# Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence (Spain)

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

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.

## At a glance

| Official name | Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence [1] |
| --- | --- |
| Issued by | [National Securities Market Commission](https://protegra.io/licensing/regulators/cnmv-spain/) |
| Jurisdiction | [Spain](https://protegra.io/licensing/jurisdictions/spain/) |
| 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]; 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 6.1.3 [6] |
| Public register | [official register](https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=2&tipoent=0) [7] |
| Current holders | 122 [7] |

## 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 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]

## Laws behind it

- [European Crowdfunding Service Providers Regulation](https://protegra.io/licensing/laws/eu-ecspr-2020-1503/): Regulation (EU) 2020/1503
- [UCITS Directive](https://protegra.io/licensing/laws/eu-ucits-2009-65/): Directive 2009/65/EC
- [Alternative Investment Fund Managers Directive](https://protegra.io/licensing/laws/eu-aifmd-2011-61/): Directive 2011/61/EU

## Sources

1. [boe.es: act](https://www.boe.es/buscar/act.php?id=BOE-A-2003-20393): 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. [eur-lex.europa.eu: HTML (32009L0065)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0065): retrieved 2026-09-24
4. [eur-lex.europa.eu: HTML (32011L0061)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32011L0061): retrieved 2026-09-24
5. [boe.es: act](https://www.boe.es/buscar/act.php?id=BOE-A-2014-9895): retrieved 2026-09-24
6. [boe.es: act](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053): retrieved 2026-09-24
7. [cnmv.es: ListadoEntidad](https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=2&tipoent=0): 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.