Ensure you have at least the minimum capital adequacy requirement. For a full-scope firm the minimum will be €125,000.
Consider purchasing professional indemnity insurance.
Appoint and be able to provide details of your proposed depositary (required to be an authorised depositary).
Prepare a regulatory business plan which, in addition to outlining your proposed business and operating model and long term strategy, provides details of your systems and controls.
Prepare your compliance manual.
Be able to provide details of your financial resources and new financial resources requirements.
Consider how you are going to demonstrate the segregation of risk management and portfolio management.
Prepare new policies and procedures relating to leverage, liquidity, valuations, risk management, disclosure and prime brokerage.