Local incorporation is required for operating stock exchanges and brokerage/dealers businesses.
"Eligbility for licensing
5.(1) Only a company incorporated in Malawi, shall be eligible to apply for a stock exchange licence.[…]" (Financial Services (Licensing Requirements for a Stock Exchange) Directive 2015)
---------------
"Part III - Licensing Requirements [...]
5.(1) Only a company incorporated under the Companies Act shall be eligible to apply for a license under this Directive. [...]" (Financial Services (Establishment and Operations of Brokers and Dealers) Directive, 2015)
---------------
"Part V- Adminsitrators, Custodians and Investment Managers
Portfolio managers to operate as investment managers
8. A licensed portfolio manager is hereby authorised to perform the functions of an investment manager.[...]" (Financial Services (Licensing and Registation of Pension Entities) Directive, 2014)
---------------
"Part III - Licensing
5.(1) Only a company incorporated iunder the Companies Act, shall be eligible to apply for a licence under this Directive[…]" (Financial Services (Establishment and Operations of Portfolio Managers) Directive, 2015)
Financial Services (Licensing Requirements for a Stock Exchange) Directive 2015
Financial Services (Establishment and Operations of Brokers and Dealers) Directive, 2015
Financial Services (Licensing and Registation of Pension Entities) Directive, 2014
Financial Services (Establishment and Operations of Portfolio Managers) Directive, 2015
[<a href="https://www.rbm.mw/FinancialSectorRegulation/GetContentFile/?ContentID=29789">Dir</a>],[<a href="https://www.rbm.mw/FinancialSectorRegulation/GetContentFile/?ContentID=29784">Dir</a>],[<a href="https://www.rbm.mw/FinancialSectorRegulation/GetContentFile/?ContentID=4523">Dir</a>],[<a href="https://www.rbm.mw/FinancialSectorRegulation/GetContentFile/?ContentID=29786">Dir</a>]