An authorisation from the Financial Supervision Authority (Finantsinspektsioon) is the start of a supervisory relationship, not the end of a project. From the first financial year the authorised company files periodic reports, keeps registers that the authority can ask for at any time, and is expected to fix what its own reviews find. This guide explains the recurring reporting of fund managers, creditors and credit servicers, the DORA register of information, and what to do after a compliance audit — and what our add-ons for fund managers, creditors and credit servicers, the DORA register and audit remediation include.
The guide is general information, not legal advice. The content and frequency of each report are set by the applicable act and by the authority's regulations for your type of licence.
Fund managers
A fund manager authorised under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU, implemented in Estonia by the Investment Funds Act) reports regularly to its competent authority on the principal markets and instruments it trades, the main exposures and concentrations of the funds it manages, their risk profile, liquidity and leverage (Article 24 of the Directive). The frequency depends on the assets under management. Small fund managers have lighter obligations, and a registered small fund manager, which is not supervised by the Financial Supervision Authority, still provides the information the Investment Funds Act requires of it. Annual reports of the manager and of the funds follow their own deadlines.
Creditors and credit servicers
A creditor licensed under the Creditors and Credit Intermediaries Act and a credit servicer licensed under the Credit Servicers and Credit Purchasers Act report to the Financial Supervision Authority on their activity, their financial position and their compliance with the conditions of the licence, in the form and at the intervals set by the authority. A licence is also conditional on the company continuing to meet the capital and organisational requirements; the reports are how the authority checks this.
DORA: the register of information
Regulation (EU) 2022/2554 (DORA) applies from 17 January 2025 to payment and e-money institutions, crypto-asset service providers authorised under MiCA, fund managers, credit institutions and other financial entities. Under Article 28(3) each financial entity keeps a register of information on all its contractual arrangements for ICT services provided by third parties, makes it available to the authority on request, and reports at least yearly on new arrangements. The register must be complete and consistent — every cloud service, software licence and outsourced IT function, with its criticality — and it changes every time a contract changes.
After a compliance audit
An internal compliance audit is useful only if its findings are closed. A remediation plan lists each finding with its priority, the person responsible and a deadline, and the documents that must be updated. The authority, a bank or an auditor who later asks about the finding will want to see both the plan and the evidence that it was carried out.
What our add-ons include
Supervisory reporting for the fund manager — from
You receive: Reporting calendar; preparation of the periodic reports from the data you supply; filing support — for twelve months.
Not included: Fund accounting and NAV calculation; audit of the fund; supervisory fees.
Supervisory reporting for creditors and credit servicers — from
You receive: Reporting calendar; preparation of the periodic reports from the data you supply; filing support — for twelve months.
Not included: Accounting; supervisory fees.
DORA register of information — annual update — from
You receive: Update of the register from your contracts; consistency check before submission.
Not included: Negotiating contracts with ICT providers; supervisory fees.
Remediation plan after a compliance audit — from
You receive: Plan with priorities, owners and deadlines; updated policies for the findings in scope.
Not included: Implementing IT changes; statutory audit.
The reporting services are annual and quoted individually, because the volume depends on your licence and your business. We prepare the reports; the company's management board signs and remains responsible for them. State and supervisory fees are never included in our prices, and no service of ours can promise a supervisory outcome.
How to request a quote
Each add-on is requested through the quote form of its service: fund managers, creditors and credit servicers, and DORA and compliance audits. We reply with a written quote by email. All communication takes place by email.
Frequently asked questions
What does a fund manager report to the Financial Supervision Authority?
An authorised AIFM reports regularly on the markets and instruments it trades, the exposures, risk profile, liquidity and leverage of the funds it manages (Article 24 of Directive 2011/61/EU); the frequency depends on the assets under management. Small managers have lighter obligations under the Investment Funds Act.
Who signs the supervisory reports?
The fund manager's management board signs and remains responsible for them. We prepare the reports from the data you supply and support the filing for twelve months; fund accounting, NAV calculation and the audit are not included.
Do licensed creditors and credit servicers file periodic reports?
Yes. They report to the Financial Supervision Authority on their activity, financial position and compliance with the licence conditions, in the form and at the intervals the authority sets. Our annual service keeps the calendar and prepares the reports from your data.
Does the reporting service include accounting?
No. The reports are prepared from accounting and business data you provide. Accounting and supervisory fees are separate.
What is the DORA register of information?
Under Article 28(3) of Regulation (EU) 2022/2554 every financial entity keeps a register of all contractual arrangements for ICT services provided by third parties, makes it available to the authority on request and reports at least yearly on new arrangements.
Why does the DORA register need an annual update?
Because it changes whenever an ICT contract changes, and the authority expects it to be complete and consistent when it asks. Our annual service updates it from your contracts and checks it before submission.
What happens after your compliance audit finds issues?
The remediation plan lists each finding with its priority, the person responsible and a deadline, and we update the policies in scope. The authority, a bank or an auditor who later asks about a finding will expect to see both the plan and the evidence that it was carried out.
Can the remediation plan be ordered without your audit?
It is designed to follow our compliance audit, whose findings it closes. For findings of another reviewer, describe them in the request and we tell you in the quote whether the plan can be built on them.