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Denmark's Global Risk Management has confirmed that it is now a licensed investment firm after applying for and obtaining a licence from the Danish Financial Supervisory Authority (FSA).

The licence as investment firm means that the company will change its registration number as well as add the Danish word for investment firm, Fondsmaeglerselskab, to its name in all legally binding documents.

Commenting on the news, managing director, Hans Erik Christensen, said: "With the new status as investment firm, we are ready for the coming MiFID II regulation which takes effect from January 3, 2018, and among other things impacts the commodity derivatives business in which Global Risk Management operates.

"By receiving the licence, we have not only secured the basis for our existing business, we have also gained new opportunities to expand our services to our clients. As part of the preparation, we have been working with the entire value chain. The process has matured us as [an] organisation and has led to improvements on IT systems as well as further additions to our staff of skilled and specialised professionals."

Christensen added: "The decision to apply for a licence has been under way for a while, and it supports our strategy to grow via both geographical and product expansion. [The] main purpose of the MiFID regulation is to protect investors, i.e. our clients, and we fully support this objective."