# Investment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI) (Poland)

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

The Investment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI) is issued by Polish Financial Supervision Authority (KNF) under Act on Investment Funds and Management of Alternative Investment Funds of 27 May 2004. It can be passported to the other EU/EEA states by notification. The official register lists 64 current holders. Ownership changes need the regulator's approval before completion.

## At a glance

| Official name | Investment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI) [1] |
| --- | --- |
| Issued by | [Polish Financial Supervision Authority](https://protegra.io/licensing/regulators/knf-poland/) |
| Jurisdiction | [Poland](https://protegra.io/licensing/jurisdictions/poland/) |
| Licence family | [Fund manager](https://protegra.io/licensing/licences/fund-manager/) |
| Legal basis | Act on Investment Funds and Management of Alternative Investment Funds of 27 May 2004 [2]; Act on Crowdfunding for Business Ventures and Aid to Borrowers of 7 July 2022 [3]; Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) [4] |
| Passporting | EU/EEA passport available |
| Public register | [official register](https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/TFI_i_FI) [1] |
| Current holders | 64 [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 Poland (gold); can be passported to the other EU/EEA states (blue) by notification._

## Buying a company that already holds it

**Prior notification with an objection period.** Acquiring or increasing a qualifying holding needs prior notification to the KNF, which can object within 60 working days (extendable by up to 20 working days while it waits for information). For national payment institutions the thresholds are 20%, 30% and 50% (Payment Services Act, Art. 72a); for banks they are 10%, 20%, one third and 50% (Banking Law, Art. 25). Shares acquired in breach carry no voting rights. [5]

## Laws behind it

- [Alternative Investment Fund Managers Directive](https://protegra.io/licensing/laws/eu-aifmd-2011-61/): Directive 2011/61/EU
- [European Crowdfunding Service Providers Regulation](https://protegra.io/licensing/laws/eu-ecspr-2020-1503/): Regulation (EU) 2020/1503

## Sources

1. [knf.gov.pl: TFI i FI](https://www.knf.gov.pl/podmioty/Podmioty_rynku_kapitalowego/Fundusze_Inwestycyjne/TFI_i_FI): retrieved 2026-09-24
2. [dziennikustaw.gov.pl: 681](https://dziennikustaw.gov.pl/DU/2023/681): retrieved 2026-09-24
3. [dziennikustaw.gov.pl: 414](https://dziennikustaw.gov.pl/DU/2023/414): retrieved 2026-09-24
4. [eur-lex.europa.eu: TXT (32011L0061)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061): retrieved 2026-09-24
5. [knf.gov.pl: zezwolenie rozpatrywanie wniosku](https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/zezwolenie_rozpatrywanie_wniosku): 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.