# Gordey Bolotko

Role: Partner, Corporate & Commercial
Location: Barcelona, Spain
Email: gordei@private.law
LinkedIn: https://www.linkedin.com/in/gordei-bolotko-3b2a43216
Canonical: https://wiki.private.law/en/authors/bolotko

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## Experience

- private.law (2022 – present)
- Private practice — litigation representative (2020 – 2021)
- Kulkov, Kolotilov & Partners — associate (2020)
- Commercial (Arbitrazh) Court — judicial assistant, civil and administrative disputes (2019 – 2020)
- Court of General Jurisdiction — public assistant, civil and administrative disputes (2017 – 2018)

## Education

**University education**

- University of Cologne — exchange placement, Master of Law programme (2023)
- HSE University — Master in Private International Law (2022)
- Russian State University of Justice (RSUJ) — LL.B. with honours (2020)

**Additional courses**

- Problems of Corporate Law and Legal Policy, Russian School of Private Law, D. I. Stepanov (2021)
- Negotiations for Lawyers, Russian Arbitration Center, D. I. Stepanov (2021)
- Contract Law, HSE University, A. G. Karapetov (2021)
- Capital Markets, HSE University, M. N. Akuev (2021)
- M&A Transactions, HSE University, E. V. Glukhov (2021)
- 27th Willem C. Vis International Commercial Arbitration Moot (2019–2020)
- Philip C. Jessup International Law Moot Court (2018, 2019, 2020)
- International Summer School “Professional Skills of a Lawyer”, IKBFU (2019)

## Wiki articles

- Captive insurance company: Bermuda, Cayman, Guernsey and Malta
  URL: https://wiki.private.law/en/captive-insurance
  Summary: Captive insurers in Bermuda, Cayman, Guernsey and Malta compared: licence classes, capital, managers, cells, 2026 fees, fronting, Solvency II and tax rules.
  Last modified: 2026-10-02T12:07:00.000Z

- Crowdfunding platform in the EU: the ECSP licence
  URL: https://wiki.private.law/en/crowdfunding-ecsp
  Summary: The EU crowdfunding licence under Regulation 2020/1503: business loans and securities placement up to €5 m per project owner, capital from €25 000, passport.
  Last modified: 2026-10-02T11:25:00.000Z

- Broker and investment firm licences: a map of regimes
  URL: https://wiki.private.law/en/investment-firm-license-map
  Summary: Broker licences in 16 regimes: MiFID II in seven EU states, FCA, SFC, MAS, SEC, the AIFC and offshore — capital, timelines, fees, compensation, passport.
  Last modified: 2026-09-30T08:30:00.000Z

- Offshore Crypto Licences: Cayman, BVI, Bermuda and Seychelles
  URL: https://wiki.private.law/en/offshore-crypto-licenses
  Summary: Cayman, BVI, Bermuda and Seychelles VASP regimes compared: status, capital, fees, local presence, travel rule and why none opens access to EU or UK clients.
  Last modified: 2026-09-30T08:04:00.000Z

- Asset manager licence: SFC Type 9 in Hong Kong or a CMS licence in Singapore
  URL: https://wiki.private.law/en/sfc-type-9-vs-singapore-cms
  Summary: SFC Type 9 or a Singapore CMS licence for an asset manager: capital, retail access, staffing and residence, timelines, fees, virtual assets and how to choose.
  Last modified: 2026-09-30T07:50:00.000Z

- EU investment firm: Cyprus, Malta, Bulgaria or Lithuania
  URL: https://wiki.private.law/en/investment-firm-eu-comparison
  Summary: Cyprus, Malta, Bulgaria or Lithuania for a MiFID II firm: capital is the same, so fees, the clock, investor compensation, CFD rules, staff costs and tax decide.
  Last modified: 2026-09-29T21:38:00.000Z

- CCD2: the new EU Consumer Credit Directive and BNPL
  URL: https://wiki.private.law/en/ccd2-bnpl-eu
  Summary: Directive (EU) 2023/2225 from 20.11.2026: BNPL in scope, 50- and 14-day tests, Article 37 creditor admission, no social-media scoring; Germany, NL, Bulgaria.
  Last modified: 2026-09-29T21:29:00.000Z

- Lending licences: EU, UK, Hong Kong, Singapore and Kazakhstan
  URL: https://wiki.private.law/en/lending-license-map
  Summary: Lending licences in the EU (CCD2, AIFMD II), UK (FCA, BNPL), Hong Kong, Singapore and Kazakhstan: capital, timelines, rate caps and entry routes.
  Last modified: 2026-09-29T21:29:00.000Z

- Banking licence in Kazakhstan under the new law: basic and universal
  URL: https://wiki.private.law/en/kazakhstan-banking-license
  Summary: Kazakhstan banking licence under Law No. 258-VIII: basic (KZT 10bn, assets up to KZT 500bn) or universal (KZT 20bn); timelines, fees, owners, AIFC.
  Last modified: 2026-09-29T21:04:00.000Z

- Broker licence in Kazakhstan: AFSA in the AIFC or ARDFM onshore
  URL: https://wiki.private.law/en/kazakhstan-broker-license
  Summary: Kazakhstan broker licence: AFSA in the AIFC (base capital USD 10,000–500,000, 2–3 months) or ARDFM (10,000–50,000 MRP minimum capital, 30 working days).
  Last modified: 2026-09-29T15:12:00.000Z

- Offshore Broker Licences: Seychelles, BVI and Cayman
  URL: https://wiki.private.law/en/offshore-broker-licenses
  Summary: Seychelles FSA dealer and BVI and Cayman SIBA licences compared: capital, fees, resident staff, retail CFD rules and why none gives access to EU or UK clients.
  Last modified: 2026-09-29T15:11:00.000Z

- Singapore: CMS Dealing Licence and Financial Adviser's Licence
  URL: https://wiki.private.law/en/singapore-cms-dealing-fa
  Summary: MAS licences for dealing (CMS) and financial advice: base capital from S$50,000 to S$5 million, resident CEO, review of up to six months, fees, client money.
  Last modified: 2026-09-29T15:11:00.000Z

- Hong Kong: the new virtual-asset dealing and custody licences
  URL: https://wiki.private.law/en/hk-virtual-asset-dealing-custody
  Summary: Hong Kong VA dealing and custody licences under the AMLO: Type 1 scope, private-key test, HK$5 million and HK$10 million capital, no deeming; bill due Q4 2026.
  Last modified: 2026-09-29T14:41:00.000Z

- Financial Licences: How to Choose, Obtain and Maintain One
  URL: https://wiki.private.law/en/financial-licenses
  Summary: Which product needs a PI, EMI, CASP, investment firm or bank licence; the EU, UK, Asia, UAE and US; capital from €20,000 to €5 million, FCA processing times, entry without own licence and EU sanctions for Russian UBOs.
  Last modified: 2026-09-29T21:30:00.000Z

- US Broker-Dealer: SEC Registration, FINRA Membership and Net Capital
  URL: https://wiki.private.law/en/us-broker-dealer
  Summary: US broker-dealer: Form BD, FINRA new member application (180 days), Rule 15c3-1 net capital from $5,000 to $250,000, buying a firm under Rule 1017, SIPC cover.
  Last modified: 2026-09-29T14:41:00.000Z

- SFC Licensing in Hong Kong: Types 1, 2, 4, 9 and Responsible Officers
  URL: https://wiki.private.law/en/sfc-licensing-hong-kong
  Summary: SFC licensing under the SFO: Types 1, 2, 4 and 9, two responsible officers, FRR capital from HK$100,000 to HK$5 million, 10–15 week timelines, fees, substantial shareholders and virtual assets.
  Last modified: 2026-09-29T14:40:00.000Z

- UK FCA Investment Firm: Part 4A, IFPR, CASS and SMCR
  URL: https://wiki.private.law/en/uk-investment-firm-fca
  Summary: FCA authorisation for a UK investment firm: RAO activities, capital from £75,000 under IFPR, CASS audit, SMCR, threshold conditions, statutory and actual FCA timelines, FSCS £85,000, appointed representatives.
  Last modified: 2026-09-29T14:40:00.000Z

- Cyprus Investment Firm (CIF): the CySEC Licence
  URL: https://wiki.private.law/en/cysec-cif-license
  Summary: Cyprus Investment Firm under Law 87(I)/2017: €75,000–€750,000 initial capital, CySEC application fee from €7,000, decision within six months, ICF cover up to €20,000, CFD limits and sanctions for Russian UBOs.
  Last modified: 2026-09-29T14:39:00.000Z

- MiFID II Investment Firm: Services, IFR/IFD Capital Classes and the Passport
  URL: https://wiki.private.law/en/mifid-investment-firm
  Summary: EU investment firm licence: the nine Annex I MiFID II services, €75k–750k initial capital under the IFD, IFR classes, €20k investor compensation, passporting, reverse solicitation and sanctions for Russian UBOs.
  Last modified: 2026-09-29T14:39:00.000Z

- Investment Firm in Bulgaria: FSC Licence under MiFID II
  URL: https://wiki.private.law/en/bulgaria-investment-firm
  Summary: Bulgarian MiFID II investment firm: FSC licence, €75 000–750 000 capital, IFR own funds, decision in 3–6 months, €20 000 investor cover, EU passport.
  Last modified: 2026-10-01T22:02:00.000Z

- EMI and Payment Institution Licences in Bulgaria: the BNB Regime
  URL: https://wiki.private.law/en/bulgaria-emi-license
  Summary: How the Bulgarian National Bank licenses EMIs and payment institutions in 2026: €350,000 capital, safeguarding, agents, EU passport, euro and TARGET access, MiCA EMTs.
  Last modified: 2026-10-01T22:01:00.000Z

- EU Passporting: How a Financial Licence Works Across the EEA
  URL: https://wiki.private.law/en/eu-passporting
  Summary: How an EU financial licence works across the EEA: services or branch, notification deadlines under PSD2, MiFID II, MiCA and CRD, and what host states impose.
  Last modified: 2026-10-01T21:59:00.000Z

- Outsourcing at a Licensed Firm: EBA Rules, Third Countries and the Letterbox Test
  URL: https://wiki.private.law/en/outsourcing-licensed-firms
  Summary: What an EU-licensed EMI, payment institution, investment firm or CASP may outsource: EBA rules, critical functions, notice, non-EU providers, letterbox.
  Last modified: 2026-09-27T17:23:00.000Z

- Banks in Bulgaria: Accounts for Companies, Licensed Firms and Non-Residents
  URL: https://wiki.private.law/en/bulgaria-banks
  Summary: Bank accounts in Bulgaria for an EOOD, EMI or CASP: BNB bank register, capital-deposit account, KYC, safeguarding, deposit guarantee, euro/TARGET, sanctions.
  Last modified: 2026-09-27T17:01:00.000Z

- AML in Bulgaria: the ZMIP, the Financial Intelligence Directorate and a Licensed Firm's Duties
  URL: https://wiki.private.law/en/bulgaria-aml-framework
  Summary: Bulgarian AML law for EMIs, PIs, CASPs and investment firms: ZMIP duties, internal rules, CDD and PEPs, reports to the DANS FID, BNB and FSC supervision, fines.
  Last modified: 2026-09-27T12:58:00.000Z

- Open Banking: AISP and PISP Licences, Access to Bank APIs and Open Finance
  URL: https://wiki.private.law/en/open-banking-aisp-pisp
  Summary: AISP and PISP authorisation under PSD2: registration or licence, €50,000 capital, PII, bank API access and what PSD3, the PSR and FIDA would change.
  Last modified: 2026-09-26T20:35:00.000Z

- Payment Fraud: Who Refunds the Customer — PSD2, Verification of Payee and UK APP Reimbursement
  URL: https://wiki.private.law/en/payment-fraud-liability
  Summary: Who bears the loss when a payment is fraudulent: PSD2 refunds and the €50 cap, gross negligence, euro Verification of Payee and UK APP reimbursement.
  Last modified: 2026-09-25T12:27:00.000Z

- CASP Licence in Bulgaria: FSC Authorisation under MiCA
  URL: https://wiki.private.law/en/bulgaria-casp-license
  Summary: How the FSC licenses crypto-asset service providers in Bulgaria under MiCA: €50,000–150,000 capital, fees from €5,112.92, the end of NRA registrations and the EU sanctions perimeter.
  Last modified: 2026-10-01T22:02:00.000Z

- Regulatory Capital: How Regulators Calculate It
  URL: https://wiki.private.law/en/regulatory-capital
  Summary: Why the statutory capital minimum is the smallest number: Methods A–D for payment institutions and EMIs, IFR FOR and K-factors, MiCA for CASPs, SEC net capital, SFC FRR and MAS base capital.
  Last modified: 2026-10-01T22:01:00.000Z

- Bulgaria's Financial Licences: BNB, FSC and the EU Passport
  URL: https://wiki.private.law/en/bulgaria-financial-licenses
  Summary: Map of Bulgarian licences: bank, EMI and PI at the BNB; CASP, investment firm, ManCo and insurer at the FSC. EU capital minimums, 2026 register counts, the euro and EU sanctions limits on ownership.
  Last modified: 2026-10-01T22:00:00.000Z

- EMI in Lithuania or Bulgaria: A Comparison
  URL: https://wiki.private.law/en/emi-lithuania-vs-bulgaria
  Summary: Lithuania or Bulgaria for an EMI licence: the same €350,000 and the same three-month statutory clock, so the choice turns on the regulator's fee and sub-clock, CENTROlink against ZPUPS Art. 130a, register depth and Bulgaria's FATF listing.
  Last modified: 2026-10-01T22:00:00.000Z

- Qualifying Holdings and Fit & Proper: How Regulators Vet Owners and Managers
  URL: https://wiki.private.law/en/qualifying-holding-fit-proper
  Summary: How EU, UK, Hong Kong and Singapore regulators vet owners and managers of licensed firms: 5–25% thresholds, criteria, source of funds, trusts and the EU sanctions perimeter.
  Last modified: 2026-10-01T21:59:00.000Z

- Company in Bulgaria (EOOD/OOD): 10% Tax, 5% Dividends and Substance
  URL: https://wiki.private.law/en/company-bulgaria
  Summary: Bulgarian EOOD and OOD: 10% corporate tax, 5% dividend tax (0% to EU/EEA companies, except hidden profit distribution), €51,130 VAT threshold, euro since 2026.
  Last modified: 2026-09-25T07:13:00.000Z

- United Kingdom: Tax, Banking and Structures for Private Capital
  URL: https://wiki.private.law/en/uk-hub
  Summary: The UK after non-dom abolition: 4-year FIG regime, TRF to 2028, residence-based IHT after 10 of 20 years, SRT, banks from Coutts to fintechs, visa routes.
  Last modified: 2026-10-01T22:03:00.000Z

- Jersey Trusts with Italian Families: Holding Location and CFC Rules
  URL: https://wiki.private.law/en/jersey-trust-italy-holding
  Summary: Jersey trust with an Italian-resident family: where to place the holding, how CFC rules (art. 167 TUIR) and trust interposition read the stack, and why effective management must stay out of Italy.
  Last modified: 2026-10-02T00:39:00.000Z

- Change of Control and Buying a Licensed Company
  URL: https://wiki.private.law/en/license-change-of-control
  Summary: Change in control across the UK, EU, US, Canada, Singapore and Hong Kong: thresholds from 10% to one-third, indirect control, the 60 working days and their restart, sanctions and target diligence.
  Last modified: 2026-09-29T00:37:00.000Z

- PayFac, ISO and Merchant of Record: Who Carries the Risk in Acquiring
  URL: https://wiki.private.law/en/payfac-vs-iso
  Summary: Visa Rules of 18 April 2026: the USD 1m sub-merchant threshold, VAMP at 150 bps from 1 April, assessments to USD 250,000, and where a platform's licence actually starts.
  Last modified: 2026-09-29T12:49:00.000Z

- The MiCA CASP Licence: Procedure, Cost and Choosing a Jurisdiction
  URL: https://wiki.private.law/en/casp-license-guide
  Summary: Annex IV capital of €50k–150k or 25% of overheads under Article 67, a 25+40 working-day clock that runs 9–18 months in practice, and 352 date-filtered ESMA register records at 26 September 2026.
  Last modified: 2026-09-26T21:22:00.000Z

- US MSB Registration and Money Transmitter Licences: FinCEN plus the State Map
  URL: https://wiki.private.law/en/msb-license-usa
  Summary: FinCEN MSB registration is not a licence: a US payments business needs MTLs in up to 49 states. The MTMA map, exemptions, timelines, budgets and federal alternatives.
  Last modified: 2026-10-03T17:11:00.000Z

- EU Banking Licence Through the ECB: Requirements, Capital and Timing
  URL: https://wiki.private.law/en/eu-banking-license-ecb
  Summary: €5m on paper versus €20–50m in practice, 12–24 months, the choice of entry country and the buy-a-bank alternative: the credit institution route under the SSM.
  Last modified: 2026-09-29T21:48:00.000Z

- Fed Payment Accounts: the Skinny Master Account and the End of the Sponsor-Bank Monopoly
  URL: https://wiki.private.law/en/fed-payment-accounts
  Summary: The Fed's 20 May 2026 NPRM: direct Fedwire and FedNow access for trusts and SPDIs — a $1bn cap, zero interest, no ACH. What it breaks in BaaS.
  Last modified: 2026-09-25T23:57:00.000Z

- GENIUS Act: the US Federal Regime for Payment Stablecoins
  URL: https://wiki.private.law/en/genius-act
  Summary: Three PPSI issuer tracks, 1:1 reserves, the yield ban, the January 18, 2027 start date and the July 18, 2028 cutoff — how the US federal stablecoin regime works.
  Last modified: 2026-09-06T04:50:00.000Z

- Industrial Loan Companies: Banking Charters for Non-Financial Groups
  URL: https://wiki.private.law/en/ilc-industrial-banks
  Summary: Industrial loan companies are state banking charters that may be owned by non-financial groups. Legal basis, FDIC conditions, approvals for Ford, GM, Edward Jones and Stellantis, and alternatives.
  Last modified: 2026-09-26T23:26:00.000Z

- Avit: Tokenised Bank Deposit from Custodia and Vantage
  URL: https://wiki.private.law/en/custodia-vantage-avit
  Summary: Avit is a tokenised bank-deposit structure from Custodia Bank and Vantage Bank Texas. SPDI and FDIC roles, issuance and redemption, US–Mexico settlement, Hazel Network and master-account litigation.
  Last modified: 2026-09-21T10:21:00.000Z

- Morgan Stanley Digital Trust: preliminary OCC approval for crypto custody
  URL: https://wiki.private.law/en/morgan-stanley-digital-trust
  Summary: Morgan Stanley Digital Trust holds preliminary conditional OCC approval for a national trust bank for digital-asset custody. E*TRADE infrastructure, proposed functions, pricing and launch limits.
  Last modified: 2026-09-20T20:14:00.000Z

- AIFC: Common Law and Tax Benefits Until 2066 in Astana
  URL: https://wiki.private.law/en/aifc
  Summary: The AIFC regime: 0% CIT and VAT on financial services until 2066, an English-law court, AFSA licence fees from $7,000, substance rules. August 2026.
  Last modified: 2026-09-29T16:25:00.000Z

- Kazakhstan: Banks, Residence, Business and the AIFC
  URL: https://wiki.private.law/en/kazakhstan-hub
  Summary: Kazakhstan hub for 2026: the new Tax Code, 5% dividends, banks for non-residents, residence permits, AIFC benefits to 2066 and legal crypto.
  Last modified: 2026-09-29T16:21:00.000Z

- License for Rent: How Business Works Under Someone Else's Regulation
  URL: https://wiki.private.law/en/license-for-rent
  Summary: One model across industries: banking without a bank license (BaaS), insurance via fronting, funds on regulatory hosting, crypto and gambling white-label. Where responsibility lies.
  Last modified: 2026-09-26T00:02:00.000Z

- Financial Licenses by Jurisdiction: A Map of Regimes
  URL: https://wiki.private.law/en/fintech-license-map
  Summary: Where to get a fintech license: Canada MSB/PSP, Singapore PSA (SPI/MPI/DPT), Hong Kong MSO/SVF/Type 9, Luxembourg PI/EMI/CASP, Dominica offshore banking. Regulators, capital and timelines compared.
  Last modified: 2026-09-29T16:28:00.000Z

- UK Regulatory Hosting: Appointed Representatives and Host AIFMs
  URL: https://wiki.private.law/en/uk-regulatory-hosting
  Summary: How to launch a fund and raise capital in the UK without your own FCA licence: appointed representative under FSMA s.39, host AIFM, third-party ManCo in the EU, risks and AR reform after Greensill.
  Last modified: 2026-09-29T06:52:00.000Z

- U.S. tax planning tools
  URL: https://wiki.private.law/en/us-tax-planning
  Summary: Legal U.S. tax planning tools for Americans abroad: FEIE, foreign tax credit, totalization, entity classification, CFC/PFIC review, trusts, pre-immigration and expatriation planning.
  Last modified: 2026-09-25T07:07:00.000Z

- SPV: a special purpose vehicle for venture investments
  URL: https://wiki.private.law/en/spv
  Summary: How a special purpose vehicle isolates risk from assets in venture deals: a separate legal entity with a limited mandate — structure, mechanics, and why investors use it.
  Last modified: 2026-09-23T00:28:00.000Z

- OTC settlement: token, fiat and the banking boundary
  URL: https://wiki.private.law/en/otc
  Summary: Over-the-counter settlement is a transaction method outside a public order book — not a licence. Where the token-to-fiat banking boundary sits for UHNW flows.
  Last modified: 2026-10-01T23:51:00.000Z

- UK Non-Dom Reform 2025: FIG Regime, TRF and Your Options
  URL: https://wiki.private.law/en/uk-non-dom-2025
  Summary: The remittance basis ended on 6 April 2025. How the new FIG regime and Temporary Repatriation Facility change planning for internationally mobile private capital.
  Last modified: 2026-09-23T00:40:00.000Z

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