Alternative Investment Fund Manager (AIFM) licence (Netherlands)
The Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU is issued by Authority for the Financial Markets (AFM) under Wet bekostiging financieel toezicht 2019 (Wbft 2019 / Act on the Funding of Financial Supervision 2019). It can be passported to the other EU/EEA states by notification. Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU1 |
|---|---|
| Also known as | AIFM · Dutch AIFM licence · AFM AIFM licence · Wft Article 2:65 licence |
| Issued by | Authority for the Financial Markets |
| Jurisdiction | Netherlands |
| Licence family | Fund manager |
| Legal basis | Wet bekostiging financieel toezicht 2019 (Wbft 2019 / Act on the Funding of Financial Supervision 2019)2 Besluit bekostiging financieel toezicht 2019 (Bbft 2019 / Decree on the Funding of Financial Supervision 2019)3 Regeling bekostiging financieel toezicht 2026 (Regulation on the Funding of Financial Supervision 2026)4 |
| Passporting | EU/EEA passport available |
| Application fee | EUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 100,000 for AIFM licences under Wft Art. 2:65 (Bbft 2019 Bijlage 2, code Wft.A1.05); UCITS manager licence max EUR 100,000; plus person assessments (EUR 700 integrity, EUR 2,900 suitability)3 |
| Annual fee | EUR 9,720 base supervisory levy under Regeling bekostiging financieel toezicht 2026 (Artikel II, category 6), plus variable contribution based on balance sheet total of managed funds4 |
| Statutory decision time | 26 weeks from receipt of a complete application under Wft Article 1:102, a deviation from the general 13-week decision period for AIFM manager licences5 |
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. |
|---|
Where it is valid
Cost
How long it takes
Statutory: 26 weeks from receipt of a complete application under Wft Article 1:102, a deviation from the general 13-week decision period for AIFM manager licences5. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.
Buying a company that already holds it
Prior approval required. In the Netherlands' Twin Peaks supervisory architecture, change of control and qualifying holdings (gekwalificeerde deelnemingen) are strictly regulated. Any natural or legal person proposing to acquire, increase, or divest a qualifying holding, defined as a direct or indirect holding of at least 10%, 20%, 33% (or 30%), or 50% of voting rights or capital, or the ability to exercise significant influence/control, in an investment firm or fund manager governed by the Wft must obtain a prior Declaration of No Objection (Verklaring van geen bezwaar - VVGB) from De Nederlandsche Bank (DNB) under Wft Article 3:95, with DNB consulting the AFM on conduct-of-business aspects. For crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 (MiCA Article 83), proposed acquisitions of qualifying holdings require prior assessment and approval by the competent supervisor (AFM charges EUR 2,400 per assessment under Bbft 2019 code EU.D1.07). The statutory assessment period is 60 working days from written acknowledgement of receipt of a complete filing, interruptible once by up to 20 or 30 working days if additional information is required from the proposed acquirer.6
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.
Laws behind it
- Alternative Investment Fund Managers Directive: Directive 2011/61/EU
- UCITS Directive: Directive 2009/65/EC
- European Crowdfunding Service Providers Regulation: Regulation (EU) 2020/1503
- Transfer of Funds Regulation (travel rule): Regulation (EU) 2023/1113
Sources
- afm.nl: beleggingsinstellingen · retrieved 2026-09-24
- wetten.overheid.nl: BWBR0041548 · retrieved 2026-09-24
- wetten.overheid.nl: BWBR0041647 · retrieved 2026-09-24
- zoek.officielebekendmakingen.nl: stcrt 2026 20792 · retrieved 2026-09-24
- maxius.nl: artikel1:102 · secondary · retrieved 2026-09-24
- wetten.overheid.nl: BWBR0020368 · retrieved 2026-09-24
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