• ECMA requires more than 16 supporting documents for capital market licensing applications.

• Sixteen institutions have been licensed across investment banking, advisory, and brokerage services.

• Most licensed firms are subsidiaries of local banks, including CBE Capital and Wegagen Capital.

• BDO Consulting PLC received a corporate investment advisory license, raising advisory firms to nine.

• Total licensed capital market service providers now stand at 16.

• Transition from PLC to joint-stock company takes six to eighteen months.

• Interest spans more than 15 licensing categories, with demand expected after the Collective Investment Schemes Directive issuance.

Why it matters?
Sixteen institutions are now licensed under ECMA, including nine advisory firms. Licensing requirements and PLC-to-joint-stock transitions shape capital market participation and public fundraising capacity.