# Managing UCITS funds

Source page: https://protegra.io/licensing/activities/ucits-management/

Managing harmonised retail collective investment schemes across the European Union requires a fund manager licence under the UCITS Directive, Article 6 and Annex II. Authorised UCITS management companies benefit from management and marketing passports across the EEA, and must adhere to strict portfolio diversification rules, eligible asset criteria and statutory liquidity safeguards.

## Definition

Managing undertakings for collective investment in transferable securities, the EU's retail fund format.

- UCITS, Art. 6 and Annex II: [official text](https://eur-lex.europa.eu/eli/dir/2009/65/oj)

## Which licence you need

Licence families that typically permit this activity:

- [Fund manager](https://protegra.io/licensing/licences/fund-manager/)

- [FM · Abu Dhabi Global Market (ADGM)Financial Services Permission for Managing a Collective Investment Fund (Category 3C)FSRA](https://protegra.io/licensing/licences/fund-manager/adgm/)
- [FM · BermudaFund Administrator Licence (Part III, Investment Funds Act 2006)BMA](https://protegra.io/licensing/licences/fund-manager/bermuda/)
- [FM · British Virgin IslandsBVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'BVI FSC](https://protegra.io/licensing/licences/fund-manager/bvi/)
- [FM · CyprusUCITS Management Company authorisationCySEC](https://protegra.io/licensing/licences/fund-manager/cyprus-ucits/)
- [FM · Czech RepublicInvestment Company / Fund Manager licence (povolení k činnosti investiční společnosti)CNB](https://protegra.io/licensing/licences/fund-manager/czech-republic/)
- [FM · Dubai International Financial Centre (DIFC)Financial Services Permission for Managing a Collective Investment Fund (Category 3C)DFSA](https://protegra.io/licensing/licences/fund-manager/difc/)
- [FM · EstoniaOperating licence as a fund management companyFI](https://protegra.io/licensing/licences/fund-manager/estonia/)
- [FM · FranceSociété de gestion de portefeuille (SGP) / Portfolio management company authorisationAMF](https://protegra.io/licensing/licences/fund-manager/france-sgp/)
- [FM · GermanyInvestment management company licence (Erlaubnis als Kapitalverwaltungsgesellschaft nach § 20 KAGB)BaFin](https://protegra.io/licensing/licences/fund-manager/germany/)
- [FM · IrelandUCITS Management Company AuthorisationCBI](https://protegra.io/licensing/licences/fund-manager/ireland-ucits/)
- [FM · LuxembourgManagement company authorised under Chapter 15 of the Law of 17 December 2010CSSF](https://protegra.io/licensing/licences/fund-manager/luxembourg-ucits/)
- [FM · NetherlandsUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFM](https://protegra.io/licensing/licences/fund-manager/netherlands-ucits/)
- [FM · PolandInvestment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI)KNF](https://protegra.io/licensing/licences/fund-manager/poland-tfi/)
- [FM · SeychellesFund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008FSA](https://protegra.io/licensing/licences/fund-manager/seychelles/)
- [FM · SpainSociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licenceCNMV](https://protegra.io/licensing/licences/fund-manager/spain-sgiic/)

## Where it can be licensed

| | EU/EEA passport | Domestic |
| --- | --- | --- |
| [Abu Dhabi Global Market (ADGM): Financial Services Permission for Managing a Collective Investment Fund (Category 3C)](https://protegra.io/licensing/licences/fund-manager/adgm/) | | ✓ |
| [Bermuda: Fund Administrator Licence (Part III, Investment Funds Act 2006)](https://protegra.io/licensing/licences/fund-manager/bermuda/) | | ✓ |
| [British Virgin Islands: BVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'](https://protegra.io/licensing/licences/fund-manager/bvi/) | | ✓ |
| [Cyprus: UCITS Management Company authorisation](https://protegra.io/licensing/licences/fund-manager/cyprus-ucits/) | ✓ | |
| [Czech Republic: Investment Company / Fund Manager licence (povolení k činnosti investiční společnosti)](https://protegra.io/licensing/licences/fund-manager/czech-republic/) | ✓ | |
| [Dubai International Financial Centre (DIFC): Financial Services Permission for Managing a Collective Investment Fund (Category 3C)](https://protegra.io/licensing/licences/fund-manager/difc/) | | ✓ |
| [Estonia: Operating licence as a fund management company](https://protegra.io/licensing/licences/fund-manager/estonia/) | ✓ | |
| [France: Société de gestion de portefeuille (SGP) / Portfolio management company authorisation](https://protegra.io/licensing/licences/fund-manager/france-sgp/) | ✓ | |
| [Germany: Investment management company licence (Erlaubnis als Kapitalverwaltungsgesellschaft nach § 20 KAGB)](https://protegra.io/licensing/licences/fund-manager/germany/) | ✓ | |
| [Ireland: UCITS Management Company Authorisation](https://protegra.io/licensing/licences/fund-manager/ireland-ucits/) | ✓ | |
| [Luxembourg: Management company authorised under Chapter 15 of the Law of 17 December 2010](https://protegra.io/licensing/licences/fund-manager/luxembourg-ucits/) | ✓ | |
| [Netherlands: Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC](https://protegra.io/licensing/licences/fund-manager/netherlands-ucits/) | | ✓ |
| [Poland: Investment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI)](https://protegra.io/licensing/licences/fund-manager/poland-tfi/) | ✓ | |
| [Seychelles: Fund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008](https://protegra.io/licensing/licences/fund-manager/seychelles/) | | ✓ |
| [Spain: Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence](https://protegra.io/licensing/licences/fund-manager/spain-sgiic/) | ✓ | |

## Frequently asked questions

### Can a UCITS management company manage alternative investment funds as well?

Yes, a management company can hold dual authorisation as both a UCITS management company and a full AIFM, commonly known as a Super ManCo. This structure allows the entity to manage both retail and alternative funds under one roof.

### What diversification requirements apply to UCITS funds?

UCITS funds adhere to strict portfolio concentration limits: exposure to securities from a single issuer is tightly capped, and aggregate large exposures cannot exceed statutory diversification ratios prescribed by the directive.

## Sources

1. [UCITS Art. 6 and Annex II](https://eur-lex.europa.eu/eli/dir/2009/65/oj): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.