Dear all,

We are pleased to share an important milestone in Modena’s strategic roadmap. To expand our financial service offerings and strengthen our regulatory foundation, Modena has decided to apply for a MiFID II Investment Firm License.

We plan to submit our full application to the Estonian Financial Supervision Authority (FSA) in ~2.5 months. After the submission, we expect a standard 6-month review and active application period with the FSA.

Transitioning to a MiFID II licensed investment firm enhances investor protection, transparency, and operational risk management:

1) Direct Regulatory Oversight: Modena.Capital will operate under the direct supervision and reporting requirements of the Estonian Financial Supervision Authority (FSA).

2) Capital Adequacy & Solvency: We will adhere to strict European regulatory capital rules, ensuring robust financial cushions and risk reserves to protect investor capital.

3) Governance & Compliance Standards: The license framework enforces enhanced internal controls, clear risk management policies, fit-and-proper leadership assessments, and regular independent audit requirements.

We will keep you updated with any important news or milestones. Feel free to reach out if you have any questions.