Fund manager · Bermuda

Fund Administrator Licence (Part III, Investment Funds Act 2006) (Bermuda)

The Fund Administrator Licence (Part III, Investment Funds Act 2006) is issued by Bermuda Monetary Authority (BMA) under Investment Funds Act 2006. It covers managing alternative investment funds, managing UCITS funds and portfolio management. It is valid in Bermuda only; each other market needs its own authorisation. Ownership changes need the regulator's approval before completion.

Last verified 2026-09-24Regulator BMAMarkdown · Data (CC BY 4.0)

At a glance

Official name	Fund Administrator Licence (Part III, Investment Funds Act 2006)¹
Also known as	Bermuda fund administrator licence · BMA fund administrator licence · Part III Investment Funds Act licence
Issued by	Bermuda Monetary Authority
Jurisdiction	Bermuda
Licence family	Fund manager
Legal basis	Investment Funds Act 2006²
Passporting	Domestic only

What it lets you do

Managing alternative investment funds	Performing portfolio management and risk management for funds that are not UCITS, such as hedge, private equity and real estate funds.
Managing UCITS funds	Managing undertakings for collective investment in transferable securities, the EU's retail fund format.
Portfolio management	Managing client portfolios that include financial instruments on a discretionary, client-by-client basis.

Where it is valid

Valid in Bermuda.

Buying a company that already holds it

Prior notification with an objection period. Anyone intending to become a 10% (or majority) shareholder controller of a BMA-licensed undertaking, including a digital asset business, must first give the Authority written notice; the acquisition can proceed once the BMA confirms no objection, or once a statutory review period elapses without a written objection. Bermuda's regime also recognises a majority-controller threshold as a second trigger point.³

FM in other countries

Country	Licence	Regulator	Min. capital	Application fee	Statutory time
Abu Dhabi Global Market (ADGM)	Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C)	FSRA	n/a	n/a	n/a
Bermuda	Fund Administrator LicenceFund Administrator Licence (Part III, Investment Funds Act 2006)	BMA	n/a	n/a	n/a
British Virgin Islands	Fund manager licenceBVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'	BVI FSC	n/a	n/a	n/a
Cayman Islands	Regulated Mutual FundRegulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act)	CIMA	n/a	n/a	n/a
Cayman Islands	Registered Private FundRegistered Private Fund under the Private Funds Act	CIMA	n/a	n/a	n/a
Cyprus	Alternative Investment Fund Manager (AIFM) authorisation	CySEC	n/a	n/a	~3 mo
Cyprus	Sub-threshold Alternative Investment Fund Manager registration	CySEC	n/a	n/a	n/a
Cyprus	UCITS Management Company authorisation	CySEC	n/a	n/a	n/a
Czech Republic	Sub-threshold Alternative Investment Fund Manager registrationSub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIF	CNB	n/a	CZK 10,000	~1 mo
Czech Republic	Investment Company / Fund Manager licence	CNB	n/a	CZK 50,000	~6 mo
Dubai International Financial Centre (DIFC)	Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C)	DFSA	n/a	USD 10,000	n/a
Estonia	Small fund manager registration without activity licence	FI	n/a	n/a	n/a
Estonia	Operating licence as a fund management company	FI	n/a	EUR 600	n/a
France	Portfolio management company authorisation	AMF	n/a	n/a	~3 mo
Germany	Investment management company licence	BaFin	n/a	n/a	n/a
Ireland	Alternative Investment Fund Manager (AIFM) Authorisation/Registration	CBI	n/a	n/a	n/a
Ireland	UCITS Management Company Authorisation	CBI	n/a	n/a	n/a
Luxembourg	Alternative investment fund manager (AIFM) authorisation	CSSF	n/a	EUR 18,000	~3 mo
Luxembourg	Management company authorisedManagement company authorised under Chapter 15 of the Law of 17 December 2010	CSSF	n/a	EUR 18,000	~6 mo
Netherlands	Alternative Investment Fund Manager (AIFM) licenceAlternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU	AFM	n/a	EUR 200	~6 mo
Netherlands	Fund manager licenceUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC	AFM	n/a	n/a	n/a
Poland	Investment Fund Company licence	KNF	n/a	n/a	n/a
Poland	Alternative Investment Company Manager registration / licence	KNF	n/a	n/a	n/a
Seychelles	Fund Administrator's LicenceFund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008	FSA	n/a	n/a	n/a
Spain	Fund manager licence (SGIIC)	CNMV	n/a	EUR 10,000	n/a
Switzerland	Fund management company licence	FINMA	n/a	n/a	n/a
Switzerland	Manager of collective assets licence	FINMA	n/a	n/a	n/a
United Kingdom	Fund manager licenceAlternative Investment Fund Manager (AIFM) Authorisation / Registration	FCA	n/a	n/a	n/a

Values come from each licence's page, where every figure has its source.

Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

Sources

bma.bm: fund administration licensing · retrieved 2026-09-24
cdn.bma.bm: 2023 12 05 15 25 13 Investment Funds Act 2006 (PDF) · retrieved 2026-09-24
charltonsquantum.com: bermuda digital assets regulation · secondary · retrieved 2026-09-24

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