised 1 January 2017Current
ALTRUID SYSTEMS LIMITEDInvestment firm · withdrawn 13 November 2023Withdrawn
AMAGIS CAPITAL MANAGEMENT LTDUCITS management company · authorised 20 April 2015Current
AMAGIS CAPITAL MANAGEMENT LTDAIFM · authorised 24 April 2014Current
ANDURAND CAPITAL MANAGEMENT LIMITEDAIFM · authorised 9 October 2012Current
APARTNERS CAPITAL INVESTMENT MANAGEMENT LIMITEDAIFM · authorised 27 June 2017Current
Apeiron Financial Consulting LimitedInvestment firm · withdrawn 23 July 2025Withdrawn
APS BANK LIMITEDInvestment firm · authorised 1 November 2011Current
AQA CAPITAL LIMITEDUCITS management company · authorised 18 May 2015Current
AQA Capital LtdAIFM · authorised 7 March 2017Current
AQA CAPITAL LTDUCITS management company · branch · authorised 7 February 2017Current
ARAMIS CAPITAL (EUROPE) LTDInvestment firm · authorised 29 February 2016Current
ARIA CAPITAL MANAGEMENT (EUROPE) LIMITEDInvestment firm · branch · authorised 5 December 2025Current
AUDENTIA CAPITAL MANAGEMENT LIMITEDAIFM · authorised 20 April 2017Current
AUDENTIA CAPITAL MANAGEMENT LIMITED, SUCURSAL EN ESPAÑAAIFM · branch · authorised 4 September 2020Current
AUM ASSET MANAGEMENT LIMITEDAIFM · authorised 15 December 2017Current
AURIGA ASSET MANAGEMENT LIMITEDUCITS management company · authorised 18 September 2013Current
Aventis Financial Planning LimitedInvestment firm · authorised 28 May 2010Current
Ballinger Markets Ltd.Investment firm · authorised 28 February 2023Current
BANK OF VALLETTA PLCInvestment firm · authorised 1 November 2007Current
Beachfront Advisory Services Ltd.Investment firm · authorised 23 December 2022Current
BIOCAPX Investment Fund SICAVplcAIFM · authorised 6 January 2021Current
Blevins Franks wealth management limitedInvestment firm · branch · authorised 27 February 2020Current
BLEVINS FRANKS WEALTH MANAGEMENT LIMITEDInvestment firm · authorised 20 September 2019Current
Blevins Franks Wealth Management Limited - Sucursal em PortugalInvestment firm · branch · authorised 1 January 2021Current
BLEVINS FRANKS WEALTH MANAGEMENT LIMITED, SUCURSAL EN ESPAÑAInvestment firm · branch · authorised 1 July 2022Current
BLUE SUISSE LIMITEDInvestment firm · authorised 24 July 2013Current
BOV ASSET MANAGEMENT LIMITEDUCITS management company · authorised 1 November 2007Current
BROKR Ltd.Investment firm · authorised 8 January 2021Current
CALAMATTA CUSCHIERI INVESTMENT MANAGEMENT LIMITEDUCITS management company · authorised 30 June 2011Current
Calamatta Cuschieri Investment Services LimitedInvestment firm · branch · authorised 2 January 2024Current
CALAMATTA CUSCHIERI INVESTMENT SERVICES LIMITEDInvestment firm · authorised 1 November 2007Current
CAPRA CAPITAL LIMITEDInvestment firm · withdrawn 28 July 2026Withdrawn
CEVIAN CAPITAL (MALTA) LIMITEDInvestment firm · authorised 11 April 2008Current
CiliaFormosa Financial Advisors LtdInvestment firm · authorised 23 December 2020Current
Citco Custody LimitedInvestment firm · branch · authorised 30 May 2014Current
CITCO CUSTODY LIMITEDInvestment firm · authorised 20 March 2013Current
CLIFF DRIVE CAPITAL LTDInvestment firm · withdrawn 16 February 2022Withdrawn
Close Cross (Malta) LimitedInvestment firm · withdrawn 2 May 2022Withdrawn
COSMIC FINANCIAL SERVICES (MALTA) LIMITEDInvestment firm · authorised 1 November 2007Current
CRYSTAL FINANCE INVESTMENTS LIMITEDInvestment firm · withdrawn 30 June 2022Withdrawn
CULROSS GLOBAL INVESTMENT MANAGEMENT LIMITEDAIFM · authorised 28 September 2010Current
CURMI & PARTNERS LIMITEDInvestment firm · authorised 1 November 2007Current
D.B.R. INVESTMENTS LIMITEDInvestment firm · authorised 1 November 2007Current
DERIV INVESTMENTS (EUROPE) LIMITEDInvestment firm · authorised 19 May 2015Current
DIAMAN PARTNERS LIMITEDAIFM · authorised 14 February 2025Current
DIAMAN PARTNERS LIMITEDUCITS management company · authorised 14 February 2025Current
DIAMAN Partners LtdInvestment firm · withdrawn 14 February 2025Withdrawn
DIAMAN PARTNERS LTD.Investment firm · branch · withdrawn 11 November 2022Withdrawn
DIATOM SICAV P.L.CAIFM · authorised 1 July 2025Current
DORMOUSE LIMITEDInvestment firm · authorised 31 August 2011Current
DTTK SICAV plcAIFM · authorised 8 July 2021Current
DTTK SICAV PLCAIFM · authorised 1 July 2022Not stated
EBW Capital EU LtdInvestment firm · authorised 31 January 2024Current
EICO Funds SICAV plcAIFM · authorised 25 June 2021Current
Eisler Capital (MT) LimitedAIFM · authorised 23 December 2022Current
Ektico Ltd.European Crowdfunding Service Provider · authorised 15 September 2025Current
EP NPIF SICAV PLCAIFM · authorised 13 May 2024Current
Eqvilent Malta LimitedInvestment firm · authorised 2 July 2025Current
fair-finance Asset Management LimitedAIFM · authorised 13 February 2017Current
Fair-finance Asset Management LimitedUCITS management company · authorised 13 October 2017Current
FALCON MONEY MANAGEMENT LIMITEDAIFM · authorised 4 May 2017Current
FCS ASSET MANAGEMENT LIMITEDAIFM · withdrawn 8 April 2025Withdrawn
FCS ASSET MANAGEMENT LIMITEDUCITS management company · withdrawn 8 April 2025Withdrawn
FCS ASSET MANAGEMENT LIMITED, SUCURSAL EN ESPAÑAUCITS management company · branch · withdrawn 25 March 2022Withdrawn
FINCO TREASURY MANAGEMENT LIMITEDInvestment firm · authorised 1 November 2007Current
FLEXAGON CAPITAL MANAGEMENT LTDAIFM · authorised 18 March 2016Current
FLEXAGON CAPITAL MANAGEMENT LTDUCITS management company · authorised 17 March 2016Current
Foinikas Wealth Management LtdInvestment firm · authorised 19 December 2023Current
Fox Investments Malta LimitedAIFM · authorised 18 November 2025Current
Framont & Partners Management LimitedAIFM · authorised 19 May 2015Current
Framont & Partners Management LimitedUCITS management company · authorised 19 May 2015Current
Framont & Partners Management LtdAIFM · authorised 1 January 2022Not stated
FRERE HALL CAPITAL MANAGEMENT (MALTA) LIMITEDAIFM · withdrawn 15 September 2023Withdrawn
Fund Scouting & Advisory LtdInvestment firm · authorised 14 December 2018Current
Futura Investment Management LimitedInvestment firm · authorised 20 June 2011Current
FUTURA INVESTMENT MANAGEMENT LIMITEDAIFM · withdrawn 11 October 2021Withdrawn
FX-CAM Consulting and Advertisement LtdInvestment firm · authorised 11 March 2013Current
GAMMA CAPITAL MARKETS LIMITEDAIFM · authorised 4 September 2012Current
GAMMA CAPITAL MARKETS LIMITEDAIFM · branch · authorised 13 January 2017Current
GAMMA CAPITAL MARKETS LIMITEDUCITS management company · branch · authorised 13 January 2017Current
GAMMA CAPITAL MARKETS LIMITEDUCITS management company · authorised 4 September 2012Current
Gemini Intergalactic EU Artemis, Ltd.Investment firm · authorised 7 May 2025Current
Global Shares Execution Services LimitedInvestment firm · authorised 8 February 2019Current
Graystone Trading Europe Ltd.Investment firm · authorised 20 October 2022Current
GROWTH INVESTMENTS LIMITEDInvestment firm · withdrawn 20 May 2022Withdrawn
GuildAM LtdInvestment firm · authorised 14 March 2025Current
GWA Investments LtdInvestment firm · authorised 20 November 2015Current
GWM ASSET MANAGEMENT (MALTA) LIMITEDInvestment firm · authorised 16 February 2009Current
Hanover Investors Management (Malta) LimitedAIFM · authorised 9 July 2019Current
Heartland Investment Management LimitedAIFM · withdrawn 28 January 2025Withdrawn
HEKA Funds SICAV.AIFM · authorised 1 January 2017Current
HEPTAGON CAPITAL LIMITEDInvestment firm · authorised 1 March 2013Current
HOGG CAPITAL INVESTMENTS LIMITEDInvestment firm · authorised 1 November 2007Current
HOLLINGSWORTH INTERNATIONAL FINANCIAL SERVICES LIMITEDInvestment firm · withdrawn 15 September 2021Withdrawn
HSBC BANK MALTA PLCInvestment firm · authorised 1 November 2007Current
HSBC GLOBAL ASSET MANAGEMENT (MALTA) LIMITEDUCITS management company · authorised 16 December 2021Current
HSBC Global Asset Management (Malta) LtdAIFM · authorised 13 March 2008Current
HYDE PARK INVESTMENT INTERNATIONAL LIMITEDInvestment firm · withdrawn 19 May 2025Withdrawn
HYDE PARK INVESTMENT INTERNATIONAL LIMITEDInvestment firm · branch · withdrawn 30 May 2025Withdrawn
IFH Capital Trader LimitedInvestment firm · authorised 12 June 2014Current
Institutional Financial Securities MarketRegulated market · authorised 5 October 2007Current
INTEGRA PRIVATE WEALTH LIMITEDInvestment firm · authorised 6 August 2009Current
INVEST4GROWTH ASSET MANAGEMENT LIMITEDInvestment firm · authorised 24 February 2016Current
INVESTINVENT FUNDS SICAV plcAIFM · withdrawn 13 April 2022Withdrawn
Investors Europe (FM) LimitedAIFM · authorised 7 March 2016Current
INVESTORS EUROPE (MALTA) LIMITEDInvestment firm · authorised 21 March 2018Current
J. Stern & Co. LimitedInvestment firm · authorised 30 June 2022Current
JC ADVISORY & CAPITAL LIMITEDInvestment firm · authorised 14 February 2018Current
JESMOND MIZZI FINANCIAL ADVISORS LIMITEDInvestment firm · authorised 1 November 2007Current
Kane LPI Solutions (Malta) LimitedInvestment firm · withdrawn 11 September 2025Withdrawn
KBA Investments LimitedInvestment firm · withdrawn 26 April 2024Withdrawn
LANGLADE CAPITAL ADVISORS LTDInvestment firm · authorised 27 June 2014Current
LH(M) LimitedInvestment firm · withdrawn 16 February 2022Withdrawn
Lifestar Asset Management Ltd.Investment firm · authorised 1 November 2007Current
LL CAPITAL & PARTNERS LTDInvestment firm · authorised 20 October 2009Current
LOMBARD BANK MALTA P.L.C.Investment firm · authorised 1 November 2007Current
M.Z. INVESTMENT SERVICES LIMITEDInvestment firm · authorised 1 November 2007Current
Malta Stock ExchangeRegulated market · authorised 5 October 2007Current
Manentia Wealth Consulting Group LimitedInvestment firm · authorised 30 July 2020Current
Markov SICAV p.l.cAIFM · authorised 1 January 2020Current
MEDINA ASSET MANAGEMENT LIMITEDInvestment firm · authorised 26 February 2015Current
MEDIRECT BANK (MALTA) PLCInvestment firm · authorised 1 November 2007Current
MEDITERRANIA CAPITAL PARTNERS LIMITEDAIFM · authorised 30 September 2013Current
MEDITERRANIA CAPITAL PARTNERS LIMITEDUCITS management company · authorised 19 September 2023Current
Metatron Capital SICAV plcAIFM · authorised 4 September 2018Current
MFM FUND SERVICES LIMITEDInvestment firm · withdrawn 12 June 2025Withdrawn
MICHAEL GRECH FINANCIAL INVESTMENT SERVICES LIMITEDInvestment firm · authorised 1 November 2007Current
Mirabella Malta Advisers LimitedInvestment firm · authorised 14 May 2019Current
MIRABELLA MALTA LIMITEDAIFM · authorised 22 July 2014Current
MIRIA ASSET MANAGEMENT LIMITEDAIFM · authorised 16 February 2009Current
MORI CAPITAL MANAGEMENT LIMITEDInvestment firm · authorised 19 November 2015Current
Multi Partners Financial Services LimitedAIFM · authorised 1 January 2022Not stated
MULTI PARTNERS FINANCIAL SERVICES LIMITEDAIFM · authorised 19 July 2013Current
NBG BANK MALTA LIMITEDInvestment firm · withdrawn 6 May 2022Withdrawn
NEOX CAPITAL LIMITEDInvestment firm · authorised 8 April 2014Current
NEXTMARKETS TRADING LIMITEDInvestment firm · withdrawn 30 September 2025Withdrawn
Noster Capital Management LimitedAIFM · authorised 17 December 2020Current
Noster Capital Management LimitedAIFM · authorised 1 January 2020Not stated
OANDA EUROPE MARKETS LTD, SUCURSAL EN ESPAÑAInvestment firm · branch · withdrawn 23 December 2022Withdrawn
OKX Europe Markets LimitedInvestment firm · authorised 17 December 2020Current
Pact Capital Ltd.Investment firm · authorised 28 May 2025Current
PAMPLONA PE INVESTMENTS MALTA LIMITEDAIFM · authorised 8 August 2014Current
PeakBridge Partners LimitedAIFM · withdrawn 9 September 2024Withdrawn
PerSYSTEMcy SICAV plcAIFM · authorised 1 January 2022Not stated
PILATUS BANK LTDInvestment firm · authorised 6 August 2015Current
PORTMANN CAPITAL MANAGEMENT LIMITEDInvestment firm · authorised 3 October 2011Current
PORTSEA AIFM MALTA LIMITEDAIFM · withdrawn 31 August 2023Withdrawn
PRAUDE ASSET MANAGEMENT LIMITEDUCITS management company · authorised 27 January 2010Current
Praude Asset Management LtdAIFM · authorised 3 December 2009Current
Prestige Capital Management LimitedAIFM · withdrawn 29 April 2026Withdrawn
ProspectsMultilateral trading facility · authorised 12 February 2016Current
PSG Fund Management (Malta) LimitedAIFM · authorised 27 January 2021Current
PSG FUND MANAGEMENT (MALTA) LIMITEDUCITS management company · authorised 12 September 2014Current
PSQUARED MASTER SICAV LTDAIFM · authorised 29 August 2014Current
PSQUARED SICAV PLCAIFM · authorised 29 August 2014Current
Q Fund Management LimitedAIFM · authorised 22 June 2015Current
REAPS ASSET MANAGEMENT LIMITEDUCITS management company · authorised 4 April 2017Current
Rigsave Capital LimitedAIFM · authorised 11 December 2019Current
Rigsave Capital LimitedUCITS management company · authorised 11 December 2019Current
RIGSAVE CAPITAL LIMITEDAIFM · branch · authorised 20 October 2021Current
RIGSAVE CAPITAL LIMITEDUCITS management company · branch · authorised 20 October 2021Current
RIZZO, FARRUGIA & CO (STOCKBROKERS) LIMITEDInvestment firm · authorised 1 November 2007Current
RMS Financial Advisory LimitedInvestment firm · withdrawn 18 December 2025Withdrawn
Safe Capital Investments LimitedInvestment firm · authorised 6 June 2017Current
SCOTSTONE FUND MANAGERS LIMITEDAIFM · withdrawn 23 December 2022Withdrawn
SEVENHILLS INVESTMENT MANAGEMENT LIMITEDAIFM · authorised 25 February 2015Current
SEVENHILLS INVESTMENT MANAGEMENT LIMITEDUCITS management company · authorised 11 February 2020Current
SPARKASSE BANK MALTA PLCInvestment firm · authorised 1 November 2007Current
SphereInvest Group LimitedUCITS management company · authorised 22 June 2012Current
SphereInvest Group LimitedAIFM · authorised 24 March 2015Current
StoneFarm Capital LimitedInvestment firm · authorised 15 June 2021Current
Storton Fnud Management LimitedAIFM · authorised 11 August 2021Current
SUN HILL INVESTMENT MANAGEMENT (MALTA) LTDAIFM · authorised 31 July 2019Current
Swissquote Financial Services (Malta) LimitedInvestment firm · authorised 22 October 2012Current
TEMPLAR EIS LTDInvestment firm · authorised 18 May 2015Current
TENDALL CAPITAL MARKETS LTDInvestment firm · withdrawn 15 February 2022Withdrawn
TERRA PARTNERS ASSET MANAGEMENT LIMITEDAIFM · authorised 6 December 2016Current
THE FRILSHAM SICAV PLCAIFM · authorised 17 September 2018Current
The Spectrum IFA Group LimitedInvestment firm · authorised 11 August 2023Current
TIMBERLAND FUND MANAGEMENT LTDAIFM · authorised 20 June 2014Current
TIMBERLAND INVEST LTDInvestment firm · authorised 29 May 2014Current
TMF CUSTOM HOUSE GLOBAL FUND SERVICES LIMITEDInvestment firm · withdrawn 5 October 2021Withdrawn
Tokenise Brokerage International LtdInvestment firm · authorised 10 November 2025Current
TokePortal.com LtdEuropean Crowdfunding Service Provider · authorised 6 June 2024Current
Tradeview Europe LimitedInvestment firm · authorised 22 December 2020Current
Triton Capital Markets LtdInvestment firm · withdrawn 25 August 2026Withdrawn
Trive Financial Services Europe LtdInvestment firm · authorised 12 June 2013Current
Trive Financial Services Europe Ltd.Investment firm · branch · authorised 11 December 2024Current
TRIVE FINANCIAL SERVICES MALTA LIMITED, SUCURSAL EN ESPAÑAInvestment firm · branch · authorised 3 February 2023Current
Tuffieh Funds SICAV PLCAIFM · authorised 22 December 2010Current
ULTRASOUND CAPITAL NPIF SICAV P.L.CAIFM · authorised 5 September 2025Current
VAN STERLING CAPITAL LIMITEDInvestment firm · authorised 26 September 2014Current
Vernier Capital Advisors (Europe) LtdInvestment firm · authorised 29 January 2021Current
VITESSE CAPITAL LIMITEDInvestment firm · authorised 22 November 2017Current
Vltava Fund SICAV plcAIFM · authorised 1 February 2008Current
WHITECROSS INVESTMENTS LTDInvestment firm · authorised 12 December 2018Current
WOOD FINANCE LIMITEDInvestment firm · authorised 6 February 2017Current
XNT LTDInvestment firm · authorised 13 June 2011Current
ZARATTINI INTERNATIONAL LTDInvestment firm · authorised 11 June 2015Current
ZARATTINI INTERNATIONAL LTD, LUXEMBOURG BRANCHInvestment firm · branch · authorised 1 October 2024Current
Zenith Financial LimitedInvestment firm · authorised 19 November 2007Current

What “Home Member State” Means Here

It is the state whose authority granted the authorisation — not necessarily the only place the firm operates. A firm authorised in one member state may serve clients in others, and the register separately records branches with a host state. Entries marked branch on this page are branch entries rather than head offices.

So a firm being absent from your own country’s page does not mean it cannot lawfully deal with you, and its being present does not mean it may do everything. The register overview explains what the permissions are and what falls outside them.

Other Member States

Germany 2,840 · France 1,633 · Luxembourg 1,237 · Spain 1,146 · Italy 771 · Netherlands 670 · Austria 667 · Poland 625 · Ireland 588 · Sweden 458 · Cyprus 430 · Denmark 366 · Finland 339 · Norway 298 · Hungary 213 · Portugal 181 · Liechtenstein 172 · Czechia 155 · Belgium 151 · Bulgaria 135 · Greece 121 · Romania 100 · Slovakia 74 · Iceland 69 · Croatia 66 · Lithuania 66 · Latvia 48 · Estonia 36 · Slovenia 26 · United Kingdom 1

ESMA publishes that a firm is authorised. That is a record of a permission, not a recommendation, and not a statement that the firm is safe.

This document has been drafted using material downloaded from ESMA's website. ESMA does not endorse this publication and in no way is liable for copyright or other intellectual property rights infringements nor for any damages caused to third parties through this publication.

Source: European Securities and Markets Authority (ESMA) union public register (esma_registers_upreg), read on 2026-09-05. Licence: Reproduction authorised provided the source is acknowledged (ESMA legal notice). The authority’s own copy is the authoritative one; ours is a copy of a public file taken on the date shown, and ESMA states that information reported by a national authority “will not be immediately displayed” — so a firm can be authorised, and listed nationally, while absent here.