# Empresa de Asesoramiento Financiero (EAF) licence (Spain)

Source page: https://protegra.io/licensing/licences/investment-firm/spain-eaf/

The Empresa de Asesoramiento Financiero (EAF) licence is issued by National Securities Market Commission (CNMV) under Directive 2014/65/EU on markets in financial instruments (MiFID II). It can be passported to the other EU/EEA states by notification. The official register lists 93 current holders. The legal decision period is 6 months from receipt of a complete application. The application fee is EUR 1,000 (Tarifa 4.2.3; plus EUR 300 registration fee under Tarifa 4.3).

## At a glance

| Official name | Empresa de Asesoramiento Financiero (EAF) 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 | [Investment firm / broker-dealer](https://protegra.io/licensing/licences/investment-firm/) |
| Legal basis | Directive 2014/65/EU on markets in financial instruments (MiFID II) [2]; Regulation (EU) No 600/2014 on markets in financial instruments (MiFIR) [3]; Directive 2009/65/EC on undertakings for collective investment in transferable securities (UCITS) [4] |
| Passporting | EU/EEA passport available |
| Application fee | EUR 1,000 (Tarifa 4.2.3; plus EUR 300 registration fee under Tarifa 4.3) [5] |
| Annual fee | 0.1% of own funds (minimum EUR 500) under Tarifa 6.1.2, plus conduct supervision under Tarifa 6.6 [1] |
| Statutory decision time | 6 months from receipt of a complete application [1] |
| Public register | [official register](https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=2) [6] |
| Current holders | 93 [6] |

## What it lets you do

- [Investment advice](https://protegra.io/licensing/activities/investment-advice/)

- **Investment advice.** Giving personal recommendations to a client about one or more transactions in financial instruments.

## 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._

## How long it takes

Statutory: 6 months from receipt of a complete application [1]. 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 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). [1]

## Laws behind it

- [Directive 2014/65/EU on markets in financial instruments](https://protegra.io/licensing/laws/eu-mifid2-2014-65/): Directive 2014/65/EU
- [Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012](https://protegra.io/licensing/laws/eu-mifir-600-2014/): Regulation (EU) No 600/2014
- [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-2023-7053): retrieved 2026-09-24
2. [eur-lex.europa.eu: HTML (32014L0065)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32014L0065): retrieved 2026-09-24
3. [eur-lex.europa.eu: HTML (32014R0600)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32014R0600): retrieved 2026-09-24
4. [eur-lex.europa.eu: HTML (32009L0065)](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0065): 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. [cnmv.es: ListadoEntidad](https://www.cnmv.es/portal/Consultas/ListadoEntidad.aspx?id=1&tipoent=2): 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.