Licence family
Fund manager
A fund manager licence authorises a company to manage collective investment schemes such as alternative investment funds or UCITS. In the EU the regimes are the AIFM and UCITS directives, both passportable; offshore centres such as 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)
Financial Services Permission for Managing a Collective Investment Fund (Category 3C)
FSRA
- FM · Bermuda
Fund Administrator Licence (Part III, Investment Funds Act 2006)
BMA
- FM · 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'
BVI FSC
- FM · Cayman Islands
Regulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act)
CIMA
- FM · Cayman Islands
Registered Private Fund under the Private Funds Act
CIMA
- 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 pursuant to Section 15 of AMCIF (zápis osoby provádějící správu majetku srovnatelnou s obhospodařováním podle § 15 ZISIF)
CNB
- FM · Czech Republic
Investment Company / Fund Manager licence (povolení k činnosti investiční společnosti)
CNB
- FM · Dubai International Financial Centre (DIFC)
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
Société de gestion de portefeuille (SGP) / Portfolio management company authorisation
AMF
- FM · Germany
Investment management company licence (Erlaubnis als Kapitalverwaltungsgesellschaft nach § 20 KAGB)
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 under Chapter 15 of the Law of 17 December 2010
CSSF
- FM · Netherlands
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU
AFM
- FM · Netherlands
Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC
AFM
- FM · Poland
Investment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI)
KNF
- FM · Poland
Alternative Investment Company Manager registration / licence (zarządzający alternatywną spółką inwestycyjną - ZASI)
KNF
- FM · Seychelles
Fund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008
FSA
- FM · Spain
Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence
CNMV
- FM · Switzerland
Fund management company licence (Fondsleitung nach Art. 32 FINIG)
FINMA
- FM · Switzerland
Manager of collective assets licence (Verwalter von Kollektivvermögen nach Art. 24 FINIG)
FINMA
- FM · United Kingdom
Alternative Investment Fund Manager (AIFM) Authorisation / Registration
FCA
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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