# Operating licence as a fund management company (Estonia)

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

## At a glance

| Official name | Operating licence as a fund management company [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 | EU/EEA passport available |
| Application fee | EUR 600 (foreign fund public offering registration fee) [3] |
| Public register | [official register](https://www.fi.ee/en/supervised-entities?closed=1&st[2185]=2185) [1] |
| Current holders | 12 [1] |

## What it lets you do

- [Managing alternative investment funds](https://protegra.io/licensing/activities/aif-management/)
- [Managing UCITS funds](https://protegra.io/licensing/activities/ucits-management/)
- [Portfolio management](https://protegra.io/licensing/activities/portfolio-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.
- **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

_Issued in Estonia (gold); can be passported to the other EU/EEA states (blue) by notification._

## Cost

_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]

## 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[2185]=2185): 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. [fi.ee: regulatory fees and charges](https://www.fi.ee/en/investment/applying-operating-licence/regulatory-fees-and-charges): retrieved 2026-09-24
4. [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.