# Alternative Investment Company Manager registration / licence (zarządzający alternatywną spółką inwestycyjną - ZASI) (Poland)

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

The Alternative Investment Company Manager registration / licence (zarządzający alternatywną spółką inwestycyjną - ZASI) is issued by Polish Financial Supervision Authority (KNF) under Act on Investment Funds and Management of Alternative Investment Funds of 27 May 2004. It is a national licence: it does not give a passport to other EU/EEA states. Ownership changes need the regulator's approval before completion.

## At a glance

| Official name | Alternative Investment Company Manager registration / licence (zarządzający alternatywną spółką inwestycyjną - ZASI) [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 | Domestic only |
| Annual fee | EUR 750 equivalent in PLN [5] |

## 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 Poland._

## 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 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. [6]

## 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. [zasi.knf.gov.pl](https://zasi.knf.gov.pl/): 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: zarzadzajacy alternatywnymi spolkami nwestycyjnymi](https://www.knf.gov.pl/dla_rynku/wplaty_pokrycie_kosztow_nadzoru/rynek_kapitalowy/oplaty_ryczaltowe/zarzadzajacy_alternatywnymi_spolkami_nwestycyjnymi): retrieved 2026-09-24
6. [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.