# Small fund manager registration without activity licence (Estonia)

Source page: https://protegra.io/licensing/licences/fund-manager/estonia-small/

The Small fund manager registration without activity licence is issued by Finantsinspektsioon (FI) under Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR). It is a national licence: it does not give a passport to other EU/EEA states. The official register lists 67 current holders. Ownership changes need the regulator's approval before completion.

## At a glance

| Official name | Small fund manager registration without activity licence [1] |
| --- | --- |
| Issued by | [Finantsinspektsioon](https://protegra.io/licensing/regulators/finantsinspektsioon-estonia/) |
| Jurisdiction | [Estonia](https://protegra.io/licensing/jurisdictions/estonia/) |
| Licence family | [Fund manager](https://protegra.io/licensing/licences/fund-manager/) |
| Legal basis | Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR) [2] |
| Passporting | Domestic only |
| Public register | [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188) [1] |
| Current holders | 67 [1] |

## What it lets you do

- [Managing alternative investment funds](https://protegra.io/licensing/activities/aif-management/)

- **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.

## Where it is valid

_Valid in Estonia._

## Buying a company that already holds it

**Prior approval required.** Acquiring or increasing a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of share capital or voting rights in an Estonian bank, payment institution, EMI, investment firm, or CASP requires prior notification and approval from Finantsinspektsioon. Filings are submitted electronically through the FI Application Portal (or via the ECB SSM portal for credit institutions). The statutory assessment period is 60 working days from receipt of complete documentation, interruptible once by up to 20 or 30 working days to request additional information, evaluating acquirer reputation, financial solidity, and AML/CFT compliance. [3]

## Laws behind it

- [European Crowdfunding Service Providers Regulation](https://protegra.io/licensing/laws/eu-ecspr-2020-1503/): Regulation (EU) 2020/1503

## Sources

1. [fi.ee: supervised entities](https://www.fi.ee/en/supervised-entities?closed=1&st[2188]=2188): retrieved 2026-09-24
2. [eur-lex.europa.eu: HTML (32020R1503)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32020R1503): retrieved 2026-09-24
3. [taotlus.fi.ee](https://taotlus.fi.ee/en): 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.