Fund manager · Spain

Fund manager licence (SGIIC) (Spain)

The Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence is issued by National Securities Market Commission (CNMV) 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 122 current holders. The application fee is EUR 10,000 (Tarifa 4.1.1; plus EUR 300 registration fee under Tarifa 4.3). Ownership changes need the regulator's approval before completion.

Last verified 2026-09-24Regulator CNMVMarkdown · Data (CC BY 4.0)

At a glance

Official name	Fund manager licence (SGIIC)¹
Local name	Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence
Also known as	SGIIC · SGIIC licence · CNMV SGIIC authorisation · Spanish fund management company licence · Spanish ManCo licence
Issued by	National Securities Market Commission
Jurisdiction	Spain
Licence family	Fund manager
Legal basis	Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR)² Directive 2009/65/EC on undertakings for collective investment in transferable securities (UCITS)³ Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD)⁴
Passporting	EU/EEA passport available
Application fee	EUR 10,000 (Tarifa 4.1.1; plus EUR 300 registration fee under Tarifa 4.3)⁵
Annual fee	0.025% of eligible own funds (minimum EUR 500) under Tarifa 6.1.3⁶
Public register	official register⁷
Current holders	122⁷

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.
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 Spain (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 notification with an objection period. Any natural or legal person intending to acquire or increase, directly or indirectly, a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or to gain control of an ESI, EAF, SGIIC, or CASP, must submit prior written notification to the CNMV under Articles 152-154 of Ley 6/2023 (LMVSI) and MiCA Art. 83. The CNMV assesses acquirer suitability, reputation, financial soundness, and AML/CFT risks within a statutory 60 working days assessment period (interruptible once by up to 20 working days for supplementary filings). Unauthorised acquisitions automatically forfeit voting rights and may trigger administrative intervention or statutory sanctions (Art. 156 LMVSI).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

European Crowdfunding Service Providers Regulation: Regulation (EU) 2020/1503
UCITS Directive: Directive 2009/65/EC
Alternative Investment Fund Managers Directive: Directive 2011/61/EU

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

Sources

boe.es: act · retrieved 2026-09-24
EUR-Lex: CELEX 32020R1503 · retrieved 2026-09-24
EUR-Lex: CELEX 32009L0065 · retrieved 2026-09-24
EUR-Lex: CELEX 32011L0061 · retrieved 2026-09-24
boe.es: act · retrieved 2026-09-24
boe.es: act · retrieved 2026-09-24
cnmv.es: ListadoEntidad · retrieved 2026-09-24

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