# Legal Setup of Operating models

You have the flexibility to choose a legal setup. You can choose to use your own licenses or have Upvest provide license coverage.

## Take our license (TOL)

- Upvest provides full legal coverage across brokerage, settlement, and custody.
- Fast go-to-market with licenses across Europe and coverage of regulatory and compliance requirements (e.g., for MiFID II).
- Contractual relationship exists between end users and Upvest as the custodian.


## Bring your own license (BYOL)

- Contractual relationship exists between end-users and you as a intermediary custodian as well as both you and Upvest acting as custodian.
- You, as a regulated investment firm or bank, apply your own licenses.
- Upvest supports you on fulfilling regulatory and compliance requirements (e.g., support in creation of required regulatory reports).