Estonia's Financial Supervision Authority has withdrawn AS BaltCap’s operating licence as an alternative fund manager (register code 11419647). The firm will continue operating as a registered manager of small alternative funds. The licence withdrawal followed AS BaltCap’s own application after the group’s total assets under management shrank. Under Estonia’s Investment Funds Act, a fund manager does not need a licence if total assets are below EUR 500 million and the fund does not use leverage, or allows units to be redeemed at least once a year, in which case it can operate as a small fund manager registered with the supervisor. Supervision of registered small fund managers is limited to the collection of supervisory reports, rather than the day-to-day supervision applied to licensed fund managers.
Finantsinspektsioon 2025-11-11
Estonia's Financial Supervision Authority withdraws AS BaltCap's alternative fund manager licence as it moves to registered small manager status
Estonia's Financial Supervision Authority has withdrawn AS BaltCap’s operating licence as an alternative fund manager, following the firm's application due to reduced assets under management. AS BaltCap will continue as a registered manager of small alternative funds, which under Estonia’s Investment Funds Act, do not require a licence if assets are below EUR 500 million and certain conditions are met. Supervision of such registered managers is limited to collecting supervisory reports.