Fund manager · Estonia

Operating licence as a fund management company (Estonia)

The Operating licence as a fund management company is issued by Finantsinspektsioon (FI) under Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR). It can be passported to the other EU/EEA states by notification. The official register lists 12 current holders. The application fee is EUR 600 (foreign fund public offering registration fee). Ownership changes need the regulator's approval before completion.

Last verified 2026-09-24Regulator FIMarkdown · Data (CC BY 4.0)
Operating licence as a fund management company: licenceFM

At a glance

Official nameOperating licence as a fund management company1
Also known asFund management company licence Estonia · FSA fund management company licence · Estonian ManCo licence
Issued byFinantsinspektsioon
JurisdictionEstonia
Licence familyFund manager
Legal basisRegulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR)2
PassportingEU/EEA passport available
Application feeEUR 600 (foreign fund public offering registration fee)3
Public registerofficial register1
Current holders121

What it lets you do

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

Where it is valid

Estonia licence, passportable across the EU/EEAATBEBGHRCYCZDKEEFIFRDEGRHUIEITLVLTLUNLPLPTROSKSIESSEISNOMTLI
Issued in Estonia (gold); can be passported to the other EU/EEA states (blue) by notification.

Cost

Cost components, upper bound total EUR 600Application fee: EUR 600
Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model.

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.4

FM in other countries

CountryLicenceRegulatorMin. capitalApplication feeStatutory time
Abu Dhabi Global Market (ADGM)Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C)FSRAn/an/an/a
BermudaFund Administrator LicenceFund Administrator Licence (Part III, Investment Funds Act 2006)BMAn/an/an/a
British Virgin IslandsFund manager licenceBVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'BVI FSCn/an/an/a
Cayman IslandsRegulated Mutual FundRegulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act)CIMAn/an/an/a
Cayman IslandsRegistered Private FundRegistered Private Fund under the Private Funds ActCIMAn/an/an/a
CyprusAlternative Investment Fund Manager (AIFM) authorisationCySECn/an/a~3 mo
CyprusSub-threshold Alternative Investment Fund Manager registrationCySECn/an/an/a
CyprusUCITS Management Company authorisationCySECn/an/an/a
Czech RepublicSub-threshold Alternative Investment Fund Manager registrationSub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIFCNBn/aCZK 10,000~1 mo
Czech RepublicInvestment Company / Fund Manager licenceCNBn/aCZK 50,000~6 mo
Dubai International Financial Centre (DIFC)Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C)DFSAn/aUSD 10,000n/a
EstoniaSmall fund manager registration without activity licenceFIn/an/an/a
EstoniaOperating licence as a fund management companyFIn/aEUR 600n/a
FrancePortfolio management company authorisationAMFn/an/a~3 mo
GermanyInvestment management company licenceBaFinn/an/an/a
IrelandAlternative Investment Fund Manager (AIFM) Authorisation/RegistrationCBIn/an/an/a
IrelandUCITS Management Company AuthorisationCBIn/an/an/a
LuxembourgAlternative investment fund manager (AIFM) authorisationCSSFn/aEUR 18,000~3 mo
LuxembourgManagement company authorisedManagement company authorised under Chapter 15 of the Law of 17 December 2010CSSFn/aEUR 18,000~6 mo
NetherlandsAlternative Investment Fund Manager (AIFM) licenceAlternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUAFMn/aEUR 200~6 mo
NetherlandsFund manager licenceUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFMn/an/an/a
PolandInvestment Fund Company licenceKNFn/an/an/a
PolandAlternative Investment Company Manager registration / licenceKNFn/an/an/a
SeychellesFund Administrator's LicenceFund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008FSAn/an/an/a
SpainFund manager licence (SGIIC)CNMVn/aEUR 10,000n/a
SwitzerlandFund management company licenceFINMAn/an/an/a
SwitzerlandManager of collective assets licenceFINMAn/an/an/a
United KingdomFund manager licenceAlternative Investment Fund Manager (AIFM) Authorisation / RegistrationFCAn/an/an/a

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

Laws behind it

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

Sources

  1. fi.ee: supervised entities · retrieved 2026-09-24
  2. EUR-Lex: CELEX 32020R1503 · retrieved 2026-09-24
  3. fi.ee: regulatory fees and charges · retrieved 2026-09-24
  4. taotlus.fi.ee · retrieved 2026-09-24

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