On 1 March 2026, a new legal framework may enter into force that could have significant consequences for actors on the capital markets.

If unauthorized financial activity is criminalized, this would give licensing issues a much greater weight than before. What has previously mainly been a supervisory matter could in the future entail criminal risk. For actors undertaking guarantee commitments in connection with share issues, this represents a clearly heightened risk profile.

In smaller listed companies, guarantee books have often been filled through networks of private investors when institutional capital has been harder to attract. In many cases, this has been necessary to enable capital raising. However, under the proposed legislation there is a risk that recurring guarantee commitments could be assessed as professional activity — which in turn may require a license.

This could lead to fewer actors being able or willing to provide guarantees, higher costs, and in some cases difficulties in fully securing share issues. Listed growth companies in particular may be affected.

Put simply — the grey zones are fading.

Licensing as a quality marker

As regulation tightens, the differences between market participants become clearer.

For actors with the right licenses and well-defined processes, this is not an obstacle — but an opportunity. Structure, compliance, and transparency become competitive advantages.

FXI Group operates within a group structure where activities are conducted with relevant licenses for guarantee commitments and related capital market services. This means we can work with guarantee solutions in a way that is both commercially effective and regulatorily sustainable.

What does this mean for companies seeking capital?

In practice, this could mean that actors lacking licenses for guarantee commitments may no longer be able to participate in issuance arrangements. After 1 March, a license may be required to provide guarantees, making the choice of guarantee partner more critical than ever.

FXI Group — a partner in a changing capital market

In a capital market where rules and requirements are tightening, it is becoming increasingly important to work with actors who not only understand the market — but who also operate within the correct regulatory framework.

Within FXI Group, we conduct activities that have relevant licenses to handle and work with guarantee commitments and related capital market services. This enables us to support companies and investors in a way that is both commercially effective and regulatorily compliant.

For companies that want to secure their capital raising in a more regulated future, FXI Group offers a reliable and professional partner.

FXI Group — capital with clear direction.

If you would like to learn more about how the proposed rules could affect you — and how we can help — please fill in the form below, call us, or send us an email.