Licence family
Fund manager
A fund manager licence lets a company run collective investment schemes such as alternative investment funds or UCITS. In the EU that means the AIFM and UCITS directives, both of which passport. Offshore centres work differently: the Cayman Islands and the British Virgin Islands license or register funds and their managers under their own mutual fund and securities laws.
Where the FM licence is available
Comparison by country
| Country | Regulator | Min. capital | Statutory time | Passport |
|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | FSRA | n/a | n/a | Domestic |
| Bermuda | BMA | n/a | n/a | Domestic |
| British Virgin Islands | BVI FSC | n/a | n/a | Domestic |
| Cayman Islands | CIMA | n/a | n/a | Domestic |
| Cayman Islands | CIMA | n/a | n/a | Domestic |
| Cyprus | CySEC | n/a | 3 mo | EU/EEA |
| Cyprus | CySEC | n/a | n/a | Domestic |
| Cyprus | CySEC | n/a | n/a | EU/EEA |
| Czech Republic | CNB | n/a | 1 mo | Domestic |
| Czech Republic | CNB | n/a | 6 mo | EU/EEA |
| Dubai International Financial Centre (DIFC) | DFSA | n/a | n/a | Domestic |
| Estonia | FI | n/a | n/a | Domestic |
| Estonia | FI | n/a | n/a | EU/EEA |
| France | AMF | n/a | 3 mo | EU/EEA |
| Germany | BaFin | n/a | n/a | EU/EEA |
| Ireland | CBI | n/a | n/a | Domestic |
| Ireland | CBI | n/a | n/a | EU/EEA |
| Luxembourg | CSSF | n/a | 3 mo | EU/EEA |
| Luxembourg | CSSF | n/a | 6 mo | EU/EEA |
| Netherlands | AFM | n/a | 6 mo | EU/EEA |
| Netherlands | AFM | n/a | n/a | Domestic |
| Poland | KNF | n/a | n/a | EU/EEA |
| Poland | KNF | n/a | n/a | Domestic |
| Seychelles | FSA | n/a | n/a | Domestic |
| Spain | CNMV | n/a | n/a | EU/EEA |
| Switzerland | FINMA | n/a | n/a | Domestic |
| Switzerland | FINMA | n/a | n/a | Domestic |
| United Kingdom | FCA | n/a | n/a | Domestic |
Values come from each country's page, where every figure has its source.
Activities this family typically covers
All licences in this family
- FM · Abu Dhabi Global Market (ADGM)
Fund manager licence
Financial Services Permission for Managing a Collective Investment Fund (Category 3C)FSRA
- FM · Bermuda
Fund Administrator Licence
Fund Administrator Licence (Part III, Investment Funds Act 2006)BMA
- FM · British Virgin Islands
Fund manager licence
BVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'BVI FSC
- FM · Cayman Islands
Regulated Mutual Fund
Regulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act)CIMA
- FM · Cayman Islands
Registered Private Fund
Registered Private Fund under the Private Funds ActCIMA
- FM · Cyprus
Alternative Investment Fund Manager (AIFM) authorisation
CySEC
- FM · Cyprus
Sub-threshold Alternative Investment Fund Manager registration
CySEC
- FM · Cyprus
UCITS Management Company authorisation
CySEC
- FM · Czech Republic
Sub-threshold Alternative Investment Fund Manager registration
Sub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIFCNB
- FM · Czech Republic
Investment Company / Fund Manager licence
CNB
- FM · Dubai International Financial Centre (DIFC)
Fund manager licence
Financial Services Permission for Managing a Collective Investment Fund (Category 3C)DFSA
- FM · Estonia
Small fund manager registration without activity licence
FI
- FM · Estonia
Operating licence as a fund management company
FI
- FM · France
Portfolio management company authorisation
AMF
- FM · Germany
Investment management company licence
BaFin
- FM · Ireland
Alternative Investment Fund Manager (AIFM) Authorisation/Registration
CBI
- FM · Ireland
UCITS Management Company Authorisation
CBI
- FM · Luxembourg
Alternative investment fund manager (AIFM) authorisation
CSSF
- FM · Luxembourg
Management company authorised
Management company authorised under Chapter 15 of the Law of 17 December 2010CSSF
- FM · Netherlands
Alternative Investment Fund Manager (AIFM) licence
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUAFM
- FM · Netherlands
Fund manager licence
Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFM
- FM · Poland
Investment Fund Company licence
KNF
- FM · Poland
Alternative Investment Company Manager registration / licence
KNF
- FM · Seychelles
Fund Administrator's Licence
Fund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008FSA
- FM · Spain
Fund manager licence (SGIIC)
CNMV
- FM · Switzerland
Fund management company licence
FINMA
- FM · Switzerland
Manager of collective assets licence
FINMA
- FM · United Kingdom
Fund manager licence
Alternative Investment Fund Manager (AIFM) Authorisation / RegistrationFCA
Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.
Sources
- AIFMD Directive 2011/61/EU · retrieved 2026-09-24
- UCITS Directive 2009/65/EC · retrieved 2026-09-24
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