Guide series
Estonian AIFM licence
Estonian law distinguishes a full fund manager from a small fund manager. A small fund manager may either apply for an activity licence or register its activity with the Financial Supervision Authority (Investment Funds Act § 306 and § 453); a full authorisation is needed above the thresholds. The decision belongs to the authority alone. This series covers the choice and what follows from it.
The series, in reading order
- The fund manager's licenceEstonian AIFM licenceWhen an Estonian fund manager needs the full AIFM authorisation, the 125,000 euro capital, what the supervisor assesses, the depositary and the state fee.
- Small or full fund managerSmall AIFM or full AIFM in EstoniaRegistered small fund manager, licensed small fund manager or full AIFM in Estonia: thresholds, capital, supervision, marketing rights and fees compared.
- Fund structureEstonian fund structureThe building blocks of an Estonian investment fund structure, registered and licensed fund managers, and the main stages of setting up a fund in Estonia.
- DepositaryFund depositary requirements in EstoniaWhen an Estonian fund needs a depositary, who may act as one, the depositary's duties and liability under the AIFM directive, and how to plan the appointment.
- Fund documents and investor onboardingFund documents: offering document, LP onboarding and governanceThe documents an Estonian alternative investment fund and its manager need: AIFMD Article 23 offering document, investor onboarding, governance.
- State fees and capitalState fees and capital for EU licencesOfficial state fees and minimum capital for MiCA, payment and e-money institutions, fund managers, creditors, gambling, transport and Canada MSB.
- Reporting after authorisationSupervisory reporting after authorisationPeriodic reporting of fund managers, creditors and credit servicers, the DORA register of information and remediation after a compliance audit.
Fund licensing: process, fee and state fees Start the assessment
The guides are general information about the law and our services, not legal advice. Other series: Estonian MiCA licence · Estonian EMI and payment institution licence. All guides.